Comparison shopping for cheap Chevy Corvette insurance in Tampa is quite difficult for beginners to online insurance quotes. With so many online companies, it can turn into a chore to find a cheaper company.
How to buy affordable Chevy Corvette insurance in Tampa
If you want to find the absolute lowest rates, then the best way to save money on car insurance rates is to make a habit of regularly comparing prices from insurance carriers who can sell car insurance in Tampa. Rate comparisons can be done by completing these steps.
- Learn about what is in your policy and the factors you can control to prevent high rates. Many things that are responsible for high rates such as distracted driving and a less-than-favorable credit score can be controlled by improving your driving habits or financial responsibility. This article gives instructions to prevent expensive rate increases and find discounts that you may qualify for.
- Compare rates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give prices from one company like GEICO or Allstate, while independent agencies can quote prices from many different companies.
- Compare the new quotes to the premium of your current policy to determine if you can save on Corvette insurance in Tampa. If you find better rates and buy the policy, ensure there is no coverage lapse between policies.
- Notify your current company of your decision to cancel your existing policy and submit a down payment along with a signed application for your new policy. Once the application is submitted, safely store the certificate verifying proof of insurance with your registration paperwork.
One tip to remember is that you’ll want to make sure you compare similar coverage information on each price quote and and to look at as many auto insurance providers as possible. Doing this guarantees an accurate price comparison and plenty of rates choose from.
It’s safe to assume that car insurance companies want to keep your business as long as possible. Consumers who shop for lower rates are inclined to buy a different policy because they have good chances of finding a lower rate. A recent survey found that people who compared rates annually saved an average of $70 a month compared to other drivers who never shopped around for better prices.
If finding the cheapest price on auto insurance in Tampa is why you’re here, then learning about how to get price quotes and compare cheaper coverage can make it easier to find better rates.
You should make it a habit to compare premium rates on a regular basis because prices are adjusted regularly by insurance companies. If you had the lowest rates on Chevy Corvette insurance in Tampa a few years ago you can probably find a lower rate today. Ignore everything you know about insurance because we’re going to demonstrate how to use online quotes to find better coverage on Chevy Corvette insurance in Tampa at a better price.
When shopping for Chevy Corvette insurance in Tampa there are multiple ways of comparing price quotes from many different Florida insurance companies. The fastest way to comparison shop involves getting comparison quotes online.
It’s important to know that getting more free quotes will enable you to find the best offered rates. Not every company provides online rate quotes, so it’s important to also get prices from them, too.
The companies shown below provide free rate quotes in Florida. To locate cheap auto insurance in Tampa, we recommend you compare several of them to find the lowest car insurance rates.
Chevy Corvette insurance statistics and information
The data table displayed below showcases a range of insurance rates for Chevy Corvette models. Having insight into how rates are calculated is important for making smart choices when choosing a car insurance company.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corvette 2-Dr Coupe | $488 | $1144 | $334 | $20 | $100 | $2,086 | $174 |
| Corvette GS 2-Dr Coupe | $578 | $1276 | $334 | $20 | $100 | $2,308 | $192 |
| Corvette 2-Dr Convertible | $578 | $1276 | $430 | $26 | $128 | $2,438 | $203 |
| Corvette GS 2-Dr Convertible | $624 | $1410 | $430 | $26 | $128 | $2,618 | $218 |
| Corvette Z06 2-Dr Coupe | $624 | $1410 | $334 | $20 | $100 | $2,488 | $207 |
| Corvette ZR1 2-Dr Coupe | $804 | $1942 | $334 | $20 | $100 | $3,200 | $267 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Price estimates do not factor in vehicle garaging location which can lower or raise rates noticeably.
Physical damage deductibles: Should you raise them?
One of the more difficult decisions when buying car insurance is where should you set your physical damage deductibles. The comparison tables below approximate the rate difference between low and high insurance deductibles. The first rate quote example uses a $100 comprehensive and collision deductible and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corvette 2-Dr Coupe | $498 | $994 | $276 | $16 | $82 | $1,891 | $158 |
| Corvette GS 2-Dr Coupe | $590 | $1110 | $276 | $16 | $82 | $2,099 | $175 |
| Corvette 2-Dr Convertible | $590 | $1110 | $354 | $20 | $106 | $2,205 | $184 |
| Corvette GS 2-Dr Convertible | $636 | $1226 | $354 | $20 | $106 | $2,367 | $197 |
| Corvette Z06 2-Dr Coupe | $636 | $1226 | $276 | $16 | $82 | $2,261 | $188 |
| Corvette ZR1 2-Dr Coupe | $820 | $1688 | $276 | $16 | $82 | $2,907 | $242 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corvette 2-Dr Coupe | $364 | $672 | $276 | $16 | $82 | $1,410 | $118 |
| Corvette GS 2-Dr Coupe | $430 | $750 | $276 | $16 | $82 | $1,554 | $130 |
| Corvette 2-Dr Convertible | $430 | $750 | $354 | $20 | $106 | $1,660 | $138 |
| Corvette GS 2-Dr Convertible | $464 | $828 | $354 | $20 | $106 | $1,772 | $148 |
| Corvette Z06 2-Dr Coupe | $464 | $828 | $276 | $16 | $82 | $1,666 | $139 |
| Corvette ZR1 2-Dr Coupe | $600 | $1140 | $276 | $16 | $82 | $2,114 | $176 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Table data does not factor in specific zip code location which can increase or decrease auto insurance rates significantly.
We can derive from the above data that using a $100 deductible will cost in the ballpark of $49 more each month or $588 a year than selecting the higher $500 deductible. Because you would pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you tend to average at least 8 months between claim filings, you would save money if you decide on a higher deductible.
How to calculate deductible break even period
| Average monthly premium for $100 deductibles: | $191 |
| Average monthly premium for $500 deductibles (subtract): | – $142 |
| Monthly savings from raising deductible: | $49 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $49 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 8 months |
One thing to note is that higher deductibles results in a higher out-of-pocket expense when you file a claim. You should have some extra savings in the event you need to pay more for the deductible.
The illustration below highlights how deductible choice and can change Chevy Corvette premium costs for different age groups. The data assumes a married male driver, full physical damage coverage, and no other discounts are factored in.
Premiums by gender and age
The chart below illustrates the difference between Chevy Corvette insurance prices for male and female drivers. The data assumes a clean driving record, no at-fault accidents, comp and collision included, $250 deductibles, drivers are single, and no policy discounts are applied.
Rate comparison of full coverage and liability-only
The information below visualizes the comparison of Chevy Corvette insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on no driving violations, no at-fault accidents, $1,000 deductibles, single marital status, and no additional discounts are factored in.
When to drop comprehensive and collision
There is no written rule to stop paying for full coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than around 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
For example, let’s say your Chevy Corvette replacement value is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,000 after the deductible is paid. If you are paying in excess of $400 a year for physical damage coverage, then it may be the right time to buy liability only.
There are some conditions where buying only liability insurance is not a good idea. If you still have a lienholder on your title, you have to maintain full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not eliminate full coverage.
Three reasons to not skimp on auto insurance
Even though it’s not necessarily cheap to insure a Chevy in Tampa, buying auto insurance is required in Florida but also provides important benefits.
- The majority of states have compulsory liability insurance requirements which means it is punishable by state law to not carry specific limits of liability protection in order to be legal. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you bought your vehicle with a loan, most banks will have a requirement that you have physical damage coverage to ensure they get paid if you total the vehicle. If you let the policy lapse, the bank will be required to insure your Chevy at a more expensive rate and force you to reimburse them a much higher amount than you were paying before.
- Insurance protects both your assets and your Chevy Corvette. It will also reimburse you for medical bills that are the result of an accident. Liability coverage, the one required by state law, also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.
The benefits of insuring your Corvette more than offset the price you pay, especially when you need to use it. Despite what companies tell you, the average driver overpays as much as $810 a year so shop around at every policy renewal to save money.
What Determines Chevy Corvette Insurance Rates?
Lots of factors are considered when you quote your car insurance policy. A few of the factors are predictable such as traffic violations, but other criteria are less apparent like your vehicle usage or your financial responsibility. It’s important that you understand some of the elements that are used to determine car insurance rates. When you understand what determines premiums, this empowers consumers to make smart changes that may result in much lower annual insurance costs.
The itemized list below are a few of the “ingredients” used by your company to calculate rates.
- Car and home together may be cheaper – Most insurers afford discounts to insureds that purchase more than one policy such as combining an auto and homeowners policy. Discounts can amount to ten or even up to twenty percent in some cases. Even with this discount applied, it’s always a smart idea to shop around to help guarantee you have the best rates. Consumers may save even more even if you insure with multiple companies
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Good drivers pay the best costs – A bad driving record can have a huge impact on auto insurance premiums. Good drivers receive lower rates than bad drivers. Having a single ticket may increase your cost by twenty percent. People who have flagrant violations such as DUI, reckless driving or excessive speeding are required to submit a SR-22 or proof of financial responsibility with their state’s department of motor vehicles in order to prevent their license from being revoked.
The information below shows how violations and at-fault collisions can drive up Chevy Corvette insurance premiums for different age groups. The premiums assume a married female driver, full coverage, $250 deductibles, and no policy discounts are applied.
- Small coverages can add up – There are a ton of extra bells and whistles that you can get tricked into buying if you aren’t diligent. Coverages like rental car coverage, accidental death, and term life insurance may be wasting your money. These may sound like a good investment when discussing your needs, but your needs may have changed so remove them and pocket the money.
- Deter vehicle theft – Driving a car that has an advanced theft prevention system can help lower your rates. Theft deterrent systems such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all help prevent auto theft.
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Loss probability for a Chevy Corvette – Insurers take into consideration insurance loss statistics for every vehicle to calculate a price that offsets possible losses. Vehicles that the statistics show to have increased claim numbers or amounts will have increased rates. The table below demonstrates the historical insurance loss data for Chevy Corvette vehicles.
For each coverage category, the loss probability for all vehicles averaged together is represented as 100. Values below 100 suggest a better than average loss history, while values that are above 100 indicate frequent claims or tendency to have higher losses.
Chevrolet Corvette Insurance Claim Statistics Vehicle 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 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Check for these discounts
Not many people think insurance is cheap, but companies offer discounts that can dramatically reduce your bill. Certain reductions will be credited at quote time, but less common discounts must be asked for before you get the savings.
- Safe Driver Discounts – Accident-free drivers may save up to 50% more as compared to drivers with claims.
- Seat Belt Discounts – Drivers who require all occupants to buckle up before driving can save up to 15% on the premium charged for medical payments and/or PIP.
- Passive Restraint Discount – Vehicles with factory air bags or motorized seat belts may earn rate discounts of 20% or more.
- Discount for Good Grades – This discount can save 20 to 25%. Most companies allow this discount up until you turn 25.
- Discounts for New Vehicles – Buying a new car model can cost up to 25% less compared to insuring an older model.
- Driving Data Discount – Policyholders that allow driving data collection to look at their driving habits remotely such as Progressive’s Snapshot and State Farm’s In-Drive could save a few bucks if they are good drivers.
- Tampa Homeowners Discount – Owning a house in Tampa may trigger a policy discount on car insurance since home ownership is proof that your finances are in order.
- First Accident Forgiveness – This one is not really a discount per se, but some insurance companies will turn a blind eye to one accident before raising your premiums if your claims history is clear for a certain period of time.
- Active Service Discounts – Being on active duty in the military could qualify you for better premium rates.
- Save with More Vehicles Insured – Buying coverage for multiple cars or trucks with the same car insurance company could earn a price break for each car.
As is typical with insurance, most of the big mark downs will not be given to your bottom line cost. Some only reduce specific coverage prices like comp or med pay. So when it seems like adding up those discounts means a free policy, insurance companies wouldn’t stay in business.
The example below visualizes the comparison of Chevy Corvette insurance rates with and without discounts. The premiums assume a male driver, no tickets, no at-fault accidents, Florida state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-car, claim-free, multi-policy, safe-driver, and homeowner discounts applied.
Some companies who may offer most of the discounts above possibly include:
If you need lower rates, check with each insurance company which discounts they offer. Depending on the company, some discounts might not apply in your state. If you would like to choose from a list of companies that have a full spectrum of discounts in Florida, click here to view.
Auto insurance agents near you
Many drivers still like to buy from a licensed agent and that can be a smart move One of the benefits of comparing rate quotes online is the fact that you can find cheaper prices and still choose a local agent. And buying from local insurance agents is still important in Tampa.
To find an agent, once you fill out this quick form, your coverage information is transmitted to agents in your area who will give competitive quotes to get your business. There is no need to leave your computer due to the fact that quote results will go to you. You’ll get the best rates AND an agent nearby. If you want to get a rate quote for a specific company, don’t hesitate to visit that company’s website and submit a quote form there.
Finding a good insurance company needs to be determined by more than just the price. The answers to these questions are important, too.
- Will one accident increase rates?
- How does the company pay claims for a total loss?
- Are claims handled at the agent’s location?
- What company do they have the most business with?
- Do they have cheaper tiers of coverage?
- Do they specialize in personal lines auto insurance in Tampa?
Find cheaper rates by being thorough
When you buy Tampa car insurance online, never skimp on coverage in order to save money. There are a lot of situations where someone sacrificed liability limits or collision coverage only to regret at claim time they didn’t purchase enough coverage. Your goal should be to get the best coverage possible at the best price but still have enough coverage for asset protection.
Drivers who switch companies do it for a variety of reasons including denial of a claim, poor customer service, extreme rates for teen drivers and high prices. No matter why you want to switch, choosing a new company is actually quite simple.
We just presented some good ideas how to find affordable Chevy Corvette insurance in Tampa. The key concept to understand is the more price quotes you have, the better your comparison will be. You may even discover the best price on insurance is with a smaller regional carrier.
How to find the cheapest rates for Chevy Corvette insurance in Tampa
If you want to save money, the best way to save money on Chevy Corvette insurance in Tampa is to do a yearly price comparison from insurance carriers who can sell car insurance in Florida.
- Step 1: Get an understanding of individual coverages and the changes you can make to prevent rate increases. Many risk factors that increase rates such as your driving record and a substandard credit history can be rectified by making minor changes in your lifestyle.
- Step 2: Get rate quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can give quotes from a single company like Progressive and State Farm, while independent agents can provide rate quotes from many different companies. Click to view companies
- Step 3: Compare the new quotes to your existing coverage and determine if there is any savings. If you find a lower rate quote and change companies, make sure there is no lapse in coverage.
- Step 4: Give notification to your current company to cancel your current policy. Submit a down payment along with a completed application for your new coverage. Once the application is submitted, put the new certificate verifying proof of insurance in your vehicle’s glove compartment or console.
One bit of advice is that you use similar coverage information on every quote and and to get price estimates from as many auto insurance providers as possible. This enables a level playing field and plenty of rates choose from.
Additional detailed information can be read at these sites:
- What is Full Coverage? (Allstate)
- Who Has the Cheapest Auto Insurance Quotes for a Chevrolet Silverado in Tampa? (FAQ)
- How Much is Auto Insurance for a Subaru Outback in Tampa? (FAQ)
- Auto Crash Statistics (Insurance Information Institute)
- Vehicle Insurance in the U.S. (Wikipedia)
- Safety Belts FAQ (iihs.org)