Best Chevy Corvette Insurance in Madison

Truthfully, the best way to quote cheaper Chevy Corvette insurance is to compare quotes once a year from insurers who provide auto insurance in Madison.

First, spend some time learning about what coverages are included in your policy and the factors you can control to prevent expensive coverage. Many factors that result in higher rates like traffic violations, accidents, and a bad credit score can be amended by making lifestyle changes or driving safer.

Second, request price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give prices from a single company like Progressive or Allstate, while independent agencies can provide rate quotes from many different companies.

Third, compare the new rate quotes to your existing policy to see if a cheaper price is available in Madison. If you find a lower rate, make sure there is no lapse in coverage.

One important bit of advice is that you’ll want to make sure you compare identical coverage information on every price quote and to quote with every company you can. This provides an accurate price comparison and a good representation of prices.

It’s an obvious statement that car insurance companies don’t want policyholders to compare prices from other companies. Consumers who shop around for cheaper rates are inclined to buy a new policy because there is a good chance of finding a lower-priced company. Remarkably, a study showed that consumers who compared prices once a year saved on average $3,400 over four years compared to drivers who never shopped around for cheaper prices.

If finding the cheapest price on insurance is your objective, then having a good understanding the best ways to find and compare insurance rates can make it easier to find better rates.

Chevy Corvette insurance rates and statistics

The premium table shown next outlines estimates of coverage prices for Chevy Corvette models. Learning how policy premiums are calculated is important for drivers to make decisions on which insurance to purchase.

Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Wisconsin minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Premium amounts do not factor in vehicle location which can impact premiums substantially.

How high should deductibles be?

One of the most common car insurance questions is at what level do you set your deductibles. The figures shown below can help show the differences in price when you select higher and lower physical damage coverage deductibles. The first set of prices uses a $250 deductible for physical damage and the second price chart uses a $500 deductible.

Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Premium amounts do not factor in vehicle location which can decrease or increase premium rates noticeably.

Based on the data above, we can derive that using a $250 deductible will cost in the ballpark of $16 more each month or $192 a year averaged for all Corvette models than opting for the higher $500 deductible. Since you would pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you tend to average at least 16 months between claims, you would probably save some money if you elect the higher deductible. Below is a better example of how you can perform this determination yourself.

An important sidenote is that increasing deductibles to save money means you will have to pay more when you have a comprehensive or collision claim. It will be required that you have some extra savings in the event you need to pay more to get your vehicle repaired.

Impact of careless driving on car insurance rates

The example below shows how traffic citations and fender-benders can raise Chevy Corvette auto insurance rates for different age groups. The prices are based on a single female driver, full coverage, $500 deductibles, and no policy discounts are applied.

How You Can Control Chevy Corvette Insurance Prices

Part of the auto insurance buying process is learning the factors that aid in calculating your premiums. If you have some idea of what determines base rates, this enables informed choices that could result in lower premium levels.

Adjust physical damage deductibles and save – Comp and collision deductibles define how much the insured will be required to pay before a claim is paid by your company. Protection for physical damage, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. Examples of covered claims would be collision with another vehicle, vandalism, and damage caused by road hazards. The more money the insured has to pay upfront, the less your company will charge you for insurance.

Save money by having multiple policies – Most major insurance companies apply lower prices to people who carry more than one policy such as combining an auto and homeowners policy. Even if you qualify for this discount already, drivers will still want to compare other company rates to help ensure you have the lowest rates.

Better premiums with anti-theft devices – Buying a car with an alarm system can save you some money. Anti-theft devices such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping car theft.

High performance equals high costs – The make and model of the car or truck you need insurance for makes a substantial difference in your premium level. The best insurance prices are usually found on lower performance four cylinder passenger models, but that’s not the only thing that factors into the final price.

The chart below uses these assumptions: single male driver age 30, full coverage with $500 deductibles, and no discounts or violations. It shows Chevrolet Corvette insurance rates compared to other models of vehicles that have different performances.

Better premiums on safer cars – Vehicles with high crash test scores can get you lower premiums. The safest vehicles reduce the chance of injuries and any reduction in injury severity translates into fewer and smaller insurance claims and cheaper rates on your policy.

Cheaper to insure females? – Over the last 30 years, statistics show females are less aggressive when driving. However, don’t assume that females are better drivers. Males and females tend to get into accidents in similar percentages, but males have accidents that have higher claims. Not only are claims higher, but men get ticketed for serious violations like DWI (DUI) or reckless driving.

The diagram below compares Chevy Corvette annual premium costs for male and female drivers. The data assumes no claims or driving citations, full physical damage coverage, $250 deductibles, drivers are single, and no discounts are applied.

Save by staying claim free – If you are the type of insured that files lots of claims you should expect higher rates. Companies in Wisconsin award lower rates to drivers who are not frequent claim filers. Insurance coverage is meant to be used in the event of larger claims.

Where do you drive? – The more miles you rack up on your Chevy annually the more you will pay for auto insurance. A lot of insurance companies rate vehicles based on how the vehicle is used. Cars used primarily for pleasure use receive lower rates than those used for commuting. It’s a good idea to make sure your auto insurance declarations sheet shows the proper vehicle usage. Having an incorrect usage rating on your Corvette may be costing you.

Insurance loss data for Chevy Corvette vehicles – Car insurance companies use statistical claims data when setting premium costs. Vehicles that historically have a trend towards higher claim severity or frequency will cost more for coverage. The table below outlines the collected loss data for Chevy Corvette vehicles.

For each insurance policy coverage type, the claim amount for all vehicles as a whole equals 100. Values under 100 indicate a favorable loss history, while values over 100 indicate frequent claims or an increased likelihood of larger losses.

More effort can pay off

As you prepare to switch companies, it’s very important that you do not skimp on coverage in order to save money. In many instances, an insured dropped uninsured motorist or liability limits and discovered at claim time that the savings was not a smart move. Your strategy should be to purchase plenty of coverage at an affordable rate, not the least amount of coverage.

Some companies may not offer the ability to get a quote online and usually these small insurance companies work with independent insurance agencies. Cheap Chevy Corvette insurance in Madison can be purchased both online and also from your neighborhood Madison agents, and you should compare price quotes from both so you have a total pricing picture.

We just covered some good ideas how you can reduce Chevy Corvette insurance prices online in Madison. The key concept to understand is the more price quotes you have, the better chance you’ll have of finding low cost Madison car insurance quotes. You may even discover the best prices are with a smaller regional carrier. These companies can often insure niche markets at a lower cost as compared to the big name companies such as Progressive and GEICO.

Even more information can be read in these articles:

• Automakers compete to add autobraking (Insurance Institute for Highway Safety)
• Who Has Affordable Car Insurance Rates for a Jeep Wrangler in Madison? (FAQ)
• How Much is Madison Car Insurance for a Dodge Ram? (FAQ)
• Who Has Affordable Madison Auto Insurance for a Toyota RAV4? (FAQ)
• Tread Depth and Tire Safety (State Farm)
• Five Tips to Save on Auto Insurance (Insurance Information Institute)