View 1994 Chevrolet Corvette Insurance Cost

Are you sick and tired of scraping the payment together to pay high auto insurance rates every month? You are no different than the majority of other drivers. Insurance companies such as GEICO, 21st Century and Progressive all claim big savings, bombarding you with catchy ads and consumers find it hard to ignore the flying pigs and cute green geckos and take the time to shop coverage around.

Seven tips to get cheap insurance premiums

Part of the insurance coverage buying process is learning some of the elements that are used to determine your policy premiums. If you know what impacts premium levels, this allows you to make good choices that may result in cheaper rates.

The factors shown below are some of the items companies use to determine premiums.

  • Advanced alarm systems – Owning a car with a theft deterrent system can save you some money. Theft prevention devices such as GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder your vehicle from being stolen.
  • Policy add-ons add up – Insurance policies have a lot of additional extra coverages that can add up when buying insurance coverage. Coverages for personal injury protection, towing, and motor club memberships may be costing you every month. They may sound like good ideas when buying your policy, but if you don’t need them eliminate them to save money.
  • Infrequent drivers can save – The more you drive your Chevy annually the higher your rates will be. The majority of insurers charge rates based upon how much you drive. Cars that sit idle most of the time can get a lower rate than vehicles that have high annual mileage. Verify your policy reflects the correct driver usage, because it can save money. An incorrectly rated Corvette may be costing you higher rates.
  • Being married can lower prices – Having a spouse may earn you lower rates on your policy. It translates into being less irresponsible and statistics prove drivers who are married file infrequent claims.
  • Prevent coverage lapses – Driving without insurance is against the law and you may have a hard time finding new coverage because you let your coverage cancel without a new policy in place. In addition to paying higher premiums, failure to provide proof of insurance might get you fines or a revoked license. You may then have to prove you have insurance by filing a SR-22 with your state motor vehicle department.
  • Car and home together may be cheaper – Most major insurance coverage companies provide better rates to buyers who buy several policies from them, otherwise known as a multi-policy discount. Even with this discount, it’s in your best interest to shop around to help ensure you have the lowest rates.
  • Your credit history is important – Having a good credit history is a large factor in determining what you pay for insurance coverage. If your credit score could use some work, you could potentially save money when insuring your 1994 Chevrolet Corvette by improving your rating. People that have very good credit scores tend to be less risk to insure as compared to drivers with lower credit ratings.

How to compare insurance rate quotes

Performing a rate comparison can take time and effort if you don’t know the best way to get rate quotes. You could waste a few hours talking to insurance companies in your area, or you could use the web to get the quickest rates.

Many companies participate in an industry program that enables customers to only type in their quote data once, and every company returns a competitive quote determined by their information. This prevents consumers from doing repetitive form submissions to every company.

To participate in this free quote system, click here to open in new window.

The one downside to comparing rates this way is you cannot specify the insurers to get pricing from. If you wish to select specific providers to compare rates, we put together a list of the cheapest insurance companies in your area. Click to view list.

However you get your quotes, be sure to compare the exact same coverage limits with every price quote. If you enter different liability limits then you won’t be able to decipher which rate is best.

Affordable insurance coverage rates with discounts

Companies that sell car insurance don’t always advertise every policy discount in an easy-to-find place, so the list below gives a summary of both well-publicized and the more hidden credits that may apply to you.

  • Discount for Life Insurance – Select insurance coverage companies reward you with a small discount if you purchase some life insurance in addition to your auto policy.
  • Discounts for Responsible Drivers – Safe drivers may save up to 50% more for Corvette insurance compared to rates paid by drivers with frequent claims.
  • Good Student Discount – A discount for being a good student may save you up to 25%. The good student discount can last up to age 25.
  • Homeowners Pay Less – Owning a home can get you a discount since home ownership requires personal responsibility.
  • Paperwork-free – Some of the larger companies give back up to $50 get car insurance digitally online.
  • Passive Restraints and Air Bags – Vehicles with factory air bags and/or automatic seat belt systems can receive discounts of 20% or more.

Keep in mind that some of the credits will not apply to the entire policy premium. A few only apply to the cost of specific coverages such as comprehensive or collision. So even though you would think adding up those discounts means a free policy, insurance companies wouldn’t stay in business.

If you would like to see a list of insurers that offer some of these discounts, click this link.

Tailor your insurance coverage coverage to you

When it comes to choosing the right insurance coverage, there is no “best” method to buy coverage. Everyone’s needs are different so your insurance needs to address that. For instance, these questions may help you determine whether you would benefit from an agent’s advice.

  • Does car insurance cover theft of personal property?
  • Are rock chip repairs covered?
  • Do I pay less for low miles?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Is rental equipment covered for theft or damage?
  • What if I don’t agree with a claim settlement offer?
  • Are my friends covered when driving my 1994 Chevy Corvette?
  • Am I insured when driving a different vehicle?
  • Does my 1994 Chevy Corvette need full coverage?

If you’re not sure about those questions but you know they apply to you, you might consider talking to an agent. To find an agent in your area, fill out this quick form or click here for a list of insurance coverage companies in your area. It’s fast, doesn’t cost anything and you can get the answers you need.

Auto insurance coverages

Having a good grasp of a insurance policy aids in choosing appropriate coverage and the correct deductibles and limits. The terms used in a policy can be impossible to understand and even agents have difficulty translating policy wording. Shown next are typical coverages offered by insurance companies.

Liability insurance – Liability insurance provides protection from damage or injury you incur to other’s property or people by causing an accident. This coverage protects you from claims by other people, and does not provide coverage for damage to your own property or vehicle.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 50/100/50 that means you have $50,000 bodily injury coverage, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property. Occasionally you may see a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.

Liability can pay for things like attorney fees, loss of income, funeral expenses, repair costs for stationary objects and pain and suffering. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as large an amount as possible.

Collision coverage – This will pay to fix damage to your Corvette resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.

Collision insurance covers things such as driving through your garage door, colliding with another moving vehicle, hitting a parking meter and crashing into a ditch. This coverage can be expensive, so consider dropping it from older vehicles. Drivers also have the option to raise the deductible to save money on collision insurance.

Uninsured or underinsured coverage – This provides protection when the “other guys” do not carry enough liability coverage. Covered losses include hospital bills for your injuries as well as damage to your Chevy Corvette.

Since many drivers carry very low liability coverage limits, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Most of the time these coverages are set the same as your liablity limits.

Comprehensive protection – Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things like a tree branch falling on your vehicle, hitting a bird and hitting a deer. The maximum amount you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Medical expense coverage – Medical payments and Personal Injury Protection insurance kick in for expenses for things like EMT expenses, funeral costs, dental work, prosthetic devices and chiropractic care. They can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants as well as getting struck while a pedestrian. PIP coverage is not an option in every state and may carry a deductible

Don’t be a big spender

There are still a few companies who may not have internet price quotes and these smaller providers sell through independent insurance agencies. Discount 1994 Chevy Corvette insurance is possible online as well as from insurance agents, and you need to comparison shop both to get a complete price analysis.

As you go through the steps to switch your coverage, do not sacrifice coverage to reduce premiums. There are too many instances where an insured cut physical damage coverage and found out when filing a claim that the small savings ended up costing them much more. The aim is to purchase plenty of coverage at the lowest possible cost while still protecting your assets.

Much more information about insurance coverage is available at the links below