Insurers base their rates on a combination of factors, including the driver’s age. Younger drivers pay more to get their vehicles insured. For example, the average cost to insure a 16-year-old driver of a 2014 Chevrolet Corvette is $6,983, but only $1,564 annually for a 40-year-old driver. Insuring a 2022 Chevrolet Corvette costs $8,638 per year for a 16-year-old driver and $1,946 annually for a 40-year-old driver.
Compare the Cost of Chevrolet Corvette Insurance by Model Year and Company
Updated: January 15, 2025
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Key Takeaways
Insuring a Chevrolet Corvette averages $1,783 per year or $149 per month. This cost is moderately high because it is a specialized car with a powerful engine that can reach high speeds and is considered high-risk due to its above-average theft rate.
Nationwide offers the cheapest full coverage for a Chevrolet Corvette at $1,202 per year. The most expensive option is Allstate at $2,265 per year, a potential savings of $1,063.
Insuring a 2014 Chevrolet Corvette costs around $1,564 annually, while a 2022 model costs approximately $1,946 per year. Newer models generally have higher insurance costs due to their higher market value.
Key Takeaways
To identify the cheapest insurers for both full and minimum coverage for a Chevrolet Corvette, we can break it down based on the data provided:
Full Coverage Insurance
For full coverage on a Chevrolet Corvette, the following insurers stand out:
- Nationwide: Offers the most affordable full coverage at $1,202 per year. With a strong MoneyGeek score of 90 out of 100, Nationwide is highlighted for its affordability, claims management, and comprehensive coverage options.
- Travelers: Though slightly more expensive at $1,296 per year, Travelers also scores 90 in the MoneyGeek evaluation, marking it as a top contender for excellent service and claims handling while still maintaining cost-effectiveness.
Minimum Coverage Insurance
For state minimum coverage, the cheapest insurer is:
- GEICO: Provides the least expensive state minimum policy for a Chevrolet Corvette at $429 per year. This makes GEICO a clear choice for those seeking the most affordable minimum coverage option.
Age-Based Considerations
- For a 16-year-old driver of a 2022 Corvette, Nationwide remains the most cost-effective option at $4,832 per year. Given the significant difference from other insurers like Progressive (which charges $12,501 per year), Nationwide offers substantial savings for younger drivers.
Summary
When affordability is a priority, Nationwide and GEICO are the top picks for insuring a Chevrolet Corvette. Nationwide provides the best rates for full coverage and stands out for its affordability and high service quality, while GEICO offers unbeatable rates for minimum coverage. Regardless of age or model year, these insurers consistently provide the best value in terms of annual premiums.
To highlight the best car insurance provider for a Chevrolet Corvette, we'll consider factors such as the MoneyGeek score and the annual premium for full coverage. Based on the provided data, here are the key options:
1. Nationwide
- MoneyGeek Score: 90 out of 100
- Annual Premium for Full Coverage: $1,202
2. Travelers
- MoneyGeek Score: 90 out of 100
- Annual Premium for Full Coverage: $1,296
Nationwide emerges as the best car insurance provider for a Chevrolet Corvette due to its combination of a high MoneyGeek score and the lowest annual premium for full coverage. With an annual premium of $1,202, Nationwide offers a balance of affordability and quality service. Moreover, Nationwide scores highly in claims management and coverage quality, making it an excellent choice for Corvette owners seeking reliable insurance.
Age is a critical factor in determining car insurance premiums, and it significantly impacts the cost of insuring a vehicle like a Chevrolet Corvette. Insurers view younger drivers, particularly teenagers, as higher risk due to their inexperience and statistically higher likelihood of accidents. Therefore, they charge considerably higher premiums compared to older, more experienced drivers.
For instance, insuring a 16-year-old driver for a 2014 Chevrolet Corvette costs an average of $6,983 annually, whereas a 40-year-old pays significantly less at $1,564 per year. This trend holds for newer models as well; a 16-year-old would face an annual premium of $8,638 for a 2022 Chevrolet Corvette, while a 40-year-old would pay $1,946.
The difference in insurance costs between these age groups reflects the perceived risk associated with younger drivers. As drivers gain experience and age into their 20s and beyond, the cost of insurance tends to decrease. This is primarily because older drivers are seen as more responsible and less likely to be involved in accidents, leading to lower claims and risk for the insurer.
For the average Chevrolet Corvette, a 16-year-old pays around $7,755 annually, whereas a 40-year-old's premium averages $1,745. Over time, as drivers move from their teens into their 20s and eventually their 30s, their premiums generally continue to decrease until they reach a plateau usually around their mid-30s to mid-50s. However, individual rates can vary based on factors like driving history, location, and insurance provider, so it’s essential for drivers to shop around.
To find the most affordable insurance, particularly for younger drivers, it is wise to compare rates from various companies. Nationwide offers a relatively cheaper policy for a 16-year-old driver of a 2022 Corvette at $4,832 per year, while Progressive is one of the costlier options at $12,501 annually. By exploring different insurers, young drivers and their families can find competitive rates to help manage the high cost of teen car insurance.
Ultimately, while younger drivers face higher insurance costs, these premiums usually decrease with age, lowering significantly as drivers gain more experience and maintain a clean driving record.
Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze average rates for a Chevrolet Corvette.
We updated these rates to reflect the average cost of car insurance for a Chevrolet Corvette as of 2023.
10Companies Compared
26,892 Quotes Analyzed
Average Cost and Cheapest Companies for Insuring a Chevrolet Corvette
The average cost to insure a Chevrolet Corvette is $1,783 annually. However, your choice of insurance provider can make a difference in cost.
Nationwide, the cheapest car insurance company for full coverage, costs $1,202 per year. While Allstate, the most expensive company, costs $2,265 per year. A state minimum coverage will cost less. GEICO offers the cheapest state minimum policy at $429 per year, while Allstate offers the cheapest at $613 per year.
Data filtered by:Results filtered by:
Select
Age:40
Select
Coverage:Full Coverage
| Nationwide | $1,202 |
| Travelers | $1,296 |
| GEICO | $1,615 |
| State Farm | $1,644 |
| Progressive | $1,964 |
| Farmers | $2,139 |
| Allstate | $2,265 |
Is a Chevrolet Corvette Expensive to Insure?
Insurers consider various factors when determining insurance rates, and coverage for a 2022 Chevrolet Corvette is moderately priced. Because it is a specialized car with an MSRP starting at $62,195, insurance companies are bound to charge higher premiums to cover expensive repairs in case of an accident.
In addition, the Corvette is a high-performance car with a powerful engine that can reach high speeds. For this reason, insurance companies may deem it to be riskier to insure, and drivers of this car are more likely to be involved in accidents.
The most recent data from the National Highway Traffic Safety Administration (NHTSA) indicates that Corvettes are stolen at an above-average rate. Insurance companies may charge higher premiums to cover such risks.
Best Companies for Insuring a Chevrolet Corvette
Cost is only one factor to consider when buying insurance. The best car insurance companies also offer great service and claims handling. The following companies are our top picks for insuring a Chevrolet Corvette:
- Travelers: MoneyGeek score 90 out of 100 ($1,296 per year)
- Nationwide: MoneyGeek score 90 0ut of 100 ($1,202 per year)
Travelers and Nationwide score the highest in claims management among the seven insurers we reviewed and offer the most affordable prices. They both have above-average coverage scores, which means they offer a good mix of essential and unique coverage.
MoneyGeek Top Pick: Travelers
pros
Second cheapest option
Quality customer service
Highest claims management score
Offers essential coverages
cons
No deductible modification add-on
COMPANY HIGHLIGHTS
If you own a Chevrolet Corvette, Travelers is worth considering for offering great value at an affordable price. Established in 1864, Travelers Auto Insurance is one of the largest auto insurance providers in the United States. It’s known for its excellent customer service as recognized by independent rating agencies like A.M. Best.
If you own a Chevrolet Corvette, Travelers offers a wide range of policies to suit your needs. In addition to liability coverage, collision and comprehensive insurance, Travelers also provides coverage options like rental car reimbursement if your Corvette is undrivable after a covered accident. If your Corvette is declared a total loss shortly after purchase, Traveler’s new car replacement coverage ensures that you’ll receive a replacement Corvette of the same make and model.
MoneyGeek Runner-Up: Nationwide
pros
Most affordable
High score for coverages offered
Above-average customer satisfaction score
cons
Below-average score for claims management
COMPANY HIGHLIGHTS
Nationwide is another good option for Chevrolet Corvette car owners.
The company’s gap insurance coverage can be helpful for Corvette owners whose vehicle is financed or leased. This coverage pays the difference between the actual cash value and the unpaid balance of the auto loan if your car is totaled. In addition, the company’s identity theft add-on is fairly unique. This coverage pays up to $25,000 for expenses if you or anyone in your household are victims of identity theft or fraud.
Nationwide offers several discounts that can help lower premium costs. For example, the company offers a multi-car discount, which can be helpful for Corvette owners who own several vehicles. Nationwide also offers a safe driver discount, which rewards drivers with good driving records. A good student discount can be useful for Corvette owners who have teenage drivers on their policy.
Cost of Insuring a Chevrolet Corvette by Model Year
The average cost of car insurance for a 2014 Corvette is $1,564 per year, while insuring a 2022 Corvette costs $1,964. Newer model years tend to be more expensive to insure than older ones due to their higher value, more expensive parts, higher risk for theft and other factors.
Data filtered by:Results filtered by:
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Age:40
Select
Coverage:Full Coverage
| 2022 | $1,946 |
| 2021 | $1,893 |
| 2020 | $1,812 |
| 2019 | $1,780 |
| 2018 | $1,724 |
| 2017 | $1,699 |
| 2016 | $1,673 |
| 2015 | $1,616 |
| 2014 | $1,564 |
Car insurance rates vary depending on the insurer and the car’s model year. Travelers offers the cheapest policy for a 2014 Corvette at $1,205 per year. Meanwhile, Nationwide offers the most affordable policy for a 2022 Corvette at $1,221 per year.
Data filtered by:Results filtered by:
Select
Model Year:2022
Select
Age:40
Select
Coverage:Full Coverage
| Nationwide | $1,221 |
| Travelers | $1,310 |
| GEICO | $1,830 |
| State Farm | $1,867 |
| Progressive | $2,166 |
| Farmers | $2,372 |
| Allstate | $2,904 |
Cost of Insuring a Chevrolet Corvette for 16- to 25-Year-Olds
Car insurance rates vary greatly depending on age, with teenagers and those in their 20s paying much higher rates than adults over 30.
The average cost of insuring a Chevrolet Corvette for a 16-year-old is $7,755 per year, while a 40-year-old pays an average of $1,745 per year. Teen car insurance is expensive but premiums tend to decrease as drivers reach their 20s.
Teen car insurance costs significantly more if you buy an individual policy versus adding your teen to an existing family policy. Nationwide offers the cheapest insurance for a 16-year-old driver of a 2022 Corvette at $4,832 per year. On the other hand, the most expensive insurer is Progressive at $12,501 per year.
Teens and their families should shop around to find the cheapest policy for their Corvette.
Data filtered by:Results filtered by:
Select
Age:16
Select
Model Year:2022
Select
Coverage:Full Coverage
| Nationwide | $4,832 |
| Travelers | $5,372 |
| State Farm | $6,069 |
| GEICO | $8,459 |
| Farmers | $11,046 |
| Allstate | $12,293 |
| Progressive | $12,501 |
How Does Location Affect the Cost of Chevrolet Corvette Insurance?
While many factors affect the cost of car insurance, location is one of the most influential. For example, Idaho has the cheapest car insurance average, while North Carolina has the most expensive.
When insuring a Chevrolet Corvette, compare quotes from at least three of the cheapest insurers in your state.
Data filtered by:Results filtered by:
Select
Age Group:30-59
Select
Coverage:Full Coverage
| Alabama | Nationwide | $709 | $59 |
| Alaska | State Farm | $699 | $58 |
| Arizona | Root Insurance Company | $682 | $57 |
| Arkansas | State Farm | $629 | $52 |
| California | AAA California | $1,001 | $83 |
| Colorado | American National P&C | $541 | $45 |
| Connecticut | GEICO | $693 | $58 |
| Delaware | State Farm | $881 | $73 |
| District of Columbia | GEICO | $662 | $55 |
| Florida | State Farm | $1,058 | $88 |
| Georgia | Country Financial | $665 | $55 |
| Hawaii | GEICO | $565 | $47 |
| Idaho | American National P&C | $299 | $25 |
| Illinois | Country Financial | $663 | $55 |
| Indiana | American Family | $555 | $46 |
| Iowa | State Farm | $509 | $42 |
| Kansas | Nationwide | $670 | $56 |
| Kentucky | Nationwide | $790 | $66 |
| Louisiana | Louisiana Farm Bureau | $1,048 | $87 |
| Maine | Concord Group | $521 | $43 |
| Maryland | Progressive | $938 | $78 |
| Massachusetts | State Farm | $483 | $40 |
| Michigan | GEICO | $898 | $75 |
| Minnesota | State Farm | $797 | $66 |
| Mississippi | Direct General Insurance | $723 | $60 |
| Missouri | Nationwide | $909 | $76 |
| Montana | Progressive | $437 | $36 |
| Nebraska | American National P&C | $405 | $34 |
| Nevada | CSAA | $940 | $78 |
| New Hampshire | State Farm | $540 | $45 |
| New Jersey | Plymouth Rock Assurance | $895 | $75 |
| New Mexico | State Farm | $644 | $54 |
| New York | Kemper | $781 | $65 |
| North Carolina | Erie | $630 | $52 |
| North Dakota | American Family | $616 | $51 |
| Ohio | Nationwide | $485 | $40 |
| Oklahoma | State Farm | $662 | $55 |
| Oregon | State Farm | $706 | $59 |
| Pennsylvania | Nationwide | $580 | $48 |
| Rhode Island | State Farm | $700 | $58 |
| South Carolina | American National P&C | $463 | $39 |
| South Dakota | Allstate | $746 | $62 |
| Tennessee | State Farm | $579 | $48 |
| Texas | State Farm | $699 | $58 |
| Utah | Nationwide | $725 | $60 |
| Vermont | State Farm | $493 | $41 |
| Virginia | American Family | $601 | $50 |
| Washington | PEMCO | $534 | $44 |
| West Virginia | Erie | $784 | $65 |
| Wisconsin | GEICO | $556 | $46 |
| Wyoming | State Farm | $745 | $62 |
Frequently Asked Questions About Chevrolet Corvette Insurance
MoneyGeek answers Chevrolet Corvette car owners’ most frequently asked questions about insurance policy cost and quality.
What company has the cheapest car insurance for a Chevrolet Corvette?
Chevrolet Corvette insurance policies are moderately priced at an average of $1,783 annually, which is cheaper than the average car insurance cost for all models at $2,415 per year. Nationwide offers the cheapest policies for Corvettes at $1,202 annually.
What company offers the best car insurance for a Chevrolet Corvette?
With a MoneyGeek score of 90 out of 100, Travelers offers the best car insurance for a Chevrolet Corvette. On average, a policy from Travelers costs $1,296 per year.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.