Are you at wits end from sacrificing other expenses to make your car insurance payment? You’re in the same situation as many other Colorado consumers.
Inconceivable but true, a large majority of consumers kept their policy with the same company for four years or more, and almost 40% of drivers have never compared quotes from other companies. The average driver in Denver could save an average of as much as 35% each year by just comparing rate quotes, but they underestimate the amount of money they would save if they swap their current policy for a cheaper one. People have so many car insurance companies to pick from, and though it is a good thing to have a choice, it makes it harder to adequately compare rates for Chevy Corvette insurance in Denver.
Insurance Premium Influencing Factors
An important part of buying insurance is that you know the different types of things that aid in calculating your premiums. When you know what positively or negatively impacts premium levels, this allows you to make educated decisions that could help you find big savings.
The items below are a few of the things companies use to determine premiums.
Never let your car insurance policy lapse – Not having insurance is a big no-no and your next policy will cost more because you let your coverage have a gap. Not only will you pay higher rates, not being able to provide proof of insurance could result in fines and jail time. You will then be forced to provide proof of insurance in the form of an SR-22 filing with the Colorado department of motor vehicles.
Women pay lower premiums – Over the last 30 years, statistics show females are less aggressive when driving. Now that doesn’t mean men are WORSE drivers than women. Females and males get in at-fault accidents at about the same rate, but the males get into accidents with more damage. In addition to higher claims, males also have more aggressive citations such as reckless driving. Young males have the highest risk to insure and thus pay the highest rates.
Pay more if you have a long commute – Choosing to live in a small town can be a good thing when shopping for auto insurance. People who live in big cities have more traffic problems and longer commutes to work. Fewer drivers and short commutes means reduced accidents and a lower car theft rate.
Increase deductibles and save – Physical damage protection, also called comprehensive and collision insurance, is used to repair damage to your vehicle. Some instances where coverage would apply are a windshield shattered by a rock, hitting a deer, and having your car stolen. Comp and collision deductibles define how much you are required to spend before a claim is paid by your company. The more expense the insured has to pay upfront, the less money you will pay for car insurance.
Single drivers take more risk – Having a significant other may cut your premiums on your policy. Marriage may mean you are more mature than a single person it has been statistically shown that married couples file fewer claims.
Insurance loss probability for a Chevy Corvette – Auto insurance companies use claims history to calculate a price that will offset any claims. Vehicles that tend to have a higher amount or frequency of claims will cost more for specific coverages.
The information below illustrates the actual insurance loss data for Chevy Corvette vehicles. For each coverage type, the statistical loss for all vehicles, regardless of manufacturer or model, is set at 100. Percentage numbers below 100 imply a favorable loss record, while numbers above 100 point to more claims or statistically larger claims.
Auto Insurance Loss Data for Chevrolet Corvette Models
|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|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
The quickest method we recommend to compare car insurance rates for Chevy Corvette insurance in Denver takes advantage of the fact almost all companies provide online access to give rate comparisons. The one thing you need to do is provide details like what you do for a living, the year, make and model of vehicles, level of coverage desired, and if you lease or own. The data gets transmitted to many of the top insurers and they return rate quotes with very little delay.
To start a rate quote now, click here and see if a lower rate is available in Denver.
The companies in the list below are ready to provide price comparisons in Colorado. If several companies are displayed, we suggest you get rate quotes from several of them to find the lowest auto insurance rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Corvette 2-Dr Coupe||$238||$482||$222||$14||$66||$1,022||$85|
|Corvette GS 2-Dr Coupe||$428||$964||$262||$16||$78||$1,748||$146|
|Corvette 2-Dr Convertible||$402||$778||$404||$24||$120||$1,728||$144|
|Corvette GS 2-Dr Convertible||$414||$890||$338||$20||$102||$1,764||$147|
|Corvette Z06 2-Dr Coupe||$418||$878||$222||$14||$66||$1,598||$133|
|Corvette ZR1 2-Dr Coupe||$532||$1180||$218||$12||$66||$2,008||$167|
|Get Your Own Custom Quote Go|
Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Premium costs do not factor in your specific Denver location which can increase or decrease price quotes substantially.
Impact of careless driving on Denver car insurance rates
The information below shows how violations and at-fault claims can influence Chevrolet Corvette car insurance costs for each age group. The premiums are based on a single female driver, full coverage, $1,000 deductibles, and no additional discounts are factored in.
Does it make sense to buy full coverage?
The diagram below shows the comparison of Chevrolet Corvette premium costs with full coverage compared to only the Colorado minimum liability coverage. The rates are based on no claims, a clean driving record, $500 deductibles, single male driver, and no additional discounts are factored in.
Guidelines for dropping full coverage
There is no exact rule to drop comp and collision coverage, but there is a general guideline. If the yearly cost of comp and collision coverage is 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your Chevrolet Corvette claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $6,000 after paying your deductible. If premiums are more than $600 annually for physical damage coverage, then it might be time to buy liability only.
There are a few cases where dropping physical damage coverage is not a good plan. If you still owe a portion of the original loan, you have to keep full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.
Car insurance rates based on gender
The example below illustrates the difference between Chevrolet Corvette annual premium costs for male and female drivers. The rate quotes are based on no claims or driving violations, full physical damage coverage, $250 deductibles, single marital status, and no discounts are applied.
