2002 Chevrolet Corvette Insurance Cost – 8 Tips to Save

Looking for better insurance rates for your Chevrolet Corvette? Trying to come up with a payment for high-priced insurance can bottom out your budget and make it hard to pay other bills. Performing a rate comparison can save money and help to make ends meet.

Because you have many choices, it is hard for the average consumer to find the lowest price insurance provider.

Consumers should take time to do rate comparisons on a regular basis because prices change frequently. Just because you had the lowest rate on Corvette coverage at your last renewal a different company probably has better premium rates today. Forget all the misinformation about insurance because I’m going to teach you the proper way to save money, get proper coverage and the best rates.

The most recommended method to compare car insurance rates is to understand most larger insurance companies pay for the opportunity to quote your coverage. All you need to do is provide details like if you are currently licensed, how much coverage you want, if the car is leased, and your credit rating estimate. Your information gets transmitted to multiple companies and they respond with quotes very quickly.

Buyer beware of car insurance advertising tricks

Drivers constantly see and hear ads that promise big savings from the likes of Progressive, GEICO, Allstate and State Farm. All the ads convey the message that people will save if you move to their company.

How does every company charge you less for auto insurance?

Many companies look for specific characteristics for the type of insured that makes them money. For example, this type of driver might have to be over age 30, has no tickets, and has great credit. Any customer that matches those criteria will qualify for the lowest prices and is almost guaranteed to save when switching.

People who fall short of these standards may be forced to pay higher premiums and this can result in the prospect going elsewhere. Company advertisements say “drivers who switch” not “everyone that quotes” can get the lowest rates when switching. That is how companies can truthfully make the claims of big savings.

Different companies use different criteria so you should do a quote comparison often. Because you never know which company will give you lower rates than your current company.

These eight discounts can lower your auto insurance rates

Buying auto insurance is not cheap, but there could be significant discounts that could help you make your next renewal payment. Some trigger automatically when you purchase, but a few must be inquired about prior to getting the savings.

  • Paperwork-free – Some auto insurance companies give back up to $50 for buying your policy on the web.
  • Passive Restraints – Vehicles with factory air bags or motorized seat belts may qualify for discounts of 25 to 30%.
  • Defensive Driver – Taking time to complete a course in defensive driving may get you a small discount and easily recoup the cost of the course.
  • Homeowners Savings – Simply owning a home can get you a discount because maintaining a house is proof of financial responsibility.
  • Discount for Low Mileage – Fewer annual miles on your Chevy could qualify for discounted auto insurancerates on garaged vehicles.
  • Distant College Student Discount – Kids who live away from home at college and don’t have a car could qualify for this discount.
  • Federal Employees – Active or former government employment could cut as much as 10% off on Corvette coverage depending on your company.
  • Braking Control Discount – Cars with ABS braking systems or traction control can reduce accidents and will save you 10% or more.

You can save money using discounts, but most credits do not apply to your bottom line cost. Most only reduce the cost of specific coverages such as liability, collision or medical payments. Even though the math looks like all those discounts means the company will pay you, companies wouldn’t make money that way.

Larger auto insurance companies and their offered discounts can be read below.

  • Progressive may offer discounts for multi-policy, homeowner, multi-vehicle, online signing, online quote discount, and good student.
  • GEICO offers discounts for air bags, emergency military deployment, membership and employees, military active duty, multi-policy, anti-theft, and driver training.
  • State Farm discounts include defensive driving training, passive restraint, multiple autos, accident-free, and Steer Clear safe driver discount.
  • Esurance has savings for renters, online shopper, defensive driver, Pac-12 alumni, paid-in-full, Switch & Save, and good student.
  • The Hartford has discounts for air bag, defensive driver, driver training, bundle, and vehicle fuel type.

It’s a good idea to ask each company or agent how you can save money. Some of the earlier mentioned discounts might not be offered on policies in your state.

Different people need different insurance coverages

When choosing the right insurance coverage for your personal vehicles, there is no single plan that fits everyone. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. For example, these questions might point out if you might need an agent’s assistance.

  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Can my teen drive my company car?
  • How can I get high-risk coverage after a DUI?
  • What is high-risk coverage and where do I buy it?
  • Am I covered if I crash into my own garage door?
  • Why is insurance for a teen driver so high?
  • Is my custom paint covered by insurance?
  • Do I need replacement cost coverage on my 2002 Chevy Corvette?
  • How does medical payments coverage work?
  • Is upholstery damage covered by car insurance?

If you’re not sure about those questions but one or more may apply to you, then you may want to think about talking to a licensed agent. If you don’t have a local agent, simply complete this short form or you can also visit this page to select a carrier It’s fast, doesn’t cost anything and can provide invaluable advice.

Information about specific coverages

Knowing the specifics of your policy can help you determine which coverages you need for your vehicles. Policy terminology can be impossible to understand and coverage can change by endorsement. These are the normal coverages found on most insurance policies.

Comprehensive protection

Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive insurance covers things like a broken windshield, vandalism, fire damage and theft. The highest amount a insurance company will pay at claim time is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Coverage for collisions

Collision insurance pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible then your collision coverage will kick in.

Collision insurance covers claims like crashing into a building, backing into a parked car, sideswiping another vehicle, driving through your garage door and hitting a mailbox. Collision is rather expensive coverage, so you might think about dropping it from older vehicles. It’s also possible to bump up the deductible to bring the cost down.

Medical expense coverage

Coverage for medical payments and/or PIP provide coverage for bills like EMT expenses, ambulance fees and pain medications. They can be used in conjunction with a health insurance policy or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants and also covers any family member struck as a pedestrian. PIP is not available in all states and gives slightly broader coverage than med pay

Uninsured or underinsured coverage

This coverage gives you protection when the “other guys” are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries as well as damage to your Chevy Corvette.

Since a lot of drivers have only the minimum liability required by law, their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important. Frequently the UM/UIM limits do not exceed the liability coverage limits.

Liability auto insurance

Liability coverage protects you from damage that occurs to other people or property in an accident. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see limits of 50/100/50 that means you have $50,000 bodily injury coverage, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property. Another option is a combined single limit or CSL which combines the three limits into one amount with no separate limits for injury or property damage.

Liability insurance covers things like legal defense fees, bail bonds and repair bills for other people’s vehicles. The amount of liability coverage you purchase is a personal decision, but it’s cheap coverage so purchase as much as you can afford.

Smart shoppers get results

Throughout this article, we presented many ideas to lower your 2002 Chevy Corvette insurance car insurance rates. It’s most important to understand that the more rate comparisons you have, the better your comparison will be. Drivers may discover the best price on auto insurance is with a small mutual company. These companies often have lower premium rates on specific markets compared to the large companies like Progressive or GEICO.

When getting car insurance quotes online, do not skimp on critical coverages to save a buck or two. In many cases, an insured cut comprehensive coverage or liability limits only to discover later that the few dollars in savings costed them thousands. Your goal should be to buy enough coverage for the lowest cost.

The cheapest 2002 Chevy Corvette insurance is definitely available from both online companies and with local insurance agents, and you need to comparison shop both in order to have the best price selection to choose from. A few companies do not offer online price quotes and many times these small, regional companies prefer to sell through independent agents.

More detailed auto insurance information is available at these sites: