Cheap 1994 Chevrolet Corvette Car Insurance Cost

Comparing insurance coverage rates online might seem complicated at first if you’ve never compared online rate quotes. But don’t let that discourage you because it’s actually quite easy.

You should make it a habit to price shop coverage every six months since rates trend upward over time. Just because you found the lowest price for Corvette coverage a few years ago you can probably find a better price now. Don’t believe everything you read about insurance coverage online, so by reading this article, you’re going to learn some excellent ideas to put money back in your pocket.

These discounts can slash car insurance rates

The price of auto insurance can be rather high, but companies offer discounts to reduce the price significantly. Some trigger automatically when you purchase, but a few need to be specially asked for prior to getting the savings.

  • Save with a New Car – Buying coverage on a new vehicle can cost up to 25% less since new cars are generally safer.
  • Payment Method – If paying your policy premium upfront instead of monthly or quarterly installments you may reduce your total bill.
  • Military Rewards – Being on active duty in the military can result in better rates.
  • Clubs and Organizations – Being a member of a qualifying organization may earn a discount when shopping for car insurance for Corvette coverage.
  • Anti-theft System – Cars that have factory anti-theft systems can help prevent theft and will save you 10% or more.
  • Anti-lock Brake Discount – Cars that have steering control and anti-lock brakes prevent accidents and will save you 10% or more.
  • Student Driver Training – Have your child enroll in driver’s education in school.

It’s important to note that most discounts do not apply to the entire policy premium. The majority will only reduce the cost of specific coverages such as comp or med pay. Just because you may think adding up those discounts means a free policy, you’re out of luck. But any discount will bring down the cost of coverage.

To see a list of insurance companies offering car insurance discounts, follow this link.

When might I need the advice of an agent?

When buying adequate coverage, there really is not a best way to insure your cars. Every insured’s situation is different.

Here are some questions about coverages that may help you determine whether your personal situation would benefit from professional advice.

  • Should I buy more coverage than the required minimum liability coverage?
  • Is other people’s property covered if stolen from my vehicle?
  • Do I need added coverage for expensive stereo equipment?
  • Is my vehicle covered by my employer’s policy when using it for work?
  • What discounts do I qualify for?
  • What companies insure drivers after a DUI or DWI?
  • Should I have a commercial auto policy?
  • What is the difference between comprehensive and collision coverage?
  • Does my insurance cover a custom paint job?

If it’s difficult to answer those questions but a few of them apply then you might want to talk to a licensed agent. If you don’t have a local agent, fill out this quick form.

Buyer beware of car insurance advertising tricks

Companies like 21st Century, Allstate and State Farm consistently run ads on TV and radio. All the ads make the same claim that you can save if you change your policy. But how can every company make the same claim? It’s all in the numbers.

Different companies can use profiling for the type of driver that makes them money. An example of a driver they prefer could be a mature driver, has no prior claims, and chooses high deductibles. A customer who fits that profile will get the preferred rates and is almost guaranteed to save when switching.

Potential insureds who do not match these standards will have to pay a more expensive rate and ends up with business not being written. The ad wording is “people who switch” not “people who quote” save that kind of money. That’s why insurance companies can advertise the savings.

Because of the profiling, it is so important to get as many comparisons as possible. It’s not possible to predict the company that will fit your personal profile best.

Insurance coverage basics

Knowing the specifics of a insurance policy aids in choosing the best coverages at the best deductibles and correct limits. Insurance terms can be impossible to understand and nobody wants to actually read their policy.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills like ambulance fees, nursing services, prosthetic devices, pain medications and rehabilitation expenses. They are often used to fill the gap from your health insurance program or if you do not have health coverage. They cover both the driver and occupants as well as being hit by a car walking across the street. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay

Comprehensive insurance

This pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like hitting a deer, a broken windshield, theft, falling objects and fire damage. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Liability coverage

This coverage protects you from damage or injury you incur to other’s property or people in an accident. It protects you from claims by other people, and does not provide coverage for damage sustained by your vehicle in an accident.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see values of 25/50/25 which stand for a $25,000 limit per person for injuries, $50,000 for the entire accident, and $25,000 of coverage for damaged propery. Alternatively, you may have one limit called combined single limit (CSL) that pays claims from the same limit rather than limiting it on a per person basis.

Liability insurance covers claims like funeral expenses, loss of income and repair costs for stationary objects. The amount of liability coverage you purchase is up to you, but buy higher limits if possible.

Uninsured/Underinsured Motorist (UM/UIM)

This protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.

Because many people have only the minimum liability required by law, their limits can quickly be used up. This is the reason having UM/UIM coverage should not be overlooked. Frequently your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Collision insurance

Collision insurance pays for damage to your Corvette resulting from a collision with another car or object. A deductible applies then the remaining damage will be paid by your insurance company.

Collision insurance covers things like crashing into a building, sideswiping another vehicle, scraping a guard rail, hitting a parking meter and hitting a mailbox. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also increase the deductible in order to get cheaper collision rates.

In conclusion

We covered a lot of ways to compare 1994 Chevy Corvette insurance prices online. The key concept to understand is the more price quotes you have, the better your chances of lowering your rates. Consumers may even find the biggest savings come from the least-expected company.

Budget-conscious insurance can be bought on the web and with local insurance agents, so you should be comparing quotes from both in order to have the best chance of saving money. Some companies do not offer online quoting and usually these regional insurance providers provide coverage only through local independent agents.

As you prepare to switch companies, do not sacrifice coverage to reduce premiums. In many cases, an accident victim reduced uninsured motorist or liability limits only to regret they didn’t purchase enough coverage. The proper strategy is to find the BEST coverage at an affordable rate, not the least amount of coverage.

Much more information about insurance coverage can be read on the following sites: