Best Ways to Save on Lincoln Chevy Corvette Insurance

Truthfully, the best way to find cheaper car insurance rates is to compare prices annually from different companies that insure vehicles in Lincoln.

1. Try to learn a little about how insurance works and the steps you can take to keep rates down. Many factors that are responsible for high rates such as speeding tickets, careless driving and a not-so-good credit score can be amended by making minor changes to your lifestyle.
2. Quote rates from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only quote rates from one company like GEICO or Allstate, while independent agents can provide price quotes for many different companies. Compare rates now
3. Compare the new rate quotes to your existing coverage to see if a cheaper price is available. If you find better rates and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
4. Provide proper notification to your current company of your intention to cancel the current policy. Submit a down payment along with a signed application to your new company or agent. When you receive it, place the new certificate verifying coverage with the vehicle registration.

One important bit of advice is to use the same liability limits and deductibles on each quote request and and to get rates from as many companies as you can. This guarantees a fair price comparison and a thorough price selection.

Astonishing but true according to a recent study, the vast majority of car insurance customers in Nebraska renewed their policy with the same company for a minimum of four years, and approximately 40% of consumers have never quoted car insurance rates at all. Many drivers in America can save nearly $859 each year just by comparing rates, but they just assume it takes a lot of time to save money by comparing rate quotes.

If you are insured now or need a new policy, you can follow these tips to get lower rates without reducing coverage. Buying the cheapest car insurance in Lincoln is actually not that difficult if you follow our advice. You only need to know the best way to find the lowest price instantly.

Why Your Insurance Premiums might be higher

Part of the insurance buying process is learning the rating factors that go into determining your premiums. When consumers understand what impacts premium levels, this enables informed choices that will entitle you to lower premium levels.

• Too many claims will drive rates up – If you are a frequent claim filer, you can expect either policy cancellation or increased premiums. Auto insurance companies in Nebraska give better rates to policyholders who only file infrequent claims. Insurance coverage is intended for larger claims.
• Employer stress can make you pay more – Did you know that where you work can have an impact on rates? Jobs like judges, architects, and miners have higher rates than average attributed to intense work requirements and lengthy work days. On the other hand, jobs like professors, historians and the unemployed get better rates.
• More traffic equals higher prices – Living in a rural area can be a good thing when buying insurance. Residents of big cities tend to have congested traffic and longer commutes to work. Fewer drivers on the road means a lower chance of having an accident.
• Safer vehicles save money – Safe vehicles tend to be cheaper to insure. Vehicles built for safety have better occupant injury protection and reduced instances of injuries means your insurance company pays less and lower rates for you.

• Good drivers pay better premiums – Good drivers get better prices than their less careful counterparts. Even a single speeding ticket can boost insurance rates substantially. Drivers who have license-revoking citations such as hit and run, DWI or reckless driving convictions may be required to submit a SR-22 form with their state’s department of motor vehicles in order to prevent their license from being revoked.

  The example below illustrates how violations and accidents can drive up Chevy Corvette insurance premiums for each age group. Data assumes a married female driver, full physical damage coverage, $500 deductibles, and no discounts are applied.

• Liability coverage claims can be big – Your policy’s liability coverage kicks in if ever a court rules you are at fault for an accident. Liability provides legal defense which can cost a lot. Liability is cheap compared to other policy coverages, so buy as much as you can afford.
• Bump up physical damage deductibles to lower rates – Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, is used to repair damage to your vehicle. Examples of some claims that would be covered are a dented fender, hitting a deer, or theft. The deductibles you choose tell how much you are willing to pay out-of-pocket if the claim is covered. The larger the amount you choose to pay out-of-pocket, the lower your rates will be.

• Insurance losses for a Chevy Corvette – Companies use statistical claims data when they file their rates in each state. Models that the statistics show to have a higher amount or frequency of claims will have higher rates.

  The next table illustrates the actual insurance loss data for Chevy Corvette vehicles. For each policy coverage type, the claim probability for all vehicles compiled together is equal to 100. Values that are 100 or less mean the vehicle has better than average losses, while values over 100 point to more losses or statistically larger losses.

  
  

  Chevrolet Corvette Insurance Loss Statistics

  Specific Chevrolet 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		126

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics from IIHS.org for 2013-2015 Model Years

Analysis of coverages

The table displayed next covers different insurance policy prices for Chevy Corvette models. Having a good grasp of how prices are calculated helps drivers make informed decisions when shopping around for a new policy.

Data variables include married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Nebraska minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Price estimates do not factor in specific location which can increase or decrease prices significantly.

Can higher deductibles save money?

A question often asked by Lincoln drivers is the level to set your comp and collision deductibles. The rates shown below outline the differences in premium rates when you choose different deductibles. The first pricing table uses a $250 deductible for physical damage and the second pricing table uses a $500 deductible.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Nebraska minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Price estimates do not factor in your specific Lincoln location which can alter coverage prices substantially.

Based on the data above, we can derive that using a $250 deductible costs approximately $20 more each month or $240 annually than choosing the higher $500 deductible. Since the policyholder would be required to pay $250 more to file a claim with a $500 deductible as compared to a $250 deductible, if you normally go at a minimum 13 months between claims, you would probably be better off by selecting a higher deductible.

One important issue to know is that a higher deductible level means you will have to pay more when you have a physical damage claim. It will be required that you have some non-essential savings in order to pay the deductible for vehicle repair.

The diagram below shows how choosing a deductible and can impact Chevy Corvette insurance costs for each different age group. The premiums assume a married male driver, full coverage, and no discounts are taken into consideration.

Should you buy full coverage?

The diagram below visualizes the comparison of Chevy Corvette insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premium estimates are based on a clean driving record, no claims, $1,000 deductibles, drivers are single, and no policy discounts are applied.

When to switch to liability coverage only

There isn’t a steadfast formula of when to exclude comp and collision coverage, but there is a general guideline. If the annual cost of coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.

For example, let’s pretend your Chevy Corvette book value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled, you would only receive $4,000 after you pay the deductible. If you are paying in excess of $400 annually to have full coverage, the it may be a good time to stop paying for full coverage.

There are a few cases where dropping physical damage coverage is not a good idea. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not buy liability only.

Do you qualify for discounts on Chevy Corvette insurance in Lincoln?

Some providers don’t list all possible discounts very well, so the below list has some of the best known in addition to some of the lesser obvious credits available to bring down your rates. If you’re not getting every credit possible, you’re paying more than you need to.

• Low Mileage Discounts – Driving less may allow you to get substantially lower prices.
• Save with a New Car – Insuring a new Corvette can save you some money because newer models keep occupants safer.
• Lower Rates for Military – Having a deployed family member could mean lower car insurance rates.
• Air Bags and Passive Restraints – Vehicles equipped with air bags and/or automatic seat belt systems could see savings of 20 to 30 percent.
• No Claims – Drivers who don’t have accidents pay much less as compared to accident-prone drivers.
• Accident Forgiveness – This one isn’t a discount, but some insurance companies will let one accident slide without raising rates if your claims history is clear for a set time period.
• Driver Safety – Taking time to complete a safe driver class is a good idea and can lower rates depending on where you live.
• Student Discount for Driver Training – Teen drivers should take driver’s ed class if it’s offered in school.

It’s important to note that most discounts do not apply to the whole policy. Most only cut the price of certain insurance coverages like comprehensive or collision. So despite the fact that it appears you can get free auto insurance, it doesn’t quite work that way.

The chart below shows the difference between Chevy Corvette car insurance costs with and without discounts applied to the policy premium. The data assumes a male driver, a clean driving record, no claims, Nebraska state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, marriage, multi-car, homeowner, multi-policy, and safe-driver discounts applied.

The best car insurance companies and a summarized list of policyholder discounts include:

• State Farm offers discounts for student away at school, good driver, multiple policy, Steer Clear safe driver discount, Drive Safe & Save, and safe vehicle.
• Farmers Insurance may include discounts for youthful driver, multi-car, teen driver, pay in full, and early shopping.
• Progressive discounts include multi-vehicle, homeowner, online signing, multi-policy, continuous coverage, good student, and online quote discount.
• GEICO may have discounts that include federal employee, five-year accident-free, membership and employees, anti-theft, driver training, and defensive driver.
• Auto-Owners Insurance includes discounts for air bags, mature driver, company car, anti-lock brakes, group or association, student away at school, and multi-policy.
• The Hartford has savings for bundle, driver training, vehicle fuel type, air bag, and good student.
• Farm Bureau may offer discounts for youthful driver, multi-vehicle, good student, 55 and retired, renewal discount, and driver training.
• USAA has discounts for multi-policy, annual mileage, loyalty savings, vehicle storage, and defensive driver.

Before buying, ask every company which discounts can lower your rates. Some discounts may not be available in your state. To locate insurance companies with significant discounts in Nebraska, click here to view.

Persistent drivers can save

Throughout this article, we presented some good ideas how you can lower your Chevy Corvette insurance rates in Lincoln. It’s most important to understand that the more quotes you get, the better your chances of lowering your auto insurance rates. Consumers could even find that the lowest rates are with some of the lesser-known companies.

As you shop your coverage around, never sacrifice coverage to reduce premiums. There have been many situations where an insured dropped liability coverage limits only to find out that their decision to reduce coverage ended up costing them more. The goal is to get the best coverage possible at a price you can afford but still have enough coverage for asset protection.

There are still a few companies who may not offer online rate quotes and most of the time these small, regional companies provide coverage only through independent agencies. Affordable Chevy Corvette insurance in Lincoln can be purchased from both online companies and with local Lincoln insurance agents, and you need to comparison shop both in order to have the best chance of saving money.

Much more information about car insurance in Nebraska can be found below:

• Collision Coverage (Liberty Mutual)
• Who Has Affordable Lincoln Auto Insurance Rates for a Jeep Grand Cherokee? (FAQ)
• Who Has the Cheapest Auto Insurance Quotes with Multiple Speeding Tickets in Lincoln? (FAQ)
• Who Has Cheap Auto Insurance Rates for High Mileage Drivers in Lincoln? (FAQ)
• Who Has Cheap Lincoln Auto Insurance Quotes for Veterans? (FAQ)
• Who Has Cheap Lincoln Auto Insurance Quotes for Ride Shares? (FAQ)
• Teen Driver Licensing Information (iihs.org)
• Older Drivers FAQ (iihs.org)