Most of us believe that every Corvette is a collectable car. However, even newer model Corvettes, such as the Corvette Z06, can sometimes qualify for the lower collector car insurance rates. How much lower, you ask? Generally, insurance rates for collectible cars can be as much as 1/3 to 1/2 the cost of a general family auto policy rate.

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As a rule, a collector’s car insurance policy generally costs less than 2% of the car’s value every year. For example the policy for a $20,000 automobile can run is little as $150-$250 per year. However, it is very seldom that an insurance policy for an automobile is written for less than $100 each year.

Conversely, for higher value cars, the cost of an insurance policy can decrease further to approximately 6 dollars a year for each $1000 of the vehicles value. An example of this would be a Corvette that is valued at $65,000 might be insured for about $400 per year.

Bear in mind, this rate will not apply to a non-collectible car that is driven on a daily basis. You can expect to pay up to $1200 a year depending on your age, driving record and other factors. $700- $800 seems to be average nationwide.

Why is insurance so high for a Chevy Corvette?

Expensive cars are expensive to insure, especially if you have comp and collision on the policy. If you total your $50,000 Corvette, your insurance company will have to pay much more to replace it than it would if you have totaled a $20,000 sedan.

The Corvette is both expensive and fast. The Corvette Z06 is equipped with a 7.0 V8 engine. Even the basic coupe has a 6.0 liter V8, 400 horsepower engine that can reach speeds of 190 mph.

Corvettes by their nature do not lend themselves to sedate driving. People who purchase a Corvette do so because they want a fast car. Insurance companies know that sports car owners drive faster and more recklessly than do drivers of minivans or sedans.

Thus, all sports cars owners pay higher insurance premiums. The Corvette is faster than most sports cars, and is even more expensive. For more information on why sports cars cost more to insure, read Kelley Blue Book’s article on the subject.

How much would car insurance cost for a Chevrolet Corvette Z06: Finding the Right Coverage

To find coverage for a Chevrolet Corvette Z06, one need only turn on the computer and access the Internet. However, finding the right car insurance company is just as important as finding the right insurance policy. One important thing to look for when shopping for an insurance company or insurance agent is one that doesn’t steer their policyholders to any particular shop.

For example, your 1982 Chevrolet Corvette Z06 needs body repair and you want to take it to your own body shop, Shop “A,” but your insurance company insists that you take it to body shop “B,” instead. A truly reputable insurance company would not do this.

Should you need repairs for your Corvette Z06, you should be able to use your own preferred mechanic. After all, treating you and your vehicle rate after a loss should be your insurance company’s main job, and may be the most important measure of the quality of their customer service.

Another thing to look for when selecting the right insurance company for your classic Corvette is one which has a staff of experienced classic car/Corvette enthusiasts who also happen to own and/or restore classic cars/Corvettes themselves. This is perhaps one of the biggest tests that any insurance company should have to pass before getting your business, along with getting your car repaired and back on the road as quickly as possible.

Yet one more consideration is how long the insurance company you actually select is been in business. This alone may help to reduce the cost of your insurance policy while increasing the coverage of your Corvette 06. Keeping the current economy in mind, there are three important issues that you should think about when looking for the right car insurance policy for your Corvette Z06:

• First, is it possible for the vehicle to be insured as a collectible car? Going from a general auto policy to a collector car policy can provide you with enormous savings.
• Second, how will the vehicle be used? If it is not driven regularly or is driven less than it used to be, this alone can account for lower gas mileage per year, which can lower your premium in the long run.
• Finally, should your car be insured by using an agreed value policy and have there been any market value changes? This means that if the value of the vehicle goes down the amount of coverage you actually will need may go down as well, and this will mean more money in your own pocket.

There are even more ways to save. For example if you have more than one vehicle, some companies will charge you liability coverage for the first vehicle only that they insure not the others. There would be no charges for liability coverage for any additional cars that would be on that insurance policy. This can make a significant difference in the amount of money they spend on your insurance if you’re someone that has more than one vehicle in their collection. Comparing it to a family auto policy, every vehicle would be charged for liability coverage.

Along with considerable savings, car insurance for collectable cars has yet one more important advantage: a price that is agreed upon by both you and your insurance company. For example, if there is an unfortunate accident and your car is considered a total loss, your insurance company would not argue with you on the value of your vehicle. This is unlike most family policies in which the car is valued due at market standards and you have no say in the final value price.

Is there anything I can do to save on the high insurance costs?

There are ways to save money on car insurance no matter what type of car you drive. However, if you decide to own a premium sports car like a Chevy Corvette, you must understand that part of the cost of ownership is higher-than-average car insurance costs.

Obviously, young drivers or drivers with many tickets or accidents on their driving records will pay more for insurance on any vehicle, but this is especially true on a high performance sports car. To keep the insurance costs as low as possible, resist the urge to use the speed available in the Corvette to avoid costly tickets and wrecks.

The more you drive a car, the higher the insurance is for it. If you have a less expensive car you can use as your commuter car, and drive the Corvette only for pleasure, you can also reduce the premiums. You’ll have to do the math to see if the expense of a second car will save you enough on the Corvette premiums to make it worth it.

You can almost always get a discount if you have more than one policy with the same insurance company. By getting a discount on all of your vehicles and your homeowners insurance, you could save money on all them, compensating in part for the costly Corvette.

Also, get quotes from several companies to see where you can get the best deals on all these policies. These and other tips on saving money on car insurance can be found on Edmunds.com.

By shopping around and doing your homework you are certain to be able to find the answer to the question: how much would car insurance cost for a Chevrolet Corvette Z06.

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