2003 Chevrolet Corvette Insurance Quotes – 7 Discounts for Best Rates

Are you kicking yourself for buying high-priced insurance? Trust us, many consumers are feeling buyer’s remorse and feel like there’s no way out. Insurance companies such as State Farm, Progressive and GEICO constantly bombard you with advertising and it is challenging if not impossible to see through the deception and take the time to shop coverage around.

It’s important to get comparison quotes occasionally because insurance prices tend to go up over time. Even if you got the lowest price for Corvette coverage six months ago there is a good chance you can find better rate quotes now. Ignore everything you know about insurance because I’m going to teach you the best way to remove unneeded coverages and save money.

Auto insurance companies offer many types of discounts

Car insurance is not cheap, but there may be some discounts that you may not even be aware of. Certain reductions will be credited at the time of purchase, but less common discounts must be specially asked for before they will apply.

  • Pay Early and Save – By paying your policy upfront rather than paying in monthly installments you could save up to 5%.
  • Discount for New Cars – Putting insurance on a new car can be considerably cheaper since new vehicles have better safety ratings.
  • Seat Belts Save – Drivers who require all vehicle occupants to use a seat belt could save 15% off the personal injury premium cost.
  • Federal Employees – Active or former government employment may reduce rates when you quote car insurance for Corvette coverage depending on your auto insurance provider.
  • Multiple Vehicles – Buying a policy with multiple cars on a single policy can get a discount on all vehicles.
  • Professional Organizations – Being in qualifying employment or professional organizations can get you a small discount on your next renewal.
  • Accident Waiver – This one is not really a discount per se, but companies like Liberty Mutual and GEICO may permit one accident before your rates go up with the catch being you have to be claim-free for a specific time period.

A quick disclaimer, most credits do not apply to the entire cost. Some only reduce individual premiums such as physical damage coverage or medical payments. Even though the math looks like adding up those discounts means a free policy, you’re out of luck. But any discount will lower your policy cost.

Larger auto insurance companies and their possible discounts are:

  • AAA may offer discounts for education and occupation, good driver, pay-in-full, good student, and multi-policy.
  • Progressive may include discounts for multi-policy, online signing, multi-vehicle, homeowner, and good student.
  • State Farm policyholders can earn discounts including good driver, multiple autos, accident-free, good student, student away at school, defensive driving training, and multiple policy.
  • Esurance offers discounts including good student, multi-car, online quote, Pac-12 alumni, emergency road assistance, claim free, and good driver.
  • Nationwide has savings for good student, anti-theft, multi-policy, family plan, easy pay, and business or organization.

If you need low cost car insurance quotes, ask every company how many discounts you can get. Some of the earlier mentioned discounts may not apply to policies in your state. To see a list of insurance companies who offer auto insurance discounts, click this link.

Do I just need basic coverages?

When buying proper insurance coverage for your vehicles, there really is not a cookie cutter policy. Everyone’s situation is a little different so your insurance needs to address that. These are some specific questions might point out whether or not you could use an agent’s help.

  • Will I be non-renewed for getting a DUI or other conviction?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • Can my babysitter drive my car?
  • Do I need more liability coverage?
  • When should I buy a commercial auto policy?
  • When should I not file a claim?
  • Can I afford to buy a different vehicle if my 2003 Chevy Corvette is totaled?
  • How high should deductibles be on a 2003 Chevy Corvette?
  • What happens if I owe more than my 2003 Chevy Corvette is worth?
  • Am I covered if I hit a deer?

If you’re not sure about those questions, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, take a second and complete this form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and you can get the answers you need.

But they said I’d save $460 a year!

Consumers can’t avoid all the ads for insurance coverage savings from companies such as Progressive, GEICO, Allstate and State Farm. They all make an identical promise that people will save just by switching your insurance coverage policy to them.

How does every company offer you a better deal? This is the trick they use.

All the different companies have specific guidelines for the driver that will add to their bottom line. A good example of a profitable risk profile might have to be over the age of 45, owns their home, and drives newer vehicles. Any new insured who fits that profile gets the lowest car insurance rates and will most likely save when switching.

Potential customers who fall outside the ideal profile may receive higher rates which usually ends up with the customer buying from someone else. The wording the ads use say “customers who switch” not “everyone who quotes” can save as much as they claim. That’s why insurance companies can claim big savings.

This really drives home the point why you really need to do a price quote comparison at every renewal. It’s not possible to predict which company will provide you with the cheapest prices.

Learn about car insurance coverages for a 2003 Chevy Corvette

Learning about specific coverages of a car insurance policy helps when choosing the best coverages and the correct deductibles and limits. The terms used in a policy can be confusing and even agents have difficulty translating policy wording. Below you’ll find typical coverages found on most car insurance policies.

Comprehensive auto coverage – This coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like hitting a bird, a broken windshield, vandalism, damage from a tornado or hurricane and rock chips in glass. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle’s value is low consider dropping full coverage.

Collision coverages – This covers damage to your Corvette from colliding with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage protects against claims like sideswiping another vehicle, backing into a parked car and crashing into a ditch. Collision is rather expensive coverage, so consider removing coverage from vehicles that are older. It’s also possible to bump up the deductible to bring the cost down.

Medical payments and PIP coverage – Coverage for medical payments and/or PIP pay for short-term medical expenses for things like doctor visits, funeral costs, prosthetic devices and chiropractic care. They can be used in conjunction with a health insurance policy or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. PIP is not universally available but it provides additional coverages not offered by medical payments coverage

Liability insurance – Liability coverage will cover damage or injury you incur to a person or their property. Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have policy limits of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and $50,000 of coverage for damaged propery. Another option is a combined single limit or CSL which provides one coverage limit rather than limiting it on a per person basis.

Liability can pay for claims like bail bonds, funeral expenses, loss of income, pain and suffering and attorney fees. The amount of liability coverage you purchase is up to you, but it’s cheap coverage so purchase as high a limit as you can afford.

UM/UIM (Uninsured/Underinsured Motorist) coverage – This coverage provides protection from other motorists when they do not carry enough liability coverage. Covered losses include hospital bills for your injuries and damage to your Chevy Corvette.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important. Most of the time these coverages do not exceed the liability coverage limits.

Final considerations

Budget-conscious 2003 Chevy Corvette insurance is available both online and with local insurance agents, so you should be comparing quotes from both so you have a total pricing picture. Some auto insurance companies do not provide the ability to get a quote online and these smaller providers only sell coverage through local independent agents.

Throughout this article, we presented some good ideas how to save on 2003 Chevy Corvette insurance. It’s most important to understand that the more rate quotes you have, the higher the chance of saving money. You may even discover the lowest priced auto insurance comes from an unexpected company. These smaller insurers often have lower rates on specific markets than their larger competitors like Allstate or State Farm.

As you shop your coverage around, it’s very important that you do not sacrifice coverage to reduce premiums. There are many occasions where an insured cut full coverage to discover at claim time that the savings was not a smart move. Your goal should be to find the BEST coverage at the lowest possible cost, but don’t skip important coverages to save money.

To learn more, feel free to browse the articles below: