Corvette Insurance!!!!HELP!!!!!!!!!!!!!

[1BA93Vette]

howdy everyone,
So I'm about to buy my first 'Vette. I call my insurance company up and they tell me that the annual cost of insurance of a 93' Vette is going to cost me close to $6000. My jaw dropped when I heard that...I mean i expected it to be alot, mostly around the $4000 range but nothing like that...I am 19 years old and knew that my age had to do with it. Can anyone give me some advice on how to get it cheaper or give me some names of companys that will be cheaper? Anything will be greatly appreciated. Thanks to all.
Josh K,

"Whoever said money can't buy happiness, obviously never bought a Corvette"

 

[vettej1]

Josh,
My son is talking about getting a vette when he gets out of the Navy and we just finished looking into this. If he keeps his daily beater, (a cavalier), on the road 12 months of the year and the vette as a "leisure", or second car on the road for say six months out of the year, he would pay just under 3000. He will be 21 in Dec.

I think we could do better if we shop around a bit.

good luck,

-john

 

[berky2500]

Progressive Auto Insurance, $121/6 months.

Married, over 25, clean record, 3rd vehicle, pleasure miles.

Full coverage except collision.

You're going to be hurting until you get married or turn 25. Get a beater and call the vette a pleasure vehicle.

 

[sothpaw]

Try Erie, they seem cheaper than other companies and you
still have an agent.

Try taking 1000 ded. collision and only 100/300 liability, tops.
Heck, since you are 19, try 50/100.

A beater might help, yes.

 

[KOPBET]

I pay $580/yr for FULL coverage. $1000 deductable.

19 + Corvette + Insurance = BEND OVER BABY. Still, since you don't mention other mitigating factors like how old the car is, what the coverage is, what your driving record is, it is hard to comment on whether or not $6000 is appropriate.

 

[CKA_Racing]

All depends on where you live. My brother in Long Island at 19 had a good driver record. They wanted $6,000 a year to insure a new Camaro.:eek

 

[jmccloud]

Insurance

Try Grundy. They do a lot of classic car stuff. I'm curious if they'll give a youngster a break too. Please post their response.
Good luck

 

[Geof180]

i am 24 and live in colorado springs...recall an elderly woman ran into me back in october as well... that tacked on an additional 265 dollars...

two weeks ago, i forked over nearly 1200 dollars for the six month premium on my car.... the corvette is my only car...

however, in august, when i move to georgia, my insurance premium will drop nearly 400 dollars... location is a driving factor...

when i spoke with usaa the other day about this very thing, they said this drop does not take into account i will be 25 this summer or that i am getting married.....

unfortunately though, my little accident back in october will haunt me until october of 2005....

Geof

 

[Erik S. Klein]

i am 24 and live in colorado springs...recall an elderly woman ran into me back in october as well... that tacked on an additional 265 dollars...

If you were not at fault in the accident then your insurance company has no justification to raise your rates based on it.

USAA is usually very reasonable. If they are your carrier, I'd complain about the higher rate for the accident if you weren't at fault (per police reports, etc.)

As far as the original post, I think the suggestion that you buy a beater as your "main ride" are correct. A Corvette as a second car is a lot cheaper to insure.

Good luck!

 

[jerbils]

I have a bit of a similar situation. Right now I am 16, but I am making plans to buy a 1986 Corvette (it doesn't have to 1986; I'll take whatever C4 a can afford) coupe- before I am 20. At my job right now, I am not making very much, averaging about 60 dollars a week. The biggest problem is, I'm not exactly swimming in money, and I'm probably not going to be getting any financial support for a Corvette. My first car will be the cheapest thing I can get my hands on that runs. I intend to go into auto mechanics for a career (the purpose of me saying that is because I can probably do a lot of the needed work on the Vette myself). I know I will have to change jobs (which will have to wait until I get the aforementioned beater car). I will sell the beater before I buy the Vette, it is an impossibility for me to support both. I have two questions:

1. Can I expect the same astronomical insurance rates as the original poster (despite the year of manufacture)?

2. Does this plan in general make any sense considering the circumstances, or I am just shooting for something that will end up not working out?

