How Much Does 1994 Chevrolet Corvette Insurance Cost?

Pricey Chevrolet Corvette insurance can draw down your checking account and force you to make tough financial choices. Comparing rate quotes can lower your rates and help to lower your monthly bill.

Due to the increasing number of options when it comes to car insurance, it can be challenging to choose the lowest cost insurance company.

It’s important to shop coverage around as often as possible since insurance prices are adjusted regularly by insurance companies. Even if you think you had the best rate for Corvette insurance at your last renewal you can probably find a better premium rate now. Forget all the misinformation about car insurance because you’re about to learn the only way to find better coverage at a better price.

This article will help educate you on the most effective way to quote insurance and some money-saving tips. If you currently have a car insurance policy, you stand a good chance to be able to reduce your rates substantially using this strategy. Drivers just need to know the tricks to shop their coverage around online.

How to compare insurance price quotes

Finding a lower price on 1994 Chevy Corvette insurance can be quick and easy. Just invest a little time comparing price quotes online with multiple companies. It’s super easy and can be done by following the guidelines below.

1. The recommended way to get quotes for comparison would be an industry-wide quote request form like this one (opens in new window). This quick form saves time by eliminating repetitive form submissions for every prospective company. A single form gets you price quotes from several companies.
2. A more difficult way to get comparison quotes requires visiting each company website to request a price quote. For sake of this example, we’ll pretend you want to see prices from Geico, Allstate and State Farm. You would have to spend time on each company’s site to input your insurance information, and that explains why we recommend the first method. For a list of links to companies insuring cars in your area, click here.

Whichever method you choose, make sure you are using exactly the same coverage information for each comparison quote. If you enter different liability limits you will not be able to determine which company has the best rates.

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Use discounts to get cheaper auto insurance quotes

Not too many consumers would say auto insurance is affordable, but you might already qualify for some discounts that may help make it more affordable. Some discounts will apply at the time of quoting, but a few must be asked about prior to receiving the credit. If you are not receiving all the discounts available, it’s possible you qualify for a lower rate.

• Good Students Pay Less – Maintaining excellent grades can get you a discount of up to 25%. Most companies allow this discount up to age 25.
• Telematics Devices – Drivers that enable driving data submission to study driving patterns by using a telematics device in their vehicle such as Snapshot from Progressive or Drivewise from Allstate could save a few bucks if they exhibit good driving behavior.
• Active Military Service – Having an actively deployed family member could trigger a small discount.
• Seat Belts Save more than Lives – Drivers who require all occupants to wear their seat belts can save 10% or more off the PIP or medical payment premium.
• Anti-theft System – Cars that have factory anti-theft systems are stolen less frequently and earn discounts up to 10% off your auto insurance quote.
• Homeowners Discount – Just owning your own home can help you save on auto insurance since owning and maintaining a home is proof that your finances are in order.
• Drive Safe and Save – Accident-free drivers can get discounts for up to 45% lower rates for Corvette insurance compared to accident prone drivers.
• Discount for Low Mileage – Low annual miles could be rewarded with slightly better rates than normal.

Remember that some of the credits will not apply to the entire policy premium. Some only reduce the price of certain insurance coverages like comp or med pay. Just because you may think adding up those discounts means a free policy, company stockholders wouldn’t be very happy.

Companies and a summarized list of policyholder discounts are detailed below.

• State Farm policyholders can earn discounts including accident-free, safe vehicle, student away at school, defensive driving training, passive restraint, and good driver.
• Liberty Mutual includes discounts for teen driver discount, new move discount, hybrid vehicle, multi-policy, newly retired, multi-car, and exclusive group savings.
• American Family has discounts for TimeAway discount, mySafetyValet, good driver, multi-vehicle, good student, defensive driver, and accident-free.
• Progressive offers premium reductions for homeowner, continuous coverage, online quote discount, good student, online signing, multi-vehicle, and multi-policy.
• Farmers Insurance may offer discounts for early shopping, youthful driver, homeowner, switch companies, multi-car, business and professional, and pay in full.
• Auto-Owners Insurance may have discounts that include company car, paperless, air bags, safe vehicle, group or association, and student away at school.
• SAFECO may include discounts for homeowner, safe driver, teen safe driver, bundle discounts, anti-lock brakes, multi-car, and drive less.

It’s a good idea to ask every company which discounts they offer. Some credits might not apply in your area. For a list of companies that offer many of these discounts, click here.

Reduce insurance rates with these tips

Many things are part of the calculation when you get your auto insurance bill. Some of the criteria are obvious such as your driving history, but some are more obscure like your continuous coverage or your vehicle rating.A large part of saving on insurance is knowing the factors that help calculate your policy premiums. If you have some idea of what determines premiums, this enables informed choices that may reward you with big savings.

Shown below are some of the things insurance companies consider when setting your premiums.

• Stress out and pay more – Careers such as real estate brokers, social workers and emergency personnel are shown to have higher rates than the rest of us due to high stress and lots of time spent at work. On the flip side, careers like farmers, engineers and the unemployed pay the least for Corvette insurance.
• Discounts for multiple policies – The majority of insurance companies give a discount to customers who consolidate policies with them, otherwise known as a multi-policy discount. If you currently are using one company, it’s always a smart idea to compare rates to help guarantee you have the best rates. Consumers may find lower rates by buying insurance from more than one company.
• Your car’s features help determine premiums – Driving a car with anti-theft technology or alarm system can help bring down rates. Theft deterrent systems such as GM’s OnStar, tamper alarm systems and vehicle immobilizers can thwart your car from being stolen.
• Good drivers have lower premiums – How you drive has a lot to do with how much you pay for insurance. Good drivers receive lower rates than bad drivers. Having just one citation can boost insurance rates by twenty percent. Drivers with flagrant violations like DUI, reckless driving or excessive speeding are required to submit a SR-22 form with their state DMV in order to drive a vehicle legally.
• Safer the car lower the rate – Cars with five star safety ratings cost less to insure. Safe vehicles help reduce the chance of injuries in an accident and lower rates of occupant injuries means less claims paid passed on to you as lower rates. If your Chevy Corvette has at least an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
• How your age affects premiums – Teenage drivers are proven to be inattentive and easily distracted when driving and because of this, their insurance rates are much higher. If you’ve ever had to add a first-time driver to your policy will cause a huge premium hike. Older insureds are more responsible, cause fewer claims and accidents and tend to be get fewer driving tickets.
• Poor credit decisions can cost you – Having a bad credit score will be a significant factor in calculating your insurance rates. Therefore, if your credit score is not that good, you could be paying less to insure your 1994 Chevrolet Corvette if you clean up your credit. Insureds that have excellent credit scores tend to file fewer claims than those with poor credit.

Tailor your auto insurance coverage to you

When it comes to choosing the best auto insurance coverage, there is no “best” method to buy coverage. Every insured’s situation is different and your policy should reflect that. Here are some questions about coverages that may help highlight whether you might need an agent’s assistance.

• Does my liability insurance cover pulling a trailer or camper?
• When can I cancel my policy?
• Can I afford to buy a different vehicle if my 1994 Chevy Corvette is totaled?
• Should I file a claim if it’s only slightly more than my deductible?
• Can I still get insurance after a DUI?
• What is roadside assistance coverage?
• Should I have a commercial auto policy?
• Should I carry comprehensive and collision coverage?

If you don’t know the answers to these questions, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, simply complete this short form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and you can get the answers you need.

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Insurance advertising tricks

Consumers can’t escape the ads that promise big savings for switching by companies like State Farm and Allstate. All the companies tend to make the same promise that you can save after switching your coverage.

How does every auto insurance company offer you a better deal? This is how they do it.

Auto insurance companies offer their best rates for the right customer that will generate a profit. An example of a driver they prefer could be over age 30, carries high limits, and the vehicle is rated for pleasure use. Any new insured that hits that “sweet spot” may get the lowest car insurance rates and as a result will probably save a lot of money.

Insureds who are not a match for the ideal profile may be forced to pay higher premium rates and this can result in the prospect going elsewhere. If you pay close attention to the ads, they say “drivers that switch” but not “all drivers who get quotes” save that much. That’s the way insurance companies can advertise the savings.

Because each company has a different risk profile, you really should compare rate quotes every year. Because you cannot predict which auto insurance company will have better prices than you’re paying now.

Car insurance coverages for a 1994 Chevy Corvette

Learning about specific coverages of a car insurance policy aids in choosing the right coverages and proper limits and deductibles. Policy terminology can be impossible to understand and coverage can change by endorsement. Listed below are the usual coverages available from car insurance companies.

Comprehensive coverages

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

Comprehensive can pay for claims such as hitting a deer, hail damage, damage from flooding, a broken windshield and falling objects. The maximum payout a car insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.

Liability auto insurance

Liability coverage provides protection from damages or injuries you inflict on people or other property by causing an accident. This coverage protects you against claims from other people, and doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You might see limits of 25/50/25 that translate to $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property. Some companies may use a combined single limit or CSL which provides one coverage limit without having the split limit caps.

Liability can pay for claims such as court costs, attorney fees, structural damage, medical services and legal defense fees. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase as large an amount as possible.

Coverage for medical payments

Med pay and PIP coverage pay for bills for prosthetic devices, EMT expenses, doctor visits and nursing services. The coverages can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. It covers not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage

Uninsured and underinsured coverage

This coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. It can pay for injuries to you and your family as well as your vehicle’s damage.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages should not be overlooked. Usually your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Coverage for collisions

This coverage pays for damage to your Corvette resulting from a collision with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision insurance covers claims like hitting a parking meter, crashing into a ditch, damaging your car on a curb, hitting a mailbox and colliding with another moving vehicle. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible to save money on collision insurance.

You can do this!

We just covered quite a bit of information on how to shop for 1994 Chevy Corvette insurance online. The key thing to remember is the more quotes you get, the more likely it is that you will get a better rate. You may even discover the best rates are with the least-expected company. Regional companies may often insure only within specific states and give getter rates than the large multi-state companies such as State Farm, Geico and Nationwide.

As you prepare to switch companies, never buy lower coverage limits just to save a few bucks. There are a lot of situations where an insured cut physical damage coverage and found out when filing a claim they didn’t have enough coverage. Your aim should be to find the BEST coverage at an affordable rate while still protecting your assets.

More tips and info about car insurance is available at these sites:

• State Car Insurance Guides (Geico)
• What Determines the Price of My Auto Insurance Policy? (Insurance Information Insitute)
• Should I Buy a New or Used Car? (Allstate)
• Teen Driver Licensing Information (iihs.org)
• Older Drivers FAQ (iihs.org)

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