2020 Chevrolet Corvette C-8
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.
Auto Insurance
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.