Thanks in advance.

 

[vettedoc]

Josh-

Go to www.classicins.com they have good rates but they have a 3000 or 5000 mi/yr limit on milage. They may not pick you up due to your age. Give them a try.

Doc

 

[chevyaddict]

Just a thought and don't know if it pertains or is relevant but we don't carry full coverage on any of our cars simply because we wouldn't use an insurance company (given all their constraints) or a third party to fix any of our vettes (or others). Liability covers the other driver so the only time we would need coverage for our own vehicle is IF we were in an accident to where it was our fault. We carry liability on 14 of our vehicles and the total monthly rate is around $300 (but $75 of that is for the two bikes). They are all considered part-time (leisure) drivers. Remember, you only need full coverage if the vehicle is being financed or you expect to get in an accident to where it is your fault. Might want to check into liability insurance for the heck of it.
Remember, all that extra money you are paying out in insurance (in the event of a "totality" where its your fault) would probably replace the vette. It is a gamble but may be worth it for some. It is for us!

Our 84 was rearended and the insurance quote was $3400 to repair the back panel (which we wanted replaced anyway). We found someone parting one out - $350 and three hours later new panel with no leftover damage. Voila!:Twist

 

[1BA93Vette]

Howdy Again Folks,
Some places that I have talked to will not even cover me because of my age. I have a clean driving record (no tickets, no wrecks), I have a B average in school (college). The Vette I was going to buy was a '93, black on gray leather with an auto. I am going to call these insurance places and get some quotes on the vette. It wouldnt be a problem for me to get liability only but I am getting a loan from the bank so I cant get that till its paid off. I thought about getting a personal loan so then I could get liabilty only but they will not loan me enough. As soon as I get the quotes from these places, I will post them all up in hea!...Take it easy folks. Peace!

"Whoever said money can't buy happiness, obviously never bought a Corvette"

 

[MoeJr]

I have my Vette insured for 12k thru American Collectors insurance. Cost is 249 a year. I think the car has top be 15 years old though but not positive. Good Luck

 

[Daryllawman]

19 + Corvette + Insurance = BEND OVER BABY

You got that right......I don't see many if any 19 year olds on the highway driving a Vette...... However I have put a couple of 20 year olds in Jail for car jacking a Vette.......Short ride in the Vette and a long stay at the downtown Hilton ........ :cool

 

[1BA93Vette]

WHOOOHOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I went to my insurance company today and sat down and talked everything out. When I called the first time it was a 1-800 number for that company and didnt tell me the right quotes for the car. For me, being 19 and having a good driving record it is going to be $3200 a year for full coverage on my own policy, or I can put it on my fathers policy for only $2400. I was so happy to hear this good news. What part of TN are you from Daryllawman?
Yeah, I dont see many young drivers in Vettes either..maybe thats a good thing? All I see around here are these little rice-burners with airplane wings and fart-pipes and neon lights unfortunatly Rice rules! ...Oh well.

Josh K
_______________________________________________________________
"Whoever said money can't buy happiness, obviously never bought a Corvette"

 

[Daryllawman]

What part of TN are you from

Nashville...........Glad to hear the good news on the insurance.......

 

[KOPBET]

Congrats on finding insurance. At your age $200-260 a month for insurance is not bad at all, especially for a vette. Personally I wouldn't do it but that's just me. Two hundred fifty a month is almost another car payment! But I understand that you have to do what you have to do, to drive a VETTE!

KOPBET.

 

[1BA93Vette]

Yeah...To be at my age and paying that much for insurance is crazy but I can handle it. I have a great steady paying job so its no problem...Thanks for the response everyone...WHOOOHOOO for me...
Josh
______________________________________________________________
"Whoever said money can't buy happiness, obviously never bought a Corvette"

 

[Daryllawman]

Remember now............Keep the shiny side of the Vette UP and the not so shiny side DOWN.......