Insurance does more than just repair your car
Despite the fact that insurance is not cheap in Denver, insuring your vehicle is a good idea for several reasons.
First, the majority of states have mandatory liability insurance requirements which means state laws require a specific minimum amount 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.
Second, if your Corvette has a loan, more than likely the lender will force you to have full coverage to guarantee loan repayment. If you cancel or allow the policy to lapse, the bank may buy a policy for your Chevy at an extremely high rate and force you to pay for it.
Third, insurance preserves your car and your assets. It will also reimburse you for many types of medical costs incurred in an accident. As part of your policy, liability insurance also pays expenses related to your legal defense if you are sued as the result of your driving. If your vehicle suffers damage from an accident or hail, your insurance policy will cover the repair costs.
The benefits of insuring your car definitely exceed the price paid, particularly for liability claims. Unknowingly, the average driver overpays more than $830 a year so compare quotes from several companies at least once a year to save money.
Get cheaper Chevy Corvette insurance rates in Denver
Auto insurance is neither fun to buy or cheap, but you might find some hidden discounts that many consumers don’t even know exist. Some trigger automatically when you get a quote, but some may not be applied and must be asked about prior to receiving the credit.
- Save with a New Car – Adding a new car to your policy can be considerably cheaper because newer vehicles keep occupants safer.
- Good Student – This discount can earn a discount of 20% or more. This discount can apply up until you turn 25.
- Telematics Discount – People who choose to allow their auto insurance company to look at vehicle usage remotely such as Snapshot from Progressive or Drivewise from Allstate might get better premium rates if their driving habits are good.
- Drive Less and Save – Fewer annual miles on your Chevy could earn cheaper premium rates.
- Employee of Federal Government – Federal government employees can save as much as 8% with a few auto insurance companies.
- Military Discounts – Being deployed in the military could be rewarded with lower rates.
- Driver Training Discounts – Taking time to complete a defensive driver course could cut 5% off your bill if you qualify.
- Accident-Free Discounts – Claim-free drivers have much lower rates as opposed to accident-prone drivers.
- Multi-car Discount – Drivers who insure primary and secondary vehicles on one policy could earn a price break for each car.
- Denver Homeowners Pay Less – Owning your own home or condo can earn you a little savings because owning a home shows financial diligence.
Discounts lower rates, but most discounts do not apply to all coverage premiums. A few only apply to the cost of specific coverages such as medical payments or collision. So when it seems like it’s possible to get free car insurance, you aren’t that lucky.
To view insurance companies that offer many of these discounts in Denver, click here to view.
Comparing rates from local Denver insurance agencies
Many drivers prefer to talk to an insurance agent and there is nothing wrong with that. Good insurance agents can point out coverage gaps and help in the event of a claim. The biggest benefit of comparing insurance prices online is that drivers can save money and get cheap auto insurance rates and still choose a local agent. Buying insurance from neighborhood insurance agencies is definitely important in Denver.
To help locate an agent, after submitting this quick form, your coverage information is submitted to insurance agents in Denver that provide free Denver auto insurance quotes for your coverage. You won’t even need to find an agent since price quotes are sent to your email. If you have a need to quote rates from one company in particular, you would need to jump over to their website and submit a quote form there.
Picking the best insurer requires more thought than just a cheap price. Any good agent in Denver should know the answers to these questions.
- Do the companies they represent have a solid financial rating?
- Where would glass claims be handled in Denver?
- Does the agent have professional designations like CIC, CPCU or AIC?
- Which companies do they recommend if they are an independent agency?
- When do they do a full risk review?
- If you are a high risk driver, do they have special markets for your coverage?
Keep this in mind when shopping around
As you prepare to switch companies, it’s very important that you do not buy less coverage just to save a little money. There are too many instances where someone sacrificed liability coverage limits and discovered at claim time that they should have had better coverage. The ultimate goal is to buy a smart amount of coverage for the lowest cost, but don’t skip important coverages to save money.
We covered some good ideas how you can lower your Chevy Corvette insurance prices in Denver. The key thing to remember is the more rate quotes you have, the higher your chance of finding affordable Denver auto insurance quotes. You may even be surprised to find that the best price on car insurance is with a small local company. Regional companies may often insure only within specific states and give better rates compared to the large companies like Progressive or GEICO.
Budget-friendly car insurance in Denver can be found online and with local Denver insurance agents, so get free Denver auto insurance quotes from both of them to have the best chance of lowering rates. Some insurance companies may not provide rates over the internet and usually these regional insurance providers prefer to sell through independent agencies.
For more information, feel free to visit the articles below:
- No-Fault Auto Insurance Statistics (Insurance Information Institute)
- Who Has Cheap Auto Insurance for a Company Car in Denver? (FAQ)
- Who Has Affordable Auto Insurance for a Toyota RAV4 in Denver? (FAQ)
- What Auto Insurance is Cheapest for Drivers Under 21 in Denver? (FAQ)
- Who Has Affordable Auto Insurance for Drivers with a Bad Driving Record in Denver? (FAQ)
- What Insurance is Cheapest for Low Mileage Drivers in Denver? (FAQ)
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)
- Auto Crash Statistics (Insurance Information Institute)
- Think You’re a Safe Driver? (State Farm)
- Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)