Best Ways to Save on Colorado Springs Chevy Corvette Insurance

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Discount Chevy Corvette insuranceIt takes a little time, but the best way to get budget Chevy Corvette insurance is to do a yearly price comparison from different companies in Colorado Springs.

  • First, get an understanding of car insurance and the things you can change to keep rates down. Many rating factors that cause high rates like traffic tickets, fender benders, and an unacceptable credit score can be eliminated by making minor changes in your lifestyle. Keep reading for additional tips to help reduce prices and get bigger discounts that may have been overlooked.
  • Second, get rate quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only give rate quotes from a single company like Progressive or State Farm, while independent agencies can give you price quotes for many different companies. Select a company
  • Third, compare the new quotes to your existing coverage and see if there is a cheaper rate. If you find a lower rate and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
  • Fourth, give notification to your agent or company of your intent to cancel your current policy. Submit the completed application along with a down payment to your new insurance company. Make sure you place the new proof of insurance paperwork above your visor, in the console, or in the glove compartment.

One bit of advice is to make sure you're comparing the same deductibles and limits on every price quote and and to look at all possible companies. This helps ensure an accurate price comparison and maximum price selection.

Unbelievable but true according to a study most consumers have stayed with the same insurance company for over three years, and nearly the majority have never even shopped around for lower-cost coverage. Many drivers in Colorado can save about $610 each year, but they mistakenly think it's difficult to compare rates online.

If you are insured now, you will surely be able to cut your premiums using these techniques. Buying the cheapest auto insurance in Colorado Springs is actually not that difficult if you follow our advice. But Colorado vehicle owners must comprehend the methods companies use to price insurance differently because rates fluctuate considerably.

To find more affordable rates, there are a couple of ways to compare quotes from all the different companies. The fastest way to find the cheapest Chevy Corvette insurance rates is simply to get online rate quotes.

Doing online rate quotes comparisons is so easy that it makes it obsolete to make phone calls or go to insurance agents' offices. Quoting and buying Chevy Corvette insurance online eliminates the middleman unless you have a complicated situation and need the extra assistance that only a licensed agent can provide. Although you can price shop your coverage online and get advice from an agent in your area.

It's important to know that getting more free quotes increases your odds of finding lower pricing. Some companies don't provide Colorado Springs Corvette insurance quotes over the internet, so it's important to also get quotes from the smaller companies as well.

The companies shown below are our best choices to provide price comparisons in Colorado Springs, CO. If multiple companies are listed, it's highly recommended you visit as many as you can in order to get a fair rate comparison.

Statistics and details

The information shown below showcases estimates of prices for Chevy Corvette models. Understanding how insurance premiums are established can be valuable when making smart choices when purchasing an auto insurance policy.

Chevrolet Corvette Insurance Rates in Colorado Springs, CO
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corvette 2-Dr Coupe $200 $454 $262 $16 $78 $1,010 $84
Corvette GS 2-Dr Coupe $238 $508 $262 $16 $78 $1,102 $92
Corvette 2-Dr Convertible $238 $508 $338 $20 $102 $1,206 $101
Corvette GS 2-Dr Convertible $256 $560 $338 $20 $102 $1,276 $106
Corvette Z06 2-Dr Coupe $256 $560 $262 $16 $78 $1,172 $98
Corvette ZR1 2-Dr Coupe $330 $772 $262 $16 $78 $1,458 $122
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Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Price information does not factor in Colorado Springs location which can revise coverage rates noticeably.

Deductible analysis

One frequently asked question is where should you set your physical damage deductibles. The rates shown below can help show the cost difference when you select higher and lower physical damage coverage deductibles. The first set of rates uses a $250 physical damage deductible and the second price chart uses a $1,000 deductible.

