Car Insurance Costs for a Chevrolet Corvette Z06

The average car insurance costs for a Chevrolet Corvette Z06 are $183/mo. Consider switching from a regular insurance policy to a collector car policy in order to get additional savings on your car insurance rates.

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UPDATED: May 20, 2022

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Written By: Laura BerryReviewed By: Joel OhmanUPDATED: May 20, 2022Fact Checked

Here's what you need to know...

  • A collector’s car insurance policy generally costs less than 2% of the car’s value every year
  • For higher value cars, the cost of an insurance policy can decrease further to approximately 6 dollars a year for each $1,000 of the vehicle’s value
  • For a Chevy Corvette,  you can expect to pay over $2200 a year depending on your age, driving record and other factors
  • When looking for an insurance provider, choose a company that specializes in coverage for collectible cars as they will have better resources and more experience in dealing with what you need

Most of us believe that every Corvette is a collectible car. However, even newer model Corvettes, such as the Corvette Z06, can sometimes qualify for the lower collector car insurance rates.

How expensive is insurance for a Chevy Corvette?

Are Corvettes expensive to insure? Expensive cars come with expensive insurance prices, especially if you have comprehensive insurance and collision insurance on the policy. If you total your $50,000 Corvette, your auto insurance provider will have to pay much more to replace it than it would if you totaled a $20,000 sedan.

Your insurance premium will go if you add additional coverage options like medical payments coverage, roadside assistance, accident forgiveness, and personal injury protection.

However, if you stick with the state-mandated minimum liability insurance (bodily injury liability coverage and property damage liability coverage), your vehicle will not be effectively protected. You should strongly consider adding comprehensive coverage and collision coverage at the very least.

Is Corvette insurance expensive?

The Corvette is both expensive and fast. The Corvette Z06 is equipped with a 7.0 V8 engine. Even the basic coupe has a 6.0 liter V8, 400 horsepower engine that can reach speeds of 190 mph. Corvettes by their nature do not lend themselves to sedate driving. People who purchase a Corvette do so because they want a fast car.

Insurance companies know that sports car owners drive faster and more recklessly than do drivers of minivans or sedans.

Thus, all sports cars owners pay higher insurance premiums while minivan insurance rates are cheaper The Corvette is faster than most sports cars and is more expensive.

How much is Corvette insurance?

The cost of auto insurance coverage for this vehicle will depend on a variety of personal factors like driver age, gender, marital status, driving record, and credit score. The average insurance cost for a Corvette also depends on the exact model you have.

That said, the Chevy Corvette has an average monthly premium of around $200, which is an average annual premium of around $2,400. If you have a newer model, you can expect to pay a bit higher Corvette insurance costs. These are just average insurance rates, yours will depend on your personal circumstances. For example, C5 Corvette insurance costs around $1,790 a year, or around $149 a month.

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How do you find the right coverage for a Chevrolet Corvette Z06?

To find coverage for a Chevrolet Corvette Z06, one need only turn on the computer and access the Internet. However, finding the best car insurance company is just as important as finding the right insurance policy.

One important thing to look for when shopping for an insurance company or insurance agent is one that doesn’t steer their policyholders to any particular shop. For example, your 1982 Chevrolet Corvette Z06 needs body repair, and you want to take it to the body shop of your choice, Shop A” but your insurance company insists that you take it to body Shop B instead.

A truly reputable insurance company would not do this.

If you need repairs for your Corvette Z06, you should be able to use your preferred mechanic. After all, treating you and your vehicle rate after a loss should be your insurance company’s main job and maybe the most important measure of the quality of their customer service.

How do you find a company that is experienced in insuring collector cars?

Another thing to look for when selecting the right insurance company for your classic Corvette is one which has a staff of experienced classic cars or Corvette enthusiasts who also happen to own and restore classic cars or Corvettes themselves.

This is perhaps one of the biggest tests that any insurance company should have to pass before getting your business, along with getting your car repaired and back on the road as quickly as possible.

Yet one more consideration is how long the insurance company you actually select is been in business.

The company’s record and health may help to reduce the cost of your insurance policy while increasing the coverage of your Corvette Z06. Keeping the current economy in mind, three important issues should be considered when looking for the right car insurance policy for your Corvette Z06:

  • First, is it possible for the vehicle to be insured as a collectible car? Going from a general auto policy to a collector car policy can provide you with enormous savings.
  • Second, how will the vehicle be used? If it is not driven regularly or is driven less than it used to be, this alone can account for lower gas mileage per year, which can lower your premium in the long run. Keep in mind that getting a discount for this usually requires adhering to a mileage limit.
  • Finally, should your car be insured by using an agreed value policy and have there been any market value changes? If the value of the vehicle goes down the amount of coverage you actually will need may go down as well.

How can you save more money on your auto insurance policy?

There are even more ways to save. For example, if you have more than one vehicle, some companies will charge you liability coverage for the first vehicle that they insure not the others.

There would be no charges for liability coverage for any additional cars that would be on that insurance policy.

Not having additional charges can make a significant difference when spending on insurance especially if you have a collection. Comparing it to a family auto policy, every vehicle would be charged for liability coverage. Along with considerable savings, car insurance for collectible cars has yet one more important advantage: a price that is agreed upon by both you and your insurance company.

For example, if there is an accident and your car is totaled, your insurance company would not argue with you on the value of your vehicle. If you decide to own a premium sports car like a Chevy Corvette, you must understand that part of the cost of ownership is higher-than-average car insurance costs.

Obviously, teenage drivers or drivers with many tickets or accidents on their driving records will pay more for insurance on a Corvette or any vehicle, but this is especially true on a high-performance sports car. If you have to get high-risk insurance for your Corvette, the cost will be astronomical.

To keep the insurance costs as low as possible, resist the urge to use the speed available in the Corvette to avoid costly tickets and wrecks.

The more you drive a car, the higher the insurance is for it.

If you have a less expensive car that you can use as your commuter car and drive the Corvette only for pleasure, you can also reduce the premiums. You’ll have to do the math to see if the expense of a second car will save you enough on the Corvette premiums to make it worth it.

You can almost always get a multi-policy discount if you have more than one policy with the same insurance company. By getting a discount on all of your vehicles and your homeowner’s insurance, you could save money on all them, compensating in part for the costly Corvette.

Setting high comprehensive and collision deductibles will keep your insurance rate low, but it will mean paying more out of pocket for repairs. These and other tips on saving money on car insurance can be found here.

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How can you find the best auto insurance rates?

Also, get quotes from several companies to see where you can get the best deals on all these policies. By shopping around and doing your homework, you are certain to be able to find how much car insurance costs for a Chevrolet Corvette Z06.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Written by Laura Berry
Former Insurance Agent Laura Berry

Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP® Joel Ohman

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