Chevy Corvette Insurance Cost – C7, C8, Stingray, and Z06 Compared

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 Corvette insurance cost ranks against similar vehicles. Corvette C7 insurance rates included.

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How much does Corvette insurance cost?

The average Corvette insurance cost per year is $2,234 for a policy with full coverage. Monthly insurance rates range from $158 to $207, depending on the trim level.

With the average sports car costing $2,476 a year to insure, drivers can expect to pay around $242 less per year for insurance on a Corvette when compared to the segment average.

Comprehensive (or other-than-collision) coverage costs approximately $668 a year, collision insurance will cost approximately $1,194, and the remaining liability and medical costs when combined average $372.

The table below shows the cost of each individual policy coverage on a 2023 Corvette and compares them to the average cost for all 2023 model year vehicles.

2023 Chevrolet Corvette vs. All Vehicles by Policy Coverage
Policy Coverage 2023 Chevrolet Corvette 2023 All Vehicle Average Difference
Comprehensive$668$48232.3%
Collision$1,194$90827.2%
Liability$256$392-42%
Med/PIP Other$116$166-35.5%
Total Policy Cost$2,234$1,94813.7%

Lower than average cost Higher than average cost

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, liability limits are $100,000 per person and $300,000 per accident, and rates are averaged for all U.S. states.Data last updated on August 11, 2023
2023 Chevrolet Corvette vs. Average Vehicle by Insurance Coverage

If we just look at the bottom line figure, insurance rates on a 2023 Corvette average 13.7% more than the national average rate for all 2023 model year vehicles of $1,948 per year.

But when looking at the individual coverages, comprehensive and collision are higher, which is understandable. The cost to repair body damage on a Corvette, whether from a collision or from mother nature, is not cheap.

However, the interesting thing is the low liability insurance rates on a Corvette. Historically, Corvettes tend to have much better than average losses for property damage liability, personal injury, medical payments, and bodily injury.

So despite being a high-performance vehicle, the low liability insurance rates on a Corvette actually make it fairly affordable to insure, as long as the rated driver is not under the age of 25.

Speaking of younger drivers, the age of the rated driver is one of the biggest factors that will impact the cost of insurance on any vehicle, not just a Corvette.

The chart below details how 2023 Corvette insurance cost changes with different driver ages and policy deductibles. Rates range from $1,614 per year for a 60-year-old driver with high policy deductibles to $5,260 per year for a 20-year-old driver with low deductibles.

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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 August 12, 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$3,572$298
$500$4,394$366
$250$5,260$438
30$1,000$1,932$161
$500$2,392$199
$250$2,874$240
40$1,000$1,810$151
$500$2,234$186
$250$2,674$223
50$1,000$1,644$137
$500$2,024$169
$250$2,420$202
60$1,000$1,614$135
$500$1,986$166
$250$2,374$198

The chart clearly illustrates how younger drivers pay higher car insurance rates on a Corvette, especially with a policy that has a low physical damage insurance deductible.

Corvette insurance rates for teenage drivers

If you think Corvette insurance for a 20-year-old is expensive, wait until you see Corvette insurance rates for teen drivers aged 16 to 19.

This chart below breaks out the average cost to insure both male and female drivers aged 16 to 19 when rated on a 2023 Corvette.

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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 August 12, 2023
Average Corvette Insurance Rates for Teenagers
Chevrolet Corvette Insurance Cost for Teenage Drivers
Gender Driver Age 16 Age 17 Age 18 Age 19
Male$7,388$7,044$6,640$6,108
Female$6,476$6,190$5,768$5,426

Average Corvette car insurance rates for teenage drivers range from $5,426 per year for a 19-year-old female driver to $7,388 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 $6,190 to $7,044, and Corvette insurance for an 18-year-old driver ranges from $5,768 to $6,640 per year.

If a teenager does in fact get a new 2023 Corvette, first, they are very lucky. Second, we sincerely hope their parents are paying their car insurance bill.

Putting an inexperienced driver behind the wheel of a high-performance vehicle like the Corvette is the perfect recipe for expensive car insurance rates.

Older models will cost less to insure than a new model, but even so, don’t expect insurance on any model year Corvette to be considered “affordable” for a driver under the age of 25.

If your teenager has good grades, check to see if you can get a good student discount on your policy. That could save anywhere from 3% to 20% per year, depending on the company you use.

Corvette insurance compared to the competition

The Chevy Corvette ranks 11th out of 26 total vehicles in the 2023 sports car segment for car insurance affordability.

A 2023 Corvette costs an average of $2,234 per year to insure, while the sports car segment average cost is $2,476 per year, a difference of $242 per year in favor of the Vette.

When compared to the top-selling other sports cars, insurance for a Corvette costs $270 more per year than the Ford Mustang, $496 less than the Dodge Challenger, $134 less than the Chevy Camaro, and $232 more than the Subaru WRX.

The table below shows how the average C8 Corvette insurance cost compares to other sports cars for insurance affordability. The average rate for the Corvette is shown in orange, while the average rate for the segment is shown in blue.

2023 Chevrolet Corvette Insurance vs. Sports Car Segment
Rank Make and Model Insurance Cost Difference
1Mazda MX-5 Miata$1,672-$562
2Audi TT$1,876-$358
3Ford Mustang$1,964-$270
4BMW Z4$1,978-$256
5Subaru WRX$2,002-$232
6Nissan Z$2,032-$202
7Toyota GR Supra$2,066-$168
8Toyota GR86$2,092-$142
9BMW M2$2,102-$132
10Subaru BRZ$2,186-$48
11Chevrolet Corvette$2,234--
12BMW M3$2,282$48
13Lexus RC F$2,330$96
14Porsche 718$2,334$100
15Chevrolet Camaro$2,368$134
2023 Sports Car Average$2,476$242
16Mercedes-Benz AMG GT53$2,512$278
17Jaguar F-Type$2,600$366
18Porsche Taycan$2,656$422
19BMW M4$2,692$458
20Lexus LC 500$2,722$488
21Dodge Challenger$2,730$496
22Porsche 911$2,964$730
23Acura NSX$3,354$1,120
24Audi R8$3,468$1,234
25Mercedes-Benz SL 55$3,474$1,240
26Mercedes-Benz SL 63$3,698$1,464

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 August 12, 2023
2023 Chevrolet Corvette Insurance vs. Sports Car Segment

The red and green values in the ‘Difference’ column in the table indicate whether each comparison model is cheaper to insure or more expensive to insure than the Corvette, and by how much.

Green values mean that model is cheaper to insure on average than a 2023 Corvette, while red values mean that model has more expensive average insurance rates.

The chart below compares the average insurance cost on a 2023 Corvette to the top luxury performance competitors.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Average car insurance cost is based on 2023 model year vehicles with safe driver and claim-free discounts applied. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on August 12, 2023
2023 Chevrolet Corvette Insurance vs. Luxury Performance Models
2023 Chevrolet Corvette Insurance vs. Luxury Performance Models
Make and Model Insurance Cost Difference
Audi TT$1,876-$358
BMW Z4$1,978-$256
Chevrolet Corvette$2,234--
BMW M3$2,282$48
Mercedes-Benz AMG GT53$2,512$278
Jaguar F-Type$2,600$366
Lexus LC 500$2,722$488
Porsche 911$2,964$730
Acura NSX$3,354$1,120
Audi R8$3,468$1,234
Mercedes-Benz SL 55$3,474$1,240

When compared to other performance luxury models from nameplates like BMW, Porshe, and Mercedes-Benz, insuring a Corvette starts to look pretty affordable in comparison.

The original 1953 Corvette model only offered two additional options: a heater or an AM radio. If you added both, you would have paid $3,749, which is the equivalent of $42,007 today!

What is the cheapest Corvette insurance?

With Chevy Corvette insurance rates ranging from $1,898 to $2,478 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 $2,002 per year.

For monthly budgeters, expect the cost of full coverage car insurance on a Corvette to start at around $158 per month. But this value is an average rate, so depending on the trim level you’re insuring and where you live, it could be significantly different.

At the high end, the three most expensive C8 Corvette trim levels to insure are the Z06 1LT Convertible, the Z06 1LT Convertible, and the Z06 1LT Convertible trim levels at an average cost of $2,418,  $2,462, and $2,478 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$1,898$949$158
Stingray 2LT Coupe$2,002$1,001$167
Stingray 3LT Coupe$2,058$1,029$172
Stingray 1LT Convertible$2,086$1,043$174
Stingray 2LT Convertible$2,164$1,082$180
Stingray 3LT Convertible$2,212$1,106$184
Z06 1LT Coupe$2,290$1,145$191
Z06 2LT Coupe$2,344$1,172$195
Z06 3LT Coupe$2,366$1,183$197
Z06 1LT Convertible$2,418$1,209$202
Z06 1LT Convertible$2,462$1,231$205
Z06 1LT Convertible$2,478$1,239$207

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 August 11, 2023
Chevrolet Corvette Insurance Cost by Trim Level

New versus used Corvette insurance rates

Opting to insure a 2013 C6 Chevy Corvette instead of a new 2023 C8 Corvette could save around $800 each year depending on policy coverages and where you live.

Even a 2017 model could save the average driver around $360 per year when compared to the cost of insuring a new Corvette.

The table below shows the average cost of full coverage insurance for a Corvette for 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$2,234$1,117$186
2022 Chevrolet Corvette$2,126$1,063$177
2021 Chevrolet Corvette$2,056$1,028$171
2020 Chevrolet Corvette$2,018$1,009$168
2019 Chevrolet Corvette$2,130$1,065$178
2018 Chevrolet Corvette$1,966$983$164
2017 Chevrolet Corvette$1,874$937$156
2016 Chevrolet Corvette$1,944$972$162
2015 Chevrolet Corvette$1,786$893$149
2014 Chevrolet Corvette$1,316$658$110
2013 Chevrolet Corvette$1,434$717$120

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 August 12, 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 $1,072 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 cheaper coverage.

How to find the best insurance for a Corvette

Corvette owners are particular, not only with their cars but also with their car insurance.

So how do you find the best Corvette insurance? That just depends on what you prioritize as most important for your coverage.

If price is your top priority, see the chart below that shows the larger U.S. car insurance companies that have come of the best Corvette insurance rates. USAA, GEICO, and Progressive ranked as the companies with the cheapest average rates.

How a company handles and settles claims is often a top priority for people who value their cars. A recent claims satisfaction study performed by J.D. Power has Allstate, Farmers, and State Farm as the top large U.S. insurance companies for claims satisfaction.

Top five large U.S. car insurance companies with above-average claims satisfaction

  1. Allstate
  2. Farmers Insurance
  3. State Farm
  4. American Family
  5. GEICO

Smaller companies like Amica Mutual, Erie Insurance, and AAA of California fared even better than those five, but they only sell car insurance in specific regions or states rather than nationwide.

And not every company ranks above average.

Five large U.S. car insurance companies with below-average claims satisfaction

  • Liberty Mutual
  • The Hartford
  • Nationwide
  • Progressive
  • Travelers

Other smaller companies ranking below average included Auto-Owners Insurance, Safeco, National General, Mercury, and Kemper.

Just because a company ranked below average doesn’t mean you will have a bad experience if you file a claim, however. And conversely, don’t expect a flawless experience with companies who rank above average.

The chart below shows estimated car insurance rates for a 2023 Corvette for some of the larger car insurance companies in the U.S.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Average rates are for a 2023 Chevrolet Corvette, rated for a 40-year-old married male driver. Physical damage deductibles are $500, liability limits are 100/300/100, and rates are averaged for all locations and Chevrolet Corvette trim levels.Data last updated on August 12, 2023
Average 2023 Chevrolet Corvette Insurance Rates by Company
Average 2023 Chevrolet Corvette Insurance Rates by Company
Insurance CompanyAverage Annual RateCost Per Month
USAA$1,747$146
GEICO$1,801$150
Progressive$2,020$168
State Farm$2,205$184
Liberty Mutual$2,417$201
Allstate$2,712$226

In this comparison, USAA tended to have the best Corvette insurance rates out of the other large insurers. The average USAA rate on a 2023 Chevy Corvette was $1,747 per year.

One caveat about USAA, however, is that unless you’re active military, a veteran, or a family member, you can’t buy car insurance from them. And that’s a real bummer because USAA often has very competitive car insurance rates.

GEICO ranked a close second at $1,801 per year, with Progressive coming in third at $2,020.

State Farm, Liberty Mutual, and Allstate rounded out the comparison with average rates of $2,205, $2,417, and $2,712 per year, respectively.

It’s recommended you compare rates between at least five different car insurance companies in order to find an affordable price. Include smaller regional or mutual companies as well as large nationwide carriers.

Despite each company’s different rates, we highly recommend you get a free car insurance quote from the majority of them, even the more expensive companies. Why? Because as we discussed earlier in this article, there are a lot of variables that affect the rate you pay.

Where you live can cause a major rate shuffle, with some companies giving preferential rates based on your address and Zip Code.

And the only way to know which insurance company is best for Corvette insurance is to get quotes based on the exact model of your Corvette, your age, your location, and the coverages you need. In addition, compare apples-to-apples insurance quotes in order to have a level playing field to find the best rates.