Cheaper 2007 Chevrolet Corvette Insurance Rates

Tired of paying out the nose to insure your Chevy every month? You’re in the same situation as millions of other consumers.

Popular companies such as State Farm, Farmers Insurance, Geico and Allstate increase brand awareness with catchy ads and consumers find it hard to separate fact from fiction and do the work needed to find the best deal.

Don’t miss these discounts

Insurance can be prohibitively expensive, but you can get discounts to cut the cost considerably. A few discounts will automatically apply at the time you complete a quote, but some must be specially asked for in order for you to get them.

  • Theft Prevention System – Vehicles with anti-theft systems prevent vehicle theft and will save you 10% or more.
  • More Vehicles More Savings – Buying insurance for multiple cars or trucks with the same company qualifies for this discount.
  • New Car Discount – Adding a new car to your policy can cost up to 25% less since new cars are generally safer.
  • Safe Drivers – Drivers who avoid accidents may receive a discount up to 45% less on Corvette coverage than drivers with accidents.
  • Homeowners Pay Less – Owning a house may trigger a auto insurance policy discount because of the fact that having a home demonstrates responsibility.
  • Employee of Federal Government – Employees or retirees of the government can save as much as 8% on Corvette coverage depending on your company.
  • Lower Rates for Military – Having a deployed family member may qualify for rate reductions.

Drivers should understand that most discounts do not apply the the whole policy. Most only cut the cost of specific coverages such as collision or personal injury protection. Even though it may seem like all the discounts add up to a free policy, you won’t be that lucky. Any amount of discount will reduce the cost of coverage.

For a list of insurance companies who offer auto insurance discounts, click here to view.

These factors can influence what you pay for Chevy Corvette insurance

An important part of buying insurance is that you know the rating factors that help determine your auto insurance rates. Having a good understanding of what impacts premium levels empowers consumers to make smart changes that can help you get much lower annual insurance costs.

The following are a partial list of the pieces used by your company to calculate your rates.

  • Higher deductibles cost less – Coverage for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, protects your Chevy from damage. Some instances where coverage would apply are a windshield shattered by a rock, collision with an animal, and windstorm damage. The deductibles are the amount of money you are required to spend out-of-pocket if you file a covered claim. The more money you are required to pay out-of-pocket, the bigger discount you will receive on Corvette coverage.
  • Add-on coverages can add up – There are a ton of extra bells and whistles you can purchase on your auto insurance policy. Things like rental car reimbursement, better glass coverage and term life insurance are examples of these. They may seem good initially, but if they’re wasting money remove them from your policy.
  • Drive a safer car and pay less – Cars with high safety ratings are cheaper to insure. These vehicles protect occupants better and better occupant protection means less money paid by your insurance company and more competitive rates for policyholders. If your Chevy Corvette is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
  • Poor credit can mean higher rates – Having a bad credit history is a important factor in calculating your auto insurance rates. So if your credit score is not that good, you could be paying less to insure your 2007 Chevrolet Corvette by improving your credit score. Drivers who have high credit scores tend to be better drivers and file fewer claims as compared to drivers with lower credit scores.
  • Mature drivers pay less – Youthful drivers are statistically proven to be more careless when behind the wheel so they pay higher auto insurance rates. Older insureds are viewed as being more responsible, tend to file fewer claims and receive fewer citations.
  • Don’t sacrifice liability coverage – The liability section of your policy will protect you when you are found to be at fault for damages from an accident. Liability provides for a legal defense starting from day one. Liability insurance is quite affordable compared to insuring for physical damage coverage, so drivers should carry high limits.
  • How’s your driving record? – Even a single moving violation may increase your cost twenty percent or more. Drivers with clean records tend to pay less for car insurance than their less careful counterparts. Drivers who get dangerous violations like hit and run, DWI or reckless driving convictions may be required to file a proof of financial responsibility form (SR-22) with their state DMV in order to prevent a license revocation.
  • An active claims history can cost you – If you are a frequent claim filer, you can expect either policy cancellation or increased premiums. Insurance companies award cheaper rates to people who file claims infrequently. Your insurance policy is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.

When might I need help?

When it comes to buying coverage, there really is not a “perfect” insurance plan. Everyone’s situation is a little different so your insurance should reflect that For instance, these questions might help in determining if your insurance needs will benefit from professional help.

  • How high should my medical payments coverage be?
  • Is business property covered if stolen from my car?
  • Why am I required to buy high-risk coverage?
  • Am I getting all the discounts available?
  • If I drive on a suspended license am I covered?
  • Do I need PIP (personal injury protection) coverage in my state?
  • Does medical payments coverage apply to all occupants?
  • Are my friends covered when driving my 2007 Chevy Corvette?
  • How high should deductibles be on a 2007 Chevy Corvette?
  • Am I covered when using my vehicle for business?

If you don’t know the answers to these questions but a few of them apply, you may need to chat with an insurance agent. To find an agent in your area, simply complete this short form or go to this page to view a list of companies.

Parts of your car insurance policy

Learning about specific coverages of your policy can be of help when determining the best coverages and proper limits and deductibles. Car insurance terms can be difficult to understand and reading a policy is terribly boring. Shown next are the usual coverages found on most car insurance policies.

Comprehensive coverages

Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims like rock chips in glass, fire damage, vandalism and a broken windshield. The maximum payout a car insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Uninsured and underinsured coverage

This gives you protection from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.

Due to the fact that many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is very important. Frequently these coverages are identical to your policy’s liability coverage.

Collision insurance

This pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things such as colliding with a tree, backing into a parked car, hitting a parking meter and crashing into a ditch. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. Another option is to raise the deductible in order to get cheaper collision rates.

Coverage for medical payments

Coverage for medical payments and/or PIP pay for short-term medical expenses such as hospital visits, ambulance fees and chiropractic care. They are used in conjunction with a health insurance policy or if there is no health insurance coverage. It covers you and your occupants as well as getting struck while a pedestrian. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

Liability insurance

Liability coverage provides protection from damage or injury you incur to people or other property. It protects YOU against claims from other people, and does not provide coverage for damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see policy limits of 50/100/50 that means you have a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and a limit of $50,000 paid for damaged property. Some companies may use a combined single limit or CSL that pays claims from the same limit with no separate limits for injury or property damage.

Liability can pay for claims like court costs, funeral expenses, pain and suffering and structural damage. How much liability coverage do you need? That is a decision to put some thought into, but buy higher limits if possible.

Shop. Compare. Save.

As you prepare to switch companies, it’s not a good idea to sacrifice coverage to reduce premiums. There are many occasions where someone sacrificed full coverage to discover at claim time they didn’t have enough coverage. Your aim should be to get the best coverage possible for the lowest price, not the least amount of coverage.

Low-cost 2007 Chevy Corvette insurance can be purchased on the web in addition to many insurance agents, and you should be comparing both to have the best chance of lowering rates. Some insurance companies do not provide online quoting and many times these small insurance companies only sell through independent insurance agents.

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