Lower Your 2002 Chevrolet Corvette Insurance Cost

Finding discount insurance coverage online can seem to be somewhat intimidating for people new to quoting and price shopping online. With so many options of companies, how can drivers possibly compare all the different companies and get better insurance coverage prices?

You need to do rate comparisons every six months because insurance coverage prices tend to go up over time. If you had the best deal for Corvette insurance a few years ago the chances are good that you can find a lower rate today. Block out anything you think you know about insurance coverage because you’re about to learn the easiest way to find better rates and still maintain coverage.

Get lower-cost car insurance quotes with discounts

Car insurance is neither fun to buy or cheap, but you might already qualify for some discounts that can dramatically reduce your bill. Some discounts will apply when you get a quote, but a few need to be asked for prior to receiving the credit.

• Employee of Federal Government – Active or retired federal employment could cut as much as 10% off for Corvette insurance with a few car insurance companies.
• Drivers Education – Have your child enroll in driver’s education if it’s offered in school.
• Own a Home and Save – Being a homeowner can help you save on car insurance because owning a home demonstrates responsibility.
• Clubs and Organizations – Having an affiliation with a professional or civic organization could qualify you for a break on car insurance.
• Claim Free – Drivers who don’t have accidents pay less compared to bad drivers.
• Safety Restraint Discount – Using a seat belt and requiring all passengers to wear their seat belts could cut 10% or more off the PIP or medical payment premium.
• Good Student Discount – Maintaining excellent grades can be rewarded with saving of up to 25%. Many companies even apply the discount to college students up until you turn 25.
• Senior Discount – Seniors could receive lower premium rates for Corvette insurance.
• Accident Waiver – This one isn’t a discount, but certain companies permit an accident without raising rates with the catch being you have to be claim-free for a particular time prior to the accident.

As is typical with insurance, many deductions do not apply to the overall cost of the policy. A few only apply to individual premiums such as medical payments or collision. So even though it sounds like it’s possible to get free car insurance, insurance companies wouldn’t stay in business.

A few popular companies and a summarized list of policyholder discounts are detailed below.

• American Family may include discounts for TimeAway discount, mySafetyValet, Steer into Savings, defensive driver, and air bags.
• State Farm has savings for Steer Clear safe driver discount, defensive driving training, accident-free, student away at school, and driver’s education.
• 21st Century may offer discounts for defensive driver, early bird, automatic seat belts, good student, and student driver.
• Travelers offers discounts including IntelliDrive, hybrid/electric vehicle, continuous insurance, payment discounts, home ownership, and save driver.
• Geico discounts include daytime running lights, five-year accident-free, air bags, membership and employees, and seat belt use.

Check with all the companies to apply every possible discount. Depending on the company, some discounts may not apply to policyholders in every state.

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The cheapest insurance

Effectively comparing insurance prices can be a daunting task if you don’t know the fastest way to get free quotes. You could spend your day discussing policy coverages with insurance agencies in your area, or you can stay home and use online quoting for quick rates.

Most major companies belong to an insurance system where insurance shoppers only type in their quote data once, and each company then gives them pricing based on the submitted data. This system prevents you from having to do form submissions to every company.

To compare rates using this form now click here to start a free quote.

The one downside to comparing rates this way is that you can’t choose which providers to receive prices from. If you prefer to choose specific providers to compare prices, we put together a list of companies who write insurance in your area. Click here to view list.

You can choose any of those ways to find more affodable coverage, but be sure you’re using equivalent information with every price quote. If the quotes have higher or lower deductibles you will not be able to decipher which rate is best. Even a minor difference in insurance coverages or limits can result in a big premium difference. And when comparison shopping, comparing all the rates in your area will increase your chances of finding more affordable rates. Some insurance companies are not set up to provide online rate quotes, so you should also compare prices from them, too.

Lower your insurance premiums

Many things are considered when quoting car insurance. Some are obvious like a motor vehicle report, although others are less apparent such as your marital status and annual miles driven.

• High credit scores save money – An insured’s credit rating factor in determining what you pay for insurance. Insureds that have excellent credit tend to be better risks to insure than drivers with lower credit scores. If your credit rating is lower than you’d like, you could save money insuring your 2002 Chevrolet Corvette by improving your rating.
• Premiums drop with age – Youthful drivers tend to be inattentive when at the wheel of a vehicle and because of this, their insurance rates are much higher. Parents adding a young driver onto your insurance can cause a big jump in price. Older people are more cautious drivers, cause fewer claims and accidents and get fewer tickets.
• Liability coverage is important – The liability section of your policy is the protection if you are found liable for personal injury or accident damage. It provides legal defense coverage to defend your case. Liability insurance is pretty cheap compared to comp and collision, so do not cut corners here.
• Gender impacts costs – Over time, data shows women are more cautious behind the wheel. It does not mean males are worse at driving than females. Both genders are in at-fault accidents in similar numbers, but guys tend to have higher claims. Men also statistically get more serious tickets such as reckless driving. Male teenagers generally have the highest accident percentage and are penalized with high insurance rates.
• Incidental coverages are wasting money – There are a ton of extra add-on coverages that you can buy if you don’t pay attention. Coverages like replacement cost coverage, towing coverage, and term life insurance may not be needed and are just wasting money. They may sound like good ideas when talking to your agent, but your money might be better spent on other coverage so get rid of them and save.
• Consolidate and save – Many companies afford better rates to customers who consolidate policies with them such as combining an auto and homeowners policy. Even if you qualify for this discount already, it’s in your best interest to check prices from other companies to guarantee you are still saving the most.
• Lower stress equals lower premiums – Did you know your career choice can influence rates? Careers like lawyers, business owners and stock brokers generally have higher rates than the rest of us in part from intense work-related stress and lengthy work days. Other jobs such as farmers, engineers and retirees generally pay rates lower than average for Corvette insurance.

Tailor your auto insurance coverage to you

When it comes to choosing proper insurance coverage for your vehicles, there really is no “perfect” insurance plan. Everyone’s needs are different.

These are some specific questions can aid in determining if your insurance needs would benefit from an agent’s advice.

• Does my liability insurance cover pulling a trailer or camper?
• When would I need rental car insurance?
• Why do I only qualify for high-risk insurance?
• Can my teen drive my company car?
• Is my Chevy Corvette covered if I use it for business?
• If my 2002 Chevy Corvette is totaled, can I afford another vehicle?

If you can’t answer these questions but you know they apply to you, you might consider talking to an insurance agent. If you don’t have a local agent, simply complete this short form.

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Well known brands might not be cheapest

Big name companies like 21st Century, Allstate and State Farm constantly bombard you with ads in print and on television. They all state the claim about how much you will save after switching your coverage. How can each company save you money? Here is how they do it.

Different companies require specific criteria for the type of customer that will not have excessive claims. One example of a driver they prefer might be described as over the age of 35, carries full coverage, and drives less than 7,500 miles a year. Any customer who fits those characteristics is entitled to the best price and will probably save some money.

Potential customers who do not match these standards may be forced to pay a more expensive rate which leads to the customer not buying. If you listen to the ad wording, they say “drivers who switch” not “everybody who quotes” save that kind of money. That’s the way companies can truthfully make it sound like they have such great prices. This really illustrates why drivers must get a wide range of price quotes. You cannot predict which insurance coverage company will have the lowest premium rates for your situation.

Car insurance 101

Understanding the coverages of a insurance policy aids in choosing the right coverages and proper limits and deductibles. Policy terminology can be ambiguous and coverage can change by endorsement.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage protects you and your vehicle from other drivers when they do not carry enough liability coverage. Covered claims include injuries sustained by your vehicle’s occupants and also any damage incurred to your 2002 Chevy Corvette.

Because many people only purchase the least amount of liability that is required, their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage reimburse you for immediate expenses for dental work, prosthetic devices, chiropractic care, hospital visits and ambulance fees. The coverages can be utilized in addition to your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover all vehicle occupants and also covers getting struck while a pedestrian. Personal injury protection coverage is not available in all states but it provides additional coverages not offered by medical payments coverage

Coverage for collisions

This coverage pays for damage to your Corvette resulting from colliding with another car or object. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims like damaging your car on a curb, rolling your car, crashing into a ditch, sustaining damage from a pot hole and backing into a parked car. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to choose a higher deductible to bring the cost down.

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for claims like theft, rock chips in glass, a broken windshield, hail damage and vandalism. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Coverage for liability

This coverage will cover injuries or damage you cause to other’s property or people in an accident. It protects you from legal claims by others, and doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 50/100/50 that means you have a $50,000 limit per person for injuries, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property.

Liability coverage protects against things like medical services, attorney fees and court costs. How much liability coverage do you need? That is a personal decision, but buy as large an amount as possible.

A tidy conclusion

Cheap 2002 Chevy Corvette insurance is available both online as well as from independent agents, and you need to comparison shop both to have the best selection. Some insurance companies do not offer the ability to get quotes online and these regional carriers prefer to sell through independent agents.

When you buy insurance coverage online, it’s very important that you do not buy lower coverage limits just to save a few bucks. In many cases, an insured dropped physical damage coverage only to discover later that it was a big mistake. The goal is to buy enough coverage at the best cost while still protecting your assets.

People leave their current company for any number of reasons including questionable increases in premium, being labeled a high risk driver, high prices and policy cancellation. Whatever your reason, switching insurance companies can be easier than you think.

More tips and info about insurance is located by following these links:

• Safety Features for Your New Car (State Farm)
• Car Insurance FAQ (Trusted Choice)
• Alcohol Impaired Driving FAQ (iihs.org)
• What Does No-Fault Insurance Cover? (Allstate)
• Auto Insurance for Teen Drivers (Insurance Information Insitute)
• How to Avoid Buying a Flooded Car (Insurance Information Insitute)

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