Pricey Chevrolet Corvette insurance in Birmingham can dwindle your monthly budget and force you to make tough financial choices. Doing a rate analysis is recommended to tighten up your finances.
A study showed that most consumers kept their coverage with the same car insurance company for a minimum of four years, and roughly 40% of drivers have never compared quotes from other companies. Drivers in Birmingham could cut their rates by $490 a year, but they underestimate the rate savings if they replace their high priced policy. Drivers have multiple auto insurance companies to choose from, and although it's nice to be able to choose, lots of choices makes it harder to compare rates and cut insurance costs.
Smart consumers take time to do rate comparisons as often as possible since prices go up and down regularly. Just because you found the best deal on Chevy Corvette insurance in Birmingham last year you may be paying too much now. There is a lot of wrong information about Corvette insurance on the internet, but I'm going to show you some great ways to quit paying high car insurance rates in Birmingham.
Finding affordable insurance coverage in Birmingham seems hard but is not really that difficult. If you currently have a car insurance policy, you will surely be able to cut your premiums using these methods. You only need an understanding of the quickest method to compare rate quotes instantly.
Affordable car insurance in Birmingham, AL
The companies in the list below are ready to provide comparison quotes in Alabama. If multiple companies are shown, it's highly recommended you compare several of them in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Corvette 2-Dr Coupe||$294||$544||$222||$14||$66||$1,140||$95|
|Corvette GS 2-Dr Coupe||$268||$504||$210||$12||$62||$1,056||$88|
|Corvette 2-Dr Convertible||$260||$544||$346||$20||$104||$1,274||$106|
|Corvette GS 2-Dr Convertible||$322||$656||$324||$20||$96||$1,418||$118|
|Corvette Z06 2-Dr Coupe||$322||$656||$252||$14||$76||$1,320||$110|
|Corvette ZR1 2-Dr Coupe||$570||$1406||$252||$14||$76||$2,318||$193|
|Get Your Own Custom Quote Go|
Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Alabama minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, multi-policy, and safe-driver. Rate quotes do not factor in vehicle location which can change insurance rates substantially.
Car insurance premiums based on gender
The diagram below shows the difference between Chevrolet Corvette insurance costs for male and female drivers. The prices are based on no claims, a clean driving record, comp and collision included, $250 deductibles, drivers are single, and no discounts are taken into consideration.
Does full coverage make sense?
The information below visualizes the comparison of Chevrolet Corvette insurance rates when comparing full coverage to liability only. The data assumes no violations or claims, $250 deductibles, married female driver, and no discounts are factored in.
When to buy liability coverage only
There is no definitive guideline for excluding physical damage insurance, but there is a guideline you can consider. If the yearly cost for physical damage coverage is about 10% or more of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
For example, let's say your Chevrolet Corvette claim settlement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $7,000 after the deductible is paid. If you are paying more than $700 a year for full coverage, then it might be time to consider dropping full coverage.
There are some cases where only buying liability is not recommended. If you still have a lienholder on your title, you have to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not buy liability only.
How Your Corvette Insurance Rates are Determined
Many factors are considered when premium rates are determined. Some are pretty understandable such as your driving record, although others are less obvious such as your credit history and annual miles driven. Part of the car insurance buying process is learning the rating factors that aid in calculating the price you pay for car insurance. If you have some idea of what influences your rates, this enables you to make decisions that can help you get lower car insurance prices.
The itemized list below are a few of the "ingredients" used by companies to determine rates.
- Credit score impacts premium rates - Having a bad credit rating can be a huge factor in calculating your car insurance rates. If your credit is not that good, you could save money insuring your Chevrolet Corvette by spending a little time repairing your credit. People with excellent credit scores tend to file fewer claims than those with lower credit ratings.
- Stressful job may mean higher prices - Do you work in a high-stress field? Occupations such as lawyers, architects and stock brokers tend to have higher premiums than the average policyholder in part from stressful work requirements and incredibly demanding work hours. On the other hand, jobs such as professors, engineers and performers have lower than average premiums.
- The type of car makes a difference - The performance of the car or truck you own makes a huge difference in the rate you pay. The cheapest rates will normally be found when insuring the lowest performance passenger vehicles, but your final cost has many other factors. Since the Chevrolet Corvette is considered a luxury sports car, insuring your vehicle will cost up to twice as much as compared to the average rate in Birmingham.
- Cautious drivers pay less - Good drivers get better rates compared to drivers with tickets. Just one driving citation may increase your cost by as much as thirty percent. Drivers unfortunate enough to have dangerous violations such as hit and run, DWI or reckless driving convictions may find that they have to to complete a SR-22 with the DMV in their state in order to prevent a license revocation.
- Rental and towing coverage may not be needed - There are many extra bells and whistles that can add up when buying car insurance. Coverages like personal injury protection, accidental death, and Farm Bureau memberships may be costing you every month. They may seem like a good idea when talking to your agent, but if you've never needed them in the past consider taking them off your policy.
- Chevy Corvette insurance loss statistics - Companies use past insurance losses to help calculate premium rates. Vehicles that have higher number or severity of losses will have a higher cost to insure.
The table below demonstrates the historical insurance loss data for Chevy Corvette vehicles. For each insurance policy coverage type, the claim probability for all vehicles averaged together is set at 100. Percentage values below 100 represent a good loss history, while numbers shown that are more than 100 point to more frequent losses or an increased chance of larger losses than average.
