Chevy Corvette Insurance Quotes in Boston

Astonishing but true according to a recent study, the vast majority of auto insurance customers have purchased from the same company for four years or more, and nearly the majority have never taken the time to shop around. The average driver in Massachusetts could save almost 45% a year just by shopping around, but most undervalue the rate savings if they switched to a cheaper policy.

It takes a few minutes, but the best way to get discount Chevy Corvette insurance in Boston is to annually compare prices from different companies who sell insurance in Massachusetts.

Step 1: Get an understanding of what coverages are included in your policy and the steps you can take to keep rates low. Many policy risk factors that are responsible for high rates like traffic citations and a substandard credit history can be amended by making small lifestyle or driving habit changes. Continue reading for additional tips to help keep rates affordable and earn a bigger discount.

Step 2: Request price quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can give quotes from one company like Progressive or Allstate, while agents who are independent can give you price quotes for many different companies. Compare rates

Step 3: Compare the new rates to the price on your current policy to see if cheaper Corvette coverage is available. If you find a better price, ensure there is no coverage lapse between policies.

Step 4: Notify your agent or company of your intent to cancel your existing policy. Submit payment and a signed application for the new policy. Once coverage is bound, place the new certificate verifying coverage somewhere easily accessible.

One piece of advice is to make sure you’re comparing the same level of coverage on each quote request and and to get prices from every company you can. This provides an apples-to-apples comparison and the best rate selection.

The car insurance companies shown below can provide quotes in Massachusetts. If your goal is to find the best cheap car insurance in Boston, we recommend you visit several of them in order to get a fair rate comparison.

Facts and figures for Chevy Corvette insurance

The information displayed next showcases different policy rates for Chevy Corvette models. Being able to understand how car insurance premiums are formulated is important for you to make smart choices when purchasing an insurance policy.

Premium data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Massachusetts minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Table data does not factor in Boston location which can modify insurance rates greatly.

Choosing deductibles

When comparing insurance rates, the most common question is what deductibles to buy. The rates below may aid in understanding the premium difference of buying low and high deductibles. The first rate estimation uses a $100 physical damage coverage deductible and the second price grid uses a $1,000 deductible.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Massachusetts minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Information does not factor in garaging location in Boston which can raise or lower premium rates significantly.

Using the premium rates above, we can conclude that using a $100 deductible could cost the average driver approximately $60 more each month or $720 a year averaged for all Corvette models than opting for the higher $1,000 deductible. Because you would pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you usually have at a minimum 15 months between claims, you would probably save some money if you choose the higher deductible. Below is how you can do this calculation yourself.

One thing to note is that increasing deductibles to lower your rates means you will have to pay more of your own money at claim time. That will require some non-essential savings in the event you need to pay the deductible.

Driving violations and accidents

The illustration below demonstrates how citations and accidents can impact Chevy Corvette premium costs for different insured age categories. The premiums are based on a single female driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.

Annual premiums comparing men and women in Boston

The illustration below illustrates the comparison of Chevy Corvette annual premium costs for male and female drivers. The costs are based on no accidents or driving violations, full coverage, $100 deductibles, marital status is single, and no discounts are applied.

Chevrolet Corvette liability rates compared to full coverage

The chart below shows the difference between Chevy Corvette premium costs with liability coverage only compared to full coverage. The price estimates are based on no claims or driving citations, $1,000 deductibles, single marital status, and no discounts are taken into consideration.

When to drop comprehensive and collision

There is no definitive rule to delete full coverage, but there is a general guideline you can use. If the annual cost of having full coverage is 10% or more of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.

For example, let’s say your Chevy Corvette book value is $7,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would receive is $6,000 after paying your deductible. If you are paying in excess of $600 a year for your policy with full coverage, then you may want to consider only buying liability coverage.

There are some situations where only buying liability is not recommended. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not drop full coverage.

Choosing vehicle insurance is an important decision

Despite the high cost of buying insurance for a Chevy Corvette in Boston, insuring your vehicle is required in Massachusetts but it also protects you in many ways.

• Just about all states have compulsory liability insurance requirements which means you are required to carry specific limits of liability insurance in order to be legal. In Massachusetts these limits are 20/40/5 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
• If you took out a loan on your Chevy Corvette, it’s most likely the lender will make it a condition of the loan that you have physical damage coverage to guarantee payment of the loan. If you cancel or allow the policy to lapse, the lender may insure your Chevy at a much higher rate and force you to pay the higher premium.
• Insurance safeguards your car and your assets. Insurance will pay for medical expenses for yourself as well as anyone injured by you. Liability coverage, the one required by state law, also pays expenses related to your legal defense if you are named as a defendant in an auto accident. If your car is damaged in a storm or accident, comprehensive and/or collision insurance will cover the damage repairs after a deductible is paid.

The benefits of buying enough insurance definitely exceed the cost, especially when you need to use it. On average, a vehicle owner in Boston is overpaying over $869 every year so it’s recommended you shop around every year to help ensure money is not being wasted.

Insurance coverage options for a Chevy Corvette

Understanding the coverages of insurance can be of help when determining appropriate coverage at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy. Shown next are typical coverage types offered by insurance companies.

Liability

This provides protection from damages or injuries you inflict on a person or their property by causing an accident. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 20/40/5 which stand for a limit of $20,000 per injured person, a per accident bodily injury limit of $40,000, and property damage coverage for $5,000. Some companies may use one number which is a combined single limit which combines the three limits into one amount without having the split limit caps.

Liability coverage protects against claims such as pain and suffering, repair costs for stationary objects, emergency aid, attorney fees and repair bills for other people’s vehicles. How much coverage you buy is a decision to put some thought into, but consider buying as high a limit as you can afford. Massachusetts state minimum liability requirements are 20/40/5 but drivers should carry higher limits.

The illustration below shows why minimum state limits may not be adequate coverage.

Medical costs insurance

Coverage for medical payments and/or PIP pay for short-term medical expenses such as ambulance fees, X-ray expenses, nursing services and pain medications. The coverages can be utilized in addition to your health insurance policy or if you do not have health coverage. It covers not only the driver but also the vehicle occupants as well as being hit by a car walking across the street. Personal injury protection coverage is not universally available and may carry a deductible

Collision coverage protection

This coverage pays for damage to your Corvette caused by collision 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 can pay for claims such as crashing into a building, damaging your car on a curb and sustaining damage from a pot hole. Collision is rather expensive coverage, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible on your Corvette in order to get cheaper collision rates.

Comprehensive or Other Than Collision

This will pay to fix damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things like hail damage, falling objects and a tree branch falling on your vehicle. The maximum amount you’ll receive from a claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

UM/UIM Coverage

This coverage gives you protection when other motorists 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.

Because many people only purchase the least amount of liability that is required (20/40/5), it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is important protection for you and your family. Normally the UM/UIM limits are similar to your liability insurance amounts.

Best car insurance in Massachusetts

Buying coverage from a highly-rated insurance provider can be rather challenging considering how many companies sell insurance in Boston. The company information shown next could help you analyze which auto insurers you want to consider shopping your coverage with.

Top 10 Boston Car Insurance Companies Ranked by Claims Service

1. Progressive
2. USAA
3. Liberty Mutual
4. State Farm
5. GEICO
6. Titan Insurance
7. Nationwide
8. Allstate
9. The General
10. 21st Century

In conclusion

As you go through the steps to switch your coverage, do not reduce needed coverages to save money. There are a lot of situations where an insured cut full coverage only to discover later that a couple dollars of savings turned into a financial nightmare. Your goal should be to buy a smart amount of coverage for the lowest cost, but don’t skip important coverages to save money.

A few companies do not provide price quotes online and most of the time these regional carriers prefer to sell through independent insurance agencies. Cheaper auto insurance in Boston can be found both online as well as from insurance agents, and you should compare price quotes from both to get a complete price analysis.

Additional information can be read below:

• Safe Vehicles for Teens (iihs.org)
• Who Has Affordable Boston Car Insurance for Drivers with Good Credit? (FAQ)
• Who Has Cheap Boston Car Insurance Quotes for Teenagers? (FAQ)
• What Insurance is Cheapest for First-time Drivers in Boston? (FAQ)
• What Car Insurance is Cheapest for a Company Car in Boston? (FAQ)
• Where can I buy Insurance? (Insurance Information Institute)
• Winter Driving (Insurance Information Institute)