Chevy Corvette Insurance Cost for 2023

How much is car insurance for a Chevrolet Corvette?

We compared rates from the Stingray 1LT Coupe trim up to the pricier Z06 1LT Convertible model to look at how insurance for a Corvette ranks against similar vehicles.

Start a Free QuoteCompare Chevy Corvette car insurance quotes and save on your next policy.

How much does Corvette insurance cost?

Average Corvette insurance cost per year is $2,176 for a policy with full coverage. Monthly insurance cost ranges from $154 to $201, depending on the trim level.

With the average sports car costing $2,412 a year to insure, drivers can expect to pay around $236 less per year for insurance on a Corvette when compared to the segment average.

Comprehensive (or other-than-collision) coverage costs approximately $652 a year, collision insurance will cost approximately $1,162, and the remaining liability/medical costs an estimated $362.

The chart below details how 2023 Corvette insurance cost changes with different driver ages and policy deductibles. Rates range from $1,572 per year for a 60-year-old driver with high policy deductibles to $5,126 each year for a 20-year-old driver with low deductibles.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Chart shows average insurance cost for a 2023 Chevrolet Corvette with safe driver and claim-free discounts applied. Rates are for full-coverage insurance and averaged for all U.S. states and all Chevrolet Corvette trim levels.Data last updated on January 23, 2023
Chevrolet Corvette Insurance Cost Summary
2023 Chevrolet Corvette Insurance Cost by Driver Age and Deductibles
Driver Age Deductible Annual Cost Monthly Cost
20$1,000$3,480$290
$500$4,280$357
$250$5,126$427
30$1,000$1,882$157
$500$2,332$194
$250$2,798$233
40$1,000$1,764$147
$500$2,176$181
$250$2,606$217
50$1,000$1,602$134
$500$1,972$164
$250$2,360$197
60$1,000$1,572$131
$500$1,936$161
$250$2,316$193

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 12 Corvette trim levels and all 40,000+ zip codes in the U.S., the chart would have 1,161,216,000,000 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 $15,268 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 $366 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 $2,448 or more per year.
  • Raising deductibles makes insurance more affordable. Raising your policy deductibles from $500 to $1,000 could save around $412 per year for a 40-year-old driver and $800 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 $430 per year for a 40-year-old driver and $846 per year for a 20-year-old driver.
  • Gender and age affect the rate you pay. For a 2023 Chevrolet Corvette, a 20-year-old male driver receives an average rate of $4,280 per year, while a 20-year-old female driver will pay $3,168, a difference of $1,112 per year in favor of the women by a long shot. But by age 50, male driver rates are $1,972 and the cost for female drivers is $1,932, a difference of only $40.
  • 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 $342 per year over a lower credit score of 670-739. Conversely, a subpar credit score could cost around $396 more per year.
  • The cost to insure teenage drivers is high. Average rates for full coverage Corvette insurance costs $7,194 per year for a 16-year-old driver, $6,858 per year for a 17-year-old driver, and $6,466 per year for an 18-year-old driver.

How does Corvette insurance compare?

The Chevy Corvette ranks 11th out of 26 total vehicles in the 2023 sports car segment. When compared to the top-selling other sports cars, insurance for a Corvette costs $262 more per year than the Ford Mustang, $484 less than the Dodge Challenger, $134 less than the Chevy Camaro, and $228 more than the Subaru WRX.

The table below shows how C8 Corvette insurance cost compares to other sports cars for insurance affordability.

Insurance Cost Comparison: Chevrolet Corvette vs Sports Cars
Rank Make/Model Insurance Cost Difference
1Mazda MX-5 Miata$1,630-$546
2Audi TT$1,828-$348
3Ford Mustang$1,914-$262
4BMW Z4$1,928-$248
5Subaru WRX$1,948-$228
6Nissan Z$1,978-$198
7Toyota GR Supra$2,010-$166
8Toyota GR86$2,034-$142
9BMW M2$2,036-$140
10Subaru BRZ$2,128-$48
11Chevrolet Corvette$2,176--
12BMW M3$2,224$48
13Lexus RC F$2,270$94
14Porsche 718$2,272$96
15Chevrolet Camaro$2,310$134
16Mercedes-Benz AMG GT53$2,448$272
17Jaguar F-Type$2,534$358
18Porsche Taycan$2,590$414
19BMW M4$2,622$446
20Lexus LC 500$2,652$476
21Dodge Challenger$2,660$484
22Porsche 911$2,890$714
23Acura NSX$3,268$1,092
24Audi R8$3,378$1,202
25Mercedes-Benz SL 55$3,382$1,206
26Mercedes-Benz SL 63$3,600$1,424

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are based on the 2023 model year, with the rated driver being a 40-year-old married male with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to rates, which are averaged for all vehicle trim levels. Full-coverage physical damage deductibles are $500 and rates are also averaged for all U.S. states.Data last updated on January 23, 2023
Insurance Cost Comparison: Chevrolet Corvette vs Sports Cars

What is the cheapest Corvette insurance?

With Chevy Corvette insurance rates ranging from $1,848 to $2,416 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 $1,952 per year. Expect to budget a minimum of $154 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 Z06 1LT Convertible, the Z06 1LT Convertible, and the Z06 1LT Convertible trim levels at an estimated $2,356,  $2,400, and $2,416 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.

2023 Chevrolet Corvette Insurance Cost by Trim Level
Chevrolet Corvette Trim Level Annual Policy Six-Month Policy Per Month
Stingray 1LT Coupe$1,848$924$154
Stingray 2LT Coupe$1,952$976$163
Stingray 3LT Coupe$2,006$1,003$167
Stingray 1LT Convertible$2,034$1,017$170
Stingray 2LT Convertible$2,110$1,055$176
Stingray 3LT Convertible$2,156$1,078$180
Z06 1LT Coupe$2,232$1,116$186
Z06 2LT Coupe$2,284$1,142$190
Z06 3LT Coupe$2,306$1,153$192
Z06 1LT Convertible$2,356$1,178$196
Z06 1LT Convertible$2,400$1,200$200
Z06 1LT Convertible$2,416$1,208$201

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2023 Chevrolet Corvette, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on February 5, 2023
Chevrolet Corvette Insurance Cost by Trim Level

How much is insurance on a used Corvette?

Opting to insure a 2013 Chevy Corvette instead of a new 2023 Corvette could save up to $778 each year. Even a 2017 model could save the average driver $346 on a yearly basis.

The table below shows the average cost of full coverage insurance for a Corvette for the 2013 through 2023 model years.

Chevrolet Corvette Insurance Cost for 2013-2023 Models
Model Year and Vehicle Annual Rate 6-month Rate Monthly Rate
2023 Chevrolet Corvette$2,176$1,088$181
2022 Chevrolet Corvette$2,074$1,037$173
2021 Chevrolet Corvette$2,004$1,002$167
2020 Chevrolet Corvette$1,966$983$164
2019 Chevrolet Corvette$2,076$1,038$173
2018 Chevrolet Corvette$1,920$960$160
2017 Chevrolet Corvette$1,830$915$153
2016 Chevrolet Corvette$1,894$947$158
2015 Chevrolet Corvette$1,740$870$145
2014 Chevrolet Corvette$1,284$642$107
2013 Chevrolet Corvette$1,398$699$117

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates assume clean driving record and no at-fault accidents. Full coverage physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on January 23, 2023
Chevrolet Corvette Insurance Cost by Model Year

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 $1,044 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 $5,286 per year for a 19-year-old female driver to $7,194 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 $6,030 to $6,858, and Corvette insurance for an 18-year-old driver ranges from $5,618 to $6,466 per year. The chart below illustrates Corvette insurance cost for male and female teenage drivers from ages 16 to 19.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Teenage driver rates are for a 2023 model year Chevrolet Corvette with $500 physical damage deductibles. Rates are averaged across all U.S. states and all Chevrolet Corvette trim levels.Data last updated on January 23, 2023
Corvette Insurance for Teenagers
Chevrolet Corvette Insurance Cost for Teenage Drivers
Gender Driver Age 16 Age 17 Age 18 Age 19
Male$7,194$6,858$6,466$5,946
Female$6,310$6,030$5,618$5,286

The insurance rates in the chart above are for a teen driver rated on a 2023 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.