Auto Insurance Loss Data for Chevrolet Corvette Models
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Corvette 2dr 116 36 101 42 48 39 Chevrolet Corvette Convertible 99 25 57 36 Chevrolet Corvette Z06 2dr 176 126BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Auto insurance discounts help lower rates for Chevy Corvette insurance in Birmingham
Insurance can be prohibitively expensive, but you can get discounts that many people don't even know exist. A few discounts will automatically apply when you quote, but a few need to be manually applied before being credited.
- Multi-policy Discount - If you can bundle your auto and home insurance and insure them both with the same insurance company they may give you a discount of as much as 10 to 15 percent.
- Passenger Safety Discount - Cars that have air bags or automatic seat belts may get savings as much as 30%.
- College Student - Older children who live away from home to go to college and don't have a car can be insured at a reduced rate.
- Onboard Data Collection - People who choose to allow their auto insurance company to monitor driving patterns remotely like Drivewise from Allstate or In-Drive from State Farm could see a rate decrease if they exhibit good driving behavior.
- Club Memberships - Being a member of qualifying clubs or civic groups is a simple method to lower premiums when shopping for auto insurance.
- Senior Discount - If you qualify as a senior citizen, you may be able to get a small discount on rates.
- One Accident Forgiven - Not a discount per se, but companies like Liberty Mutual, Allstate and State Farm allow you one accident without getting socked with a rate hike so long as you are claim-free for a certain period of time.
- Fewer Miles Equal More Savings - Low mileage vehicles can qualify you for better premium rates on cars that stay parked.
- Full Payment Discount - If you can afford to pay the entire bill as opposed to paying monthly you can avoid the installment charge.
As a disclaimer on discounts, most of the big mark downs will not be given to all coverage premiums. Most only cut the cost of specific coverages such as medical payments or collision. Despite the appearance that adding up those discounts means a free policy, insurance companies wouldn't stay in business. But all discounts should help reduce the amount you pay for coverage.
To locate providers who offer cheap Chevy Corvette insurance quotes in Birmingham in Birmingham, click here to view.
Should I contact a local insurance agent?
Many drivers would rather have an agent's advice and that can be a great decision Good agents will help you protect your assets and help file insurance claims. One of the benefits of price shopping on the web is you can get cheaper rates and still buy from a local agent.
After filling out this short form, your insurance data is immediately sent to insurance agents in Birmingham who will give you quotes for your insurance coverage. It makes it easy because there is no need to leave your computer due to the fact that quote results will go directly to your email. If you wish to get a rate quote from a specific insurance provider, you can always search and find their rate quote page and complete a quote there.
Finding a good insurance company requires more thought than just a low price. The following questions are important to ask.
- How does the company pay claims for a total loss?
- Are they actively involved in the community?
- Are they full-time agents?
- Who is covered by the car insurance policy?
- Will their companies depreciate repairs to your car based on the mileage?
- If you have an accident, will your rates go up?
- Can glass repairs be made at your home?
- Are they paid to recommend certain coverages?
What types of auto insurance agents are in Birmingham?
If you are wanting to purchase insurance from a local Birmingham insurance agency, you must know there are a couple different agency structures to choose from. Insurance agents in Birmingham can be described as either exclusive or independent (non-exclusive). Either one can write insurance policies, but it's important to point out why they differ because it may have an impact on the type of agent you choose.
Exclusive Insurance Agencies
Agents that elect to be exclusive are contracted to one company and examples are Farmers Insurance, Allstate, or State Farm. Exclusive agents cannot place coverage with different providers so if the price isn't competitive there isn't much they can do. Exclusive insurance agents receive a lot of sales training on their products and sales techniques and that can be a competitive advantage.
Shown below are Birmingham exclusive agents willing to provide rate quotes.
Independent Agencies or Brokers
Independent agents are not locked into one company so they can insure your vehicles with multiple insurance companies and get the cheapest rates. If your agent finds better pricing, the business is moved internally and you don't have to find a new agent.
When comparing insurance prices, you will want to get rate quotes from at least one independent agent to ensure the widest selection of prices.
Shown below is a list of independent insurance agencies in Birmingham that are able to give price quotes.
Once you have received good feedback to these questions as well as a affordable price, chances are good that you have found a car insurance agent that can be trusted to provide insurance coverage.
How much insurance do I need?
Always keep in mind that when comparing proper insurance coverage for your personal vehicles, there really is no cookie cutter policy. Each situation is unique.
Here are some questions about coverages that might point out whether you would benefit from professional advice.
- Do I need an umbrella policy?
- Do I have newly-acquired coverage?
- What companies insure drivers after a DUI or DWI?
- What states are considered no-fault?
- What does UM/UIM cover?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
If you're not sure about those questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form. It's fast, free and may give you better protection.
Don't give up on affordable coverage
A few companies may not have rate quotes online and many times these small insurance companies sell through independent agents. More affordable car insurance in Birmingham is attainable online in addition to many Birmingham insurance agents, and you need to price shop both to have the best rate selection.
Throughout this article, we presented a lot of tips how to compare Chevy Corvette insurance premium rates in Birmingham. The key concept to understand is the more rate quotes you have, the higher the chance of saving money. You may even find the lowest premium rates are with a company that doesn't do a lot of advertising.
Consumers who switch companies do it for a number of reasons such as denial of a claim, high rates after DUI convictions, poor customer service or even delays in responding to claim requests. Regardless of your reason for switching companies, choosing a new insurance company is pretty simple and you could end up saving a buck or two.
More detailed car insurance information can be read at these sites: