Lower Your 2003 Chevrolet Corvette Insurance Cost

It’s important to understand that most of the big mark downs will not be given to the entire cost. Most only apply to specific coverage prices like comprehensive or collision. So even though they make it sound like adding up those discounts means a free policy, it just doesn’t work that way.

For a list of providers who offer free insurance quotes, click here.

How to get insurance quotes

Performing a rate comparison can be challenging if you don’t know the most efficient way to do it. You can waste hours discussing policy coverages with insurance companies in your area, or you can stay home and use the web for quick rates.

Many popular insurance companies belong to a marketplace that enables customers to send in one quote, and at least one company returns a rated price. This system prevents you from having to do form submissions for every insurance company. To compare rates using this form now click here to open in new window.

The one disadvantage to pricing coverage this way is you don’t know exactly which insurance companies you want pricing from. If you wish to select from a list of companies for rate comparison, we have a page of the cheapest insurance companies in your area. Click here for list of insurance companies.

Take whichever approach you prefer, but make darn sure you compare exactly the same deductibles and coverage limits for every quote you compare. If you use higher or lower deductibles it will be nearly impossible to make an equal comparison.

Insurance premium influencing factors

Lots of things are used in the calculation when pricing auto insurance. Some factors are common sense such as your driving record, but other criteria are less apparent such as your marital status or your commute time.The best way to find cheaper insurance is to take a look at the factors that aid in calculating the rates you pay for insurance. If you know what positively or negatively impacts your premiums, this enables you to make decisions that will entitle you to better insurance rates.

The factors shown below are a partial list of the pieces that factor into your prices.

• Remove unneeded extra coverages – Insurance companies have many extra coverages that can add up if you don’t pay attention. Insurance for rental car coverage, high-cost glass coverage, and extra equipment coverage are examples of these. These may sound like a good investment at first, but your money might be better spent on other coverage so eliminate the coverages to reduce your premium.
• Fewer miles means better rates – Driving a lot of miles each year the higher your rate. Most companies rate vehicles based on their usage. Vehicles that have low annual miles qualify for better rates compared to those used for work or business. It’s a smart idea to ensure your vehicle rating properly reflects the correct usage. Having an incorrect usage rating on your Corvette may be costing you higher rates.
• Stay claim-free and reduce rates – Car insurance companies provide lower rates to drivers who do not rely on their insurance for small claims. If you tend to file frequent claims, you can look forward to either a policy non-renewal or much higher rates. Your insurance policy is intended to be relied upon for more catestrophic claims.
• Safer cars cost less to insure – Safe vehicles cost less to insure. Vehicles built for safety result in less severe injuries and better occupant protection translates into savings for insurance companies and lower rates for you. If your Chevy has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you may pay a lower rate.
• Save money by raising deductibles – The deductibles define the amount the insured will be required to pay in the event of a claim. Protection for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, insures against damage to your car. Examples of covered claims are rearending another vehicle, animal collisions, and damage from wind. The more damage repair cost you are required to pay out-of-pocket, the less your insurance will be for Corvette insurance.

How much insurance coverage do I need?

When choosing coverage, there really is no best way to insure your cars. Every insured’s situation is different.

For instance, these questions can aid in determining if your situation might need professional guidance.

• Is my state a no-fault state?
• Do I need replacement cost coverage on my 2003 Chevy Corvette?
• Does coverage extend to a rental car in a foreign country?
• Can my teen driver be rated on a liability-only vehicle?
• What is the difference between comprehensive and collision coverage?
• Do I have newly-aquired coverage?
• Does having multiple vehicles earn me a discount?
• What discounts do I qualify for?
• Am I covered when driving a rental car?

If you don’t know the answers to these questions but a few of them apply, you might consider talking to a licensed agent. If you don’t have a local agent, complete this form. It’s fast, free and can help protect your family.

But they said I’d save $451 a year!

Consumers can’t ignore all the ads for cheaper car insurance from the likes of State Farm, Allstate and Geico. They all advertise claims that people will save just by switching your car insurance coverage to their company.

How does every car insurance company make almost identical claims?

Insurance providers have specific guidelines for the type of driver that is profitable for them. An example of this type of driver may be between the ages of 40 and 55, has had continuous coverage, and drives a car with an anti-theft system. A driver who fits those characteristics will get very good auto insurance rates and will most likely save quite a bit of money when switching.

People who don’t measure up to those standards must pay more expensive rates which usually ends up with the customer not buying. The wording the ads use say “people who switch” but not “all drivers who get quotes” save money. This is how insurance companies can confidently claim big savings.

Because of these techniques, it’s extremely important to get insurance coverage quotes as often as possible. It is just not possible to predict the company that will provide the lowest premium rates.

Car insurance coverage breakdown

Having a good grasp of your policy can be of help when determining which coverages you need at the best deductibles and correct limits. Car insurance terms can be ambiguous and even agents have difficulty translating policy wording.

Med pay and Personal Injury Protection (PIP) – Medical payments and Personal Injury Protection insurance provide coverage for bills for things like hospital visits, EMT expenses, dental work and nursing services. The coverages can be utilized in addition to your health insurance policy or if there is no health insurance coverage. It covers all vehicle occupants as well as if you are hit as a while walking down the street. PIP is not available in all states but can be used in place of medical payments coverage

Comprehensive insurance – This coverage covers damage caused by mother nature, theft, vandalism and other events. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things such as rock chips in glass, damage from a tornado or hurricane and damage from getting keyed. The maximum amount a car insurance company will pay at claim time is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Auto liability – This provides protection from damage or injury you incur to other people or property. This insurance protects YOU from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show limits of 50/100/50 that means you have a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property. Alternatively, you may have a combined single limit or CSL which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage protects against things such as structural damage, legal defense fees and medical services. How much liability should you purchase? That is a personal decision, but it’s cheap coverage so purchase as high a limit as you can afford.

Collision – This coverage pays to fix your vehicle from damage resulting from colliding with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims like sustaining damage from a pot hole, damaging your car on a curb, driving through your garage door and crashing into a building. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. It’s also possible to raise the deductible to get cheaper collision coverage.

Uninsured/Underinsured Motorist (UM/UIM) – Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Due to the fact that many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important. Normally your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Knowledge is power

We covered quite a bit of information on how to shop for 2003 Chevy Corvette insurance online. The key concept to understand is the more rate comparisons you have, the better your comparison will be. You may even find the lowest prices come from some of the lesser-known companies.

Some insurance companies may not offer online rate quotes and many times these smaller providers prefer to sell through independent agents. Affordable 2003 Chevy Corvette insurance can be bought both online and from local agencies, and you should compare rates from both to have the best chance of lowering rates.

When getting insurance coverage quotes online, you should never buy poor coverage just to save money. There have been many cases where an insured dropped collision coverage and found out when filing a claim that it was a big mistake. Your goal is to buy the best coverage you can find at the lowest possible cost while not skimping on critical coverages.

Even more information can be found by following these links:

• Understanding your Policy (NAIC.org)
• Distracted Driving Extends Beyond Texting (State Farm)
• Safety Tips for Teen Drivers (Insurance Information Insitute)
• Side Impact Crash Tests (iihs.org)