Chevrolet Corvette Z06 Car Insurance Rates (Updated)

If you want to buy inexpensive Chevrolet Corvette insurance coverage then you should know that a policy will cost $149 per month ($1,790 per year) on average.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State...

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Reviewed byJoel Ohman
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UPDATED: Jun 23, 2020

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Chevrolet Corvette Z06 Summary
Corvette Z06 StatisticsDetailsSource
Average Comprehensive Rate$550Quadrant Data Info
Average Liability Rate$240Quadrant Data Info
Average Collision Rate$1,014Quadrant Data Info
2019 Chevrolet Corvette Z06
MSRP & Fair Market Price
MSRP: $80,900
Fair Market Price: $68,078 - $75,441
Kelley Blue Book
Average Cost of Repairs$737Repair Pal
Fatality Rate for Midsize Sports Car41 per million registered carsIIHS
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Key takeaways:

  • Full coverage costs around $1,790 a year or $149 each month
  • A liability-only policy costs around $718 a year or $60 each month
  • Highest rates are for teenage drivers at around $6,542 a year or $545 each month
  • Good drivers can save as much as $738 a year by earning policy discounts
  • Chevrolet Corvette insurance costs around $271 more per year than the average vehicle

The Corvette Z06 insurance doesn’t have to be expensive. So how much is Corvette insurance? This guide will show you how to save money on your Chevrolet Corvette Z06 car insurance rates. To start comparing car insurance rates for the Chevrolet Corvette Z06, enter your ZIP code. You’ll get car insurance rates from different companies in your local area.

So how much does it cost to insure a Corvette? Read on for answers.

Chevrolet Corvette Z06 Car Insurance Rates

You’ll need to decide how much coverage you want on your vehicle. The coverage you need and the coverage that’s required by U.S. law is liability coverage. Sometimes, liability coverage isn’t enough. The Chevrolet Corvette Z06 may need collision and comprehensive coverage to ensure that your car is covered.

How much is insurance on a Z06? Let’s examine the Chevrolet Corvette Z06 car insurance rates.

Chevrolet Corvette Average Annual Car Insurance Rates
Model YearAverage Annual
Car Insurance Rates
2018 Chevrolet Corvette$1,790
2017 Chevrolet Corvette$1,762
2016 Chevrolet Corvette$1,718
2015 Chevrolet Corvette$1,670
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Newer models are likely to have more expensive car insurance rates for the year. The lender will require you to enroll in collision and comprehensive coverages. These coverages will pay for the cost of damage regardless of who is at fault.

Lenders will enroll the car into something called force-placed insurance, which covers anything your car insurance provider isn’t able to pay for.

Other factors that affect car insurance rates are driving record, credit history, age, gender, marital status, coverage level, your location in the U.S., and how much you drive your car.

What are the liability car insurance rates for Chevrolet Corvette Z06?

How much is car insurance on a Chevrolet Z06? Liability coverage is car insurance pays for bodily injury and property damage of a no-fault driver when you’re at fault in a car accident.

Bodily injury liability pays for any bodily injuries that occurred during the accident, while property damage liability pays for any property damage that occurred during the accident.

How do the different car insurance coverage limits work? Here’s an example of how coverage limits look on car insurance policies:

  • Minimum requirement coverage limit: 25/50/25
  • $25,000 for bodily injury of one person per accident, $50,000 for bodily injury of multiple people per accident, $25,000 for property damage per accident

Liability coverage is placed on different levels: low, medium, and high. The lowest liability is the minimum requirement for car insurance. Higher coverage limits would be 50/100/50 for a medium coverage limit, and 100/300/100 for a high coverage limit.

Let’s take a look at that in this data table.

Average Annual Chevrolet Corvette Liability Coverage Car Insurance Rates
Model YearLiability Coverage Rates
2018 Chevrolet Corvette$264
2017 Chevrolet Corvette$274
2016 Chevrolet Corvette$284
2015 Chevrolet Corvette$292
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The latest model is the 2019 Chevrolet Corvette. The Chevrolet Corvette Z06 is a two-door, sports car coupe.

What are the comprehensive and collision car insurance rates for Chevrolet Corvette Z06?

Comprehensive and collision car insurance coverage works differently than liability coverage. Liability coverage pays for the party bodily injury and property damage that’s not responsible. Collision coverage pays for property damage of a car whether you’re at fault or not, while comprehensive coverage pays for any property damage that doesn’t involve a collision.

An example of comprehensive coverage is when a car insurance provider pays for damage from a storm, a falling object, when your vehicle is stolen, if your car is on fire by some defect, and other damage that doesn’t involve the driving operating the car.

Let’s look at how much collision and comprehensive car insurance cost for a Chevrolet Corvette Z06.

Average Annual Chevrolet Corvette Collision and Comprehensive Coverage Car Insurance Rates
Model YearCollision Coverage RatesComprehensive Coverage Rates
2018 Chevrolet Corvette$922$494
2017 Chevrolet Corvette$900$478
2016 Chevrolet Corvette$862$462
2015 Chevrolet Corvette$832$436
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Notice how collision coverage rates are more expensive than liability and comprehensive coverage rates. The Chevrolet Corvette Z06 is a midsized sports car, but the parts and the value of the car are expensive.

How does the value of the Chevrolet Corvette Z06 affect car insurance rates?

The Chevrolet Corvette is not as popular as other cars made by Chevrolet. The year-to-date (YTD) sales are 17,988. However, the year-to-date last year (YTD LY) sales were 18,789. Chevrolet sold 801 Chevrolet Corvettes last year.

Here’s a video review of the latest Chevrolet Corvette Z06 model.

This table shows the manufacturer suggested retail price and the fair market price of the Chevrolet Corvette Z06.

2016-2019 Chevrolet Corvette Z06 Fair Market Range
ModelFair Market Range
2019 Chevrolet Corvette Z06$68,078 - $75,441
2018 Chevrolet Corvette Z06$59,583 - $64,830
2017 Chevrolet Corvette Z06$56,487 - $61,658
2016 Chevrolet Corvette Z06$52,951 - $57,984
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Chevrolet Corvette Z06 only has an MSRP that’s available for the 2019 model which is over $80,000. The fair market price was available for the latest models.

The fair market price for the Chevrolet Corvette Z06 is between $53,000 and $75,441, which is more than some of Chevrolet trucks and SUVs.

What’s the difference between MSRP and fair market price? MSRP is the price suggested by the manufacturer.

Cars lose their value once they sold and driven, and dealers go by the fair market price.

The fair market price (fair market value) is the value of a car price where a buyer and a seller have a reasonable knowledge of relevant facts as it pertains to the car such as car’s age, condition, mileage, and history of the car.

Here’s a video that explains how fair market value works.

Car insurance companies will increase your car insurance rates higher than average because of the value of your car.

Is a Corvette expensive to maintain? According to RepairPal, the average annual cost for Chevrolet Corvette repairs is $740.

How do Chevrolet Corvette Z06 thefts affect car insurance rates?

Car thefts can affect car insurance rates. Comprehensive coverage pays for damage from car theft. If car thefts increased, car insurance providers will have to offset the high rate of car theft by increasing comprehensive rates.

Chevrolet Corvettes have improved their anti-theft and safety features

Car insurance rates will be more expensive in an urban area than a rural area. Rural areas are less populated and have theft reports.

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Car Insurance Claims and Losses on Chevrolet Corvette Z06

We’ll use this section to explore the claim loss statistics that involved the Chevrolet Corvette Z06 and compare it to other cars in the same size and class as reported by the Insurance Information Institute (III).

What are the loss statistics for bodily injury and property damage liability car insurance claims for Chevrolet Corvette Z06?

The claim loss statistics show which cars were more likely or less likely to affect car insurance losses. Let’s look at some data that shows the loss statistics of midsize, sports cars.

2016-2018 Bodily Injury and Property Damage Claim Losses for Midsize Sports Cars
Car Make
and Model
Bodily Injury LossesProperty Damage Losses
Chevrolet Corvette Z06 2dr-64%-61%
Chevrolet Corvette 2dr-60%-55%
Nissan 370Z 2dr-16%-7%
Ford Mustang GT 2dr-10%-6%
Ford Mustang convertible-1%-10%
Ford Mustang 2dr21%25%
Chevrolet Corvette convertible--68%
Porsche 911 Targa 2dr 4WD--66%
Chevrolet Corvette Z06 convertible--65%
Porsche 911 Carrera 2dr--65%
Chevrolet Corvette Grand Sport 2dr--63%
Ford Mustang Shelby GT350 2dr--61%
Porsche 911 Carrera convertible--58%
Porsche 911 Turbo 2dr 4WD--43%
Mercedes-Benz SL class convertible--40%
Ford Mustang GT convertible--36%
Chevrolet Corvette Grand Sport convertible--
Ferrari 488 GTB 2dr--
Ferrari 488 GTS convertible--
Ferrari California T convertible--
Nissan 370Z convertible--
Nissan GT-R 2dr 4WD--
Porsche 911 Turbo convertible 4WD--
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According to the Insurance Institute for Highway Safety (IIHS), the Chevrolet Corvette Z06 had claim losses that were substantially better than average.

What are the loss statistics for comprehensive and collision car insurance claims for Chevrolet Corvette Z06?

The claim loss statistics for comprehensive and collision are much higher than average. Claim losses can cost a car insurance provider a lot of money for a car with an expensive value.

2016-2018 Comprehensive and Collision Claim Losses for Midsize Sports Cars
Vehicle Make
and Model
Comprehensive
Losses
Collision
Losses
Ford Mustang GT convertible-20%-2%
Chevrolet Corvette convertible-10%-7%
Chevrolet Corvette Grand Sport 2dr-5%-12%
Ford Mustang Shelby GT350 2dr6%18%
Porsche 911 Turbo 2dr 4WD9%227%
Ford Mustang convertible12%10%
Nissan 370Z 2dr17%84%
Ford Mustang 2dr19%61%
Chevrolet Corvette 2dr22%7%
Chevrolet Corvette Z06 2dr29%51%
Ford Mustang GT 2dr36%80%
Porsche 911 Carrera 2dr45%114%
Chevrolet Corvette Z06 convertible86%25%
Porsche 911 Carrera convertible128%80%
Mercedes-Benz SL class convertible168%74%
Porsche 911 Turbo convertible 4WD461%106%
Nissan GT-R 2dr 4WD597%285%
Chevrolet Corvette Grand Sport convertible--26%
Ferrari 488 GTB 2dr-464%
Ferrari 488 GTS convertible-375%
Ferrari California T convertible-225%
Nissan 370Z convertible-29%
Porsche 911 Targa 2dr 4WD-73%
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The Chevrolet Corvette Z06 collision claim loss is 51 percent, which substantially worse than average, while comprehensive is worse than average.

The Corvette’s Z06 convertible trim has claim losses in reverse to the regular Z06 trim. Collision loss for the Z06 convertible trim is worse than average, while the comprehensive claim loss is substantially worse than average.

What are the loss statistics for PIP and MedPay for Chevrolet Corvette Z06?

PIP or personal injury protection is additional liability coverage that pays for medical bills not related to bodily injury, lost wages, child care costs. MedPay is another additional liability coverage that pays strictly for medical bills that bodily injury liability doesn’t cover.

Watch this video that explains the difference between PIP and MedPay

A car insurance company can experience higher than average claim losses if a car has a higher chance of being in an accident.

Where does the Chevrolet Corvette Z06 stand in PIP and MedPay claim loss? We can examine those results in the data table below.

2016-2018 PIP and MedPay Claim Losses for Midsize Sports Cars
Vehicle Make
and Model
Personal Injury
Losses
Medical Payment
Losses
Porsche 911 Carrera 2dr-73%-
Ford Mustang Shelby GT350 2dr-71%-
Chevrolet Corvette Z06 2dr-63%-67%
Mercedes-Benz SL class convertible-59%-
Chevrolet Corvette Grand Sport 2dr-57%-
Chevrolet Corvette convertible-53%-
Chevrolet Corvette 2dr-44%-47%
Ford Mustang GT convertible-44%-
Ford Mustang convertible-16%8%
Ford Mustang GT 2dr-8%-2%
Nissan 370Z 2dr8%-
Ford Mustang 2dr23%23%
Chevrolet Corvette Grand Sport convertible--
Chevrolet Corvette Z06 convertible--
Ferrari 488 GTB 2dr--
Ferrari 488 GTS convertible--
Ferrari California T convertible--
Nissan 370Z convertible--
Nissan GT-R 2dr 4WD--
Porsche 911 Carrera convertible--
Porsche 911 Targa 2dr 4WD--
Porsche 911 Turbo 2dr 4WD--
Porsche 911 Turbo convertible 4WD--
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There wasn’t any PIP or MedPay claim losses listed for the Corvette’s Z06 convertible trim, but the standard Z06 had claim losses that substantially better than average.

Find out how much PIP and MedPay can be when you insure a Chevrolet Corvette Z06. Simply enter your ZIP code in the free comparison tool to start comparing car insurance rates from different car insurance companies.

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Safety Ratings of Chevrolet Corvette Z06

Usually, the National Highway Traffic Safety Administration (NHTSA) and IIHS have safety rating reports. The latest model Chevrolet Corvette Z06s don’t have any safety ratings.

What is the size and class of Chevrolet Corvette Z06?

The Chevrolet Corvette Z06 is technically midsize, a sports car. It’s how the IIHS identifies the car. This data table describes how you can determine the size of a vehicle based on weight and measurements.

IIHS Guide to Car Size & Class
Curb weight70–80 sq. ft. Overall Length x Width81–90 sq. ft. Overall Length x Width91–100 sq. ft. Overall Length x Width101–110 sq. ft. Overall Length x Width>110 sq. ft. Overall Length x Width
2,001–2,500 lbsMiniSmallSmallSmallMidsize
2,501–3,000 lbsSmallSmallMidsizeMidsizeMidsize
3,001–3,500 lbsSmallMidsizeMidsizeLargeLarge
3,501–4,000 lbsSmallMidsizeLargeLargeVery large
>4,000 lbsMidsizeMidsizeLargeVery largeVery large
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The IIHS identifies the Chevrolet Corvette Z06 as a midsize sports car. Chevrolet reported that the curb weight for the Chevrolet Corvette Z06 is 3,523, while it’s dimensions (or size) is 176.9 inches in length, 73.9 inches in width 73.9, and 48.6 inches in height.

The IIHS has an entire webpage with information related to the number of fatalities by car size, car class, occupant deaths, and driver deaths. Let’s start with driver death rates per million registered passenger cars.

IIHS Driver Fatalities by Passenger Vehicle Size
Vehicle SizeRegistered VehiclesFatalitiesFatalities per Million Registered Passenger Vehicles
Mini1,051,2758884
Small7,965,42242754
Mid-sized9,736,59039641
Large2,282,52412253
Very large1,787,3404726
All cars22,823,1511,08848
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Drivers of mid-sized cars were the most affected in registered passenger car fatalities. Also, drivers of mid-sized cars were the second least affected per million registered cars.

This data summary explains the chances of a point of impact in percentages.

Passenger Vehicle Crash Occupant Fatalities by Point of Impact
Point of Initial ImpactOccupant FatalitiesPercent of Total Crash Fatalities
Frontal7,43357%
Side3,56827%
Rear8346%
Other (mostly rollover)1,30310%
All crashes13,138100%
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The most likely point of impact for a fatal accident is a frontal crash accident. Rear point of impact accidents had the lowest percentage.

The IIHS also provides information on the number of car deaths per year and the death rate per million registered cars.

Occupant Deaths per Million Registered Passenger Vehicles 1-3 Years Old
YearNumber of
Vehicle Deaths
Death Rate per
Million Registered
Passenger Vehicles
200811,08161
200910,04060
20109,54260
20119,21659
20129,42559
20139,26159
20149,04958
20159,65258
201610,29258
201710,22758
20189,78957
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From 2008 to 2018, the number of deaths fluctuated from in the upper 9,000s up to 11,100. In 2018, the death rate for registered cars was the lowest in a decade.

How does the safety of Chevrolet Corvette Z06 compare to other vehicles?

Cars with lighter weight are likely to be more damaged in an accident with a car that’s heavier. Midsize cars are at a disadvantage in an accident when the other car it collides with is heavier. Therefore, any large-sized car, midsize SUV, large SUV, or large pickup will damage a midsize car severely.

The Chevrolet Corvette Z06 has a low chance to produce bodily injury in an accident, but the cost of property damage to the car is more likely to occur and more expensive to insure.

Car insurance rates are cheaper than the value of the latest model of the Chevrolet Corvette. The Chevrolet Corvette is commonly insured as pleasure cars, which means the owner of the Chevrolet Corvette Z06 won’t drive the car as much.

Driving your insured Chevrolet Corvette Z06 less than the average driver makes you eligible for a discount. Also, you can receive discounts for anti-theft and safety features that are already installed on your Chevrolet Corvette Z06.

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Frequently Asked Questions: Chevrolet Corvette Z06

We’ll wrap up the Chevrolet Corvette Z06 with a few commonly asked questions you see in your search engines. If you want to know more about other guides and reviews, check out those available on our website.

How much is insurance for a Corvette Stingray?

The average insurance cost for a Chevrolet Corvette Stingray is approximately $3,000.

How much is insurance on a 2020 Corvette Z06?

Your car insurance rate will depend on which company will insure your vehicle. Individual car insurance rates depend on quotes, and quotes depend on specific information about you and where you live in the U.S.

This goes for car insurance cost for a Chevrolet Corvette C5, Corvette C8, 2002 Chevrolet Corvette, or any other Chevrolet Corvette.

Can I insure an old Chevrolet Corvette?

Yes. Classic Car Insurance or Modified Car Insurance can insure a classic Chevrolet Corvette. A 1986 Corvette requires classic car insurance. When you consider 1986 Corvette insurance, you may pay more expensive car insurance rates because the parts are for the car rare and expensive to remaster.

A C5 corvette insurance costs around $420 a year. It’s not considered a classic car, but it’s older than 2019 Chevrolet Corvette.

How much is insurance on a 2002 corvette?

A 2002 Chevrolet Corvette car insurance costs $968 per year.

Is Chevrolet Corvette insurance expensive for an 18-year-old driver?

How much is insurance on a Corvette for a 18 year old? Car insurance for teens and young adults are the most expensive for drivers. An 18-year-old driver with a luxury sports car, like a Chevrolet Corvette, will have car insurance rates that are similar to college tuition.

How much is insurance on a Corvette for a 16-year-old driver? The car insurance rate could be even more expensive than an 18-year-old driver, but it’s roughly $5,000.

Where can I find Chevrolet Corvettes for sale?

Check your local car sale listings to see Chevrolet Corvettes are being sold. You can find a Chevrolet Corvette for sale online, also.

Start comparing car insurance rates using our free comparison tool. Enter your ZIP code in the free quote box to start comparing car insurance rates from different car insurance companies.

References:

  1. https://www.state.gov/vehicle-liability-insurance-requirements/
  2. https://www.chevrolet.com/performance/corvette-z06-sports-car/build-and-price/config
  3. https://www.iii.org/fact-statistic/facts-statistics-auto-insurance

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