We’ve delved deep into the details of the 2020 Chevrolet Corvette C8, looking at everything from its power output to its price, optional packages, and cargo space. Now, it’s time to get even further into the nitty-gritty by looking at Corvette C8 insurance rates. How much will the Chevy Corvette C8 cost to insure? We asked Penny Gusner, consumer analyst for Insurance.com and Insure.com, how average insurance costs for the new Corvette might change from the previous C7.
Will Chevy Corvette C8 insurance costs increase?
We’ll have to wait for the new Corvette to come out and more data to become available before we know exactly how much the C8 will cost to insure. But we can certainly expect rates to go up. Part of the reason is that, as Chevy says, only a single part of the C7 has carried over to the C8 Corvette. “For an insurance company this usually translates to more expensive parts and labor, as there is not an abundance of parts laying around and mechanics must familiarize themselves with the new C8,” Gusner says.
The 2020 Chevy Corvette Stingray is also more expensive than its predecessor. At $59,995, the starting price is up $3,000 from last year, and prices go way up from there—a 3LT trim equipped with the Z51 Performance package will run you more than $75,000. Expect the higher price tag to lead to higher rates because insurance companies will have to pay out more if the car is totaled.
While the comprehensive and collision portions of your rate are expected to go up, liability should stay around the same for the time being. Quick refresh: Comprehensive and collision cover damage to your car, and liability covers damages to a third party.
Right now, it’s unclear if the Corvette’s switch to a mid-engine design will affect insurance rates. “I believe that will be one of the items insurers will follow to see how the vehicle does in accidents and what type of claims are made and how much claim settlements are to see if that change should cause the rates to decrease or increase,” Gusner says.
How much will insurance rates go up on the new Corvette?
Corvette C8 insurance rates could go up by as much as 15 percent. We could see average nationwide annual premiums of around $2,330-$2,400, Gusner says. To understand these costs, we have to look at previous Corvettes.
For the most part, insurance rate changes for the Corvette have remained consistent with the national averages for all vehicles over the last several years. Last year, rates for the base Corvette 1LT increased 7 percent, which is in line with the average nationwide insurance increase of 6.7 percent for all 2019 model-year vehicles. This brought the Corvette’s average premium to $2,081. But because the 2020 model enters a new generation, expect rates to increase more sharply. When the C7 Corvette first arrived, rates for the vehicle increased a whopping 12.3 percent, more than the national average increase of 5 percent at the time.
According to Gusner, 2020 insurance rates are expected to jump by a smaller rate of around 3–4 percent. On top of that, the C8 model changeover could account for an additional 8 percent hike, Gusner estimates. So we could be looking at an overall rate increase of 12 percent from last year, which would put premiums around $2,330. It’s possible that rates could increase at an even higher rate of 15 percent, Gusner says, which would bring premiums to about $2,400.
How will Corvette C8 insurance rates change over time?
The landscape could change when insurance companies start seeing claim data for the C8 Corvette. “If in the upcoming months and years this vehicle starts to be in more accidents and more liability claims are placed, rates will start to rise,” Gusner says.
Remember we said that the liability rates are expected to stay the same? Well, that might not be the case forever. These rates could increase, Gusner says, if the new Corvette attracts a different type of buyer that drives differently from previous Corvette owners and causes more accidents. Another example: Rates could rise if the more rigid frame ends up causing more severe damage to other vehicles when the Corvette is in at-fault accidents. On the flip side, fewer claims and severe accidents could cause rates to drop. Other factors that will affect future Chevy Corvette insurance costs include fluctuating repair costs and changes to the purchase price of the vehicle.
What will rates look like on potential Z06 and ZR1 variants?
Of course, more powerful variants of the Corvette will cost more to insure. Currently, those driving the 2019 Z06 and ZR1 are shelling out an average of $2,475 and $2,550, respectively, for insurance. If the new C8 Z06 and ZR1 also receive a 12 percent hike, the rates would jump to $2,775 and $3,081.
Although these premiums are high, you could do a lot worse. According to Insure.com, the Nissan GT-R is the most expensive vehicle to insure for 2019, with an eye-watering average rate of $3,941. On the opposite end of the spectrum is the Honda Odyssey LX, which boasts an average rate of just $1,298.
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Source: WORLD NEWS