Chevrolet Corvette insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corvette 2-Dr Coupe $376 $702 $232 $14 $70 $1,419 $118
Corvette GS 2-Dr Coupe $446 $784 $232 $14 $70 $1,571 $131
Corvette 2-Dr Convertible $446 $784 $298 $18 $90 $1,661 $138
Corvette GS 2-Dr Convertible $480 $866 $298 $18 $90 $1,777 $148
Corvette Z06 2-Dr Coupe $480 $866 $232 $14 $70 $1,687 $141
Corvette ZR1 2-Dr Coupe $620 $1192 $232 $14 $70 $2,153 $179
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Chevrolet Corvette insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corvette 2-Dr Coupe $232 $442 $232 $14 $70 $990 $83
Corvette GS 2-Dr Coupe $276 $492 $232 $14 $70 $1,084 $90
Corvette 2-Dr Convertible $276 $492 $298 $18 $90 $1,174 $98
Corvette GS 2-Dr Convertible $298 $544 $298 $18 $90 $1,248 $104
Corvette Z06 2-Dr Coupe $298 $544 $232 $14 $70 $1,158 $97
Corvette ZR1 2-Dr Coupe $384 $750 $232 $14 $70 $1,450 $121
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Information does not factor in vehicle garaging location which can change prices significantly.

We can derive from the above data that using a $250 deductible costs an average of $44 more each month or $528 a year averaged for all Corvette models than selecting the higher $1,000 deductible. Since you would pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you have at a minimum 17 months between claim filings, you would probably save some money by going with a higher deductible. Here is the way we made this calculation.

Average monthly premium for $250 deductibles: $143
Average monthly premium for $1,000 deductibles (subtract): - $99
Monthly savings from raising deductible: $44
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $44
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

One thing to note is that raising deductibles to save money results in a higher out-of-pocket expense when you have a comprehensive or collision claim. That will force you to have some funds available in order to pay the deductible to have repairs made.

The example below illustrates how your deductible choice and can impact Chevy Corvette insurance costs for different age groups of insureds. The premiums assume a married male driver, full physical damage coverage, and no additional discounts are factored in.

Careless driving habits raise Colorado Springs insurance rates

The information below shows how speeding tickets and at-fault fender-benders can increase Chevy Corvette insurance costs for different age categories. Data assumes a single male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied to the premium.

Chevrolet Corvette full coverage rates compared to liability only

The illustration below shows the difference between Chevy Corvette auto insurance costs with full coverage and liability only. The premium estimates are based on no violations or accidents, $100 deductibles, single status, and no additional discounts are factored in.

When to drop comp and collision

There isn't a written rule of when to drop physical damage coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.

For example, let's pretend your Chevy Corvette settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would get paid by your company is $7,000 after you pay the deductible. If you are paying in excess of $700 a year for comprehensive and collision coverage, then you might want to think about dropping full coverage.

There are some circumstances where dropping full coverage is not recommended. If you still owe money on your vehicle, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should maintain full coverage.

Auto insurance protects more than just your car

Despite the high cost of buying insurance for a Chevy Corvette in Colorado Springs, insuring your vehicle serves a purpose in several ways.

  • Almost all states have mandatory liability insurance requirements which means state laws require specific limits of liability coverage in order to drive the car. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
  • If you bought your vehicle with a loan, most banks will require that you have insurance to guarantee payment of the loan. If coverage lapses or is canceled, the bank may insure your Chevy at a significantly higher premium and require you to fork over much more than you were paying before.
  • Auto insurance preserves your Chevy Corvette and your assets. It will also reimburse you for hospital and medical expenses for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance also covers legal expenses if you are named as a defendant in an auto accident. If your Chevy gets damaged, comprehensive and/or collision insurance will pay to have it repaired.

The benefits of carrying adequate insurance definitely exceed the price paid, especially if you ever need it. According to a recent study, the average American driver is overpaying over $700 annually so compare quotes from several companies at every policy renewal to be sure current rates are still competitive.

How to Lower Your Insurance Rates

It's important that you understand some of the factors that play a part in calculating car insurance rates. If you have a feel for what controls the rates you pay, this helps enable you to make changes that could help you find better car insurance rates. Multiple criteria are part of the calculation when you quote your car insurance policy. A few of the factors are predictable such as traffic violations, although others are more obscure like where you live or how financially stable you are.

  • Pay more if you have a long commute - Residing in small towns and rural areas is a good thing when insuring your vehicles. Drivers in populated areas have to deal with more aggressive driving styles and much longer commute distances. Fewer drivers on the road translates into fewer accidents as well as less vandalism and auto theft.
  • Single vs. married - Being married can actually save you money on your policy. Having a significant other may mean you are more financially stable it has been statistically shown that married drivers get in fewer accidents.
  • Improve your credit rating - An insured's credit rating is a big factor in determining what you pay for car insurance. Drivers who have excellent credit tend to be less risk to insure than drivers who have bad credit. If your credit rating is low, you could be paying less to insure your Chevrolet Corvette by improving your credit score.
  • Vehicle risk affects prices - The type of car or truck you need to insure makes a significant difference in how high your rates are. The lowest base rates are usually found on low performance passenger models, but that's not the only thing that factors into the final price.

    The chart below uses these assumptions: married male driver age 30, full coverage with $100 deductibles, and no discounts or violations. It illustrates Chevrolet Corvette policy rates compared to other models that have different risk factors.

  • Miles driven impacts rates - The higher the mileage driven in a year the higher the price you pay to insure it. A lot of insurance companies price each vehicle's coverage partially by how you use the vehicle. Cars and trucks that sit idle most of the time receive better premium rates as compared to vehicles used primarily for driving to work. Having an incorrect usage rating on your Corvette can cost quite a bit. Ask your agent if your car insurance coverage properly reflects the proper vehicle usage.
  • How many coverages with the same company - Most larger car insurance companies allow lower prices to clients that have more than one policy. It's known as a multi-policy discount. The discount can add up to 10 percent or more. If you currently are using one company, drivers will still want to compare Chevy Corvette rates in Colorado Springs to ensure the best deal.There is a chance you can save money by insuring with multiple companies.
  • Teenage drivers pay higher rates - Older people are viewed as being more responsible, cost insurance companies less in claims, and usually have better credit. Young drivers are statistically proven to be careless and easily distracted when at the wheel of a vehicle so car insurance rates are higher.

    The data below uses these assumptions: single driver, full coverage with $500 deductibles, and no discounts or violations.

  • Chevy Corvette insurance loss data - Insurers use past insurance losses to help calculate a profitable premium price. Vehicles that historically have higher number or severity of losses will be charged more to insure.

    The table below outlines the insurance loss data used by companies for Chevy Corvette vehicles. For each policy coverage type, the statistical loss for all vehicles, without regard to make or model, is set at 100. Values that are 100 or less mean the vehicle has better than average losses, while values over 100 point to more frequent losses or an increased chance of a larger loss.

    Chevrolet Corvette Insurance Loss Statistics
    Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Chevrolet Corvette 2dr 116 36 101 42 48 39
    Chevrolet Corvette Convertible 99 25 57 36
    Chevrolet Corvette Z06 2dr 176 126
    BETTER
    AVERAGE
    WORSE

    Empty fields indicate not enough data collected
    Statistics from IIHS.org for 2013-2015 Model Years

Colorado car insurance companies

Buying coverage from the top insurance provider is hard considering how many different companies sell coverage in Colorado. The ranking information displayed below may help you select which coverage providers you want to consider purchasing coverage from.

Top 10 Colorado Springs Car Insurance Companies Ranked by Value

  1. USAA
  2. American Family
  3. The Hartford
  4. Titan Insurance
  5. The General
  6. Mercury Insurance
  7. AAA Insurance
  8. State Farm
  9. Nationwide
  10. Safeco

Quote more to save more

As you go through the steps to switch your coverage, it's not a good idea to buy less coverage just to save a little money. In many instances, someone dropped uninsured motorist or liability limits and discovered at claim time that the small savings ended up costing them much more. Your strategy should be to purchase plenty of coverage at an affordable rate but still have enough coverage for asset protection.

In this article, we presented a lot of ways to save on Chevy Corvette insurance in Colorado Springs. The most important thing to understand is the more you quote Colorado Springs auto insurance, the better your chances of lowering your auto insurance rates. Consumers could even find that the lowest priced car insurance comes from some of the smallest insurance companies. Smaller companies often have lower auto insurance rates on specific markets compared to the large companies like Allstate, GEICO and Progressive.

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