- The average cost of Corvette insurance is $1,908 per year, or $159 per month for full coverage.
- The Corvette ranks #9 out of 23 vehicles in the 2022 sports car class for car insurance affordability.
- The cheapest Corvette to insure is the Stingray 1LT Coupe trim level at an estimated $1,652 per year. The most expensive is the Stingray 3LT Convertible at $2,162 annually.
How much does Corvette insurance cost?
Average Corvette insurance cost per year is $1,908 for a policy with full coverage. Monthly insurance cost ranges from $138 to $180, depending on the trim level.
With the average sports car costing $2,135 a year to insure, drivers can expect to pay around $227 less per year for insurance on a Corvette when compared to the segment average.
Comprehensive (or other-than-collision) coverage costs approximately $556 a year, collision insurance will cost approximately $1,028, and the remaining liability/medical costs an estimated $324.
The chart below details how 2022 Corvette insurance cost changes with different driver ages and policy deductibles. Rates range from $1,380 per year for a 60-year-old driver with high policy deductibles to $4,502 each year for a 20-year-old driver with low deductibles.
|Driver Age||Deductible||Annual Cost||Monthly Cost|
The previous insurance rate chart plots a small set of values from a vast data set. If we displayed all rates for every possible data combination, including all six Corvette trim levels and all 40,000+ zip codes in the U.S., the chart would have 580,608,000,000 bars.
To better illustrate the full range of possible insurance rates, keep in mind that a Corvette insurance policy with only liability coverage in the cheapest areas of Virginia or North Carolina may cost as little as $240 a year.
For an identical Chevy Corvette, car insurance cost for a 16-year-old with a few speeding tickets in some of the more expensive zip codes in America could total as much as $14,456 a year for full coverage.
A few additional key data insights as they relate to Chevrolet Corvette insurance cost include:
- Policy discounts save money. Discounts may be available if the insured drivers belong to certain professional organizations, are good students, are accident-free, sign their policy early, or many other discounts which could save the average driver as much as $322 per year on the cost of insuring a Corvette.
- Corvette insurance is expensive for high-risk drivers. For a 50-year-old driver, having a tendency to get into accidents or receive violations could inflate rates by $2,164 or more per year.
- Raising deductibles makes insurance more affordable. Raising your policy deductibles from $500 to $1,000 could save around $360 per year for a 40-year-old driver and $700 per year for a 20-year-old driver.
- Choosing a low deductible may not make good financial sense. Decreasing your policy deductibles from $500 to $250 could cost an additional $372 per year for a 40-year-old driver and $742 per year for a 20-year-old driver.
- Gender and age affect the rate you pay. For a 2022 Chevrolet Corvette, a 20-year-old male driver receives an average rate of $3,760 per year, while a 20-year-old female driver will pay $2,774, a difference of $986 per year in favor of the women by a long shot. But by age 50, male driver rates are $1,728 and the cost for female drivers is $1,694, a difference of only $34.
- Good credit scores mean better rates. In states that authorize a policyholder’s credit score to be used for the purpose of determining insurance rates, drivers who maintain a credit score over 800 could possibly save as much as $300 per year over a lower credit score of 670-739. Conversely, a subpar credit score could cost around $347 more per year.
- The cost to insure teenage drivers is high. Average rates for full coverage Corvette insurance costs $6,346 per year for a 16-year-old driver, $6,048 per year for a 17-year-old driver, and $5,696 per year for a 18-year-old driver.
How does Corvette insurance compare?
The Chevy Corvette ranks #9 out of 23 total vehicles in the 2022 sports car segment. When compared to the top-selling other sports cars, insurance for a Corvette costs $312 more per year than the Ford Mustang, $244 less than the Dodge Challenger, $188 less than the Chevy Camaro, and $186 more than the Subaru WRX.
The table below shows how C8 Corvette insurance cost compares to other sports cars for insurance affordability.
|1||Mazda MX-5 Miata||$1,312||-$596|
|6||Toyota GR Supra||$1,804||-$104|
|13||Lexus RC F||$2,138||$230|
|15||Mercedes-Benz AMG GT53||$2,186||$278|
|20||Lexus LC 500||$2,494||$586|
What is the cheapest Corvette insurance?
With Chevy Corvette insurance rates ranging from $1,652 to $2,162 per year for the average driver, the cheapest model to insure is the Stingray 1LT Coupe. The next cheapest trim level to insure is the Stingray 2LT Coupe at $1,744 per year. Expect to budget a minimum of $138 per month for full coverage insurance.
At the high end of insurance cost, the three highest cost C8 Corvette trim levels to insure are the Stingray 1LT Convertible, the Stingray 2LT Convertible, and the Stingray 3LT Convertible trim levels at an estimated $1,990, $2,068, and $2,162 per year, respectively.
Average auto insurance prices for annual and semi-annual policy terms are shown in the table below, including a monthly budget figure, for each available Corvette trim level.
|Chevrolet Corvette Trim Level||Annual Policy||6-month Policy||Per Month|
|Stingray 1LT Coupe||$1,652||$826||$138|
|Stingray 2LT Coupe||$1,744||$872||$145|
|Stingray 3LT Coupe||$1,824||$912||$152|
|Stingray 1LT Convertible||$1,990||$995||$166|
|Stingray 2LT Convertible||$2,068||$1,034||$172|
|Stingray 3LT Convertible||$2,162||$1,081||$180|
How much is insurance on a used Corvette?
Opting to insure a 2013 Chevy Corvette instead of a new 2022 Corvette could save up to $606 each year. Even a 2017 model could save the average driver $194 on a yearly basis.
The table below shows the average cost of full coverage insurance for a Corvette for the 2013 through 2022 model years.
|Model Year and Vehicle||Annual Rate||6-month Rate||Monthly Rate|
|2022 Chevrolet Corvette||$1,908||$954||$159|
|2021 Chevrolet Corvette||$1,834||$917||$153|
|2020 Chevrolet Corvette||$1,786||$893||$149|
|2019 Chevrolet Corvette||$1,912||$956||$159|
|2018 Chevrolet Corvette||$1,768||$884||$147|
|2017 Chevrolet Corvette||$1,714||$857||$143|
|2016 Chevrolet Corvette||$1,764||$882||$147|
|2015 Chevrolet Corvette||$1,660||$830||$138|
|2014 Chevrolet Corvette||$1,210||$605||$101|
|2013 Chevrolet Corvette||$1,302||$651||$109|
Sooner or later, it will probably be a good financial move to drop comprehensive and/or collision coverage from the insurance policy. As vehicles get older and lose value, the cost of having physical damage protection begins to exceed the benefit of having it on the policy.
Deleting physical damage coverage on an older Chevrolet Corvette could save around $982 annually, depending on the policy deductibles and the age of the rated driver.
Another option for reducing the cost of insurance is to look at purchasing Corvette classic car insurance rather than a standard policy. If your miles are low enough, and the car is over 20 years old, it may qualify for the cheaper coverage.
How much is Corvette insurance for teens?
Average Corvette car insurance rates for teenage drivers ranges from $4,652 per year for a 19-year-old female driver to $6,346 per year for a 16-year-old male driver. Higher policy deductibles can help bring down the price, as will insuring your teen on an older model year Corvette.
Insurance on a Corvette for a 17-year-old driver ranges from $5,314 to $6,048, and Corvette insurance for an 18-year-old driver ranges from $4,948 to $5,696 per year. The chart below illustrates Corvette insurance cost for male and female teenage drivers from ages 16 to 19.
|Teen Driver Gender||Age 16||Age 17||Age 18||Age 19|
The insurance rates in the chart above are for a teen driver rated on a 2022 Corvette with full coverage, but as mentioned before, teenage driver insurance rates can be cheaper if they drive an older model, have higher physical damage deductibles, or if they take a driver’s education course.