It’s a fact that car insurance companies don’t want you shop around. Consumers who shop rates annually will most likely switch to a new company because they stand a good chance of finding a lower-cost company. Surprisingly, a recent survey revealed that consumers who regularly shopped around saved an average of $3,400 over four years compared to people who never shopped for cheaper rates.
If finding the cheapest price on car insurance is why you’re reading this, then learning a little about how to choose a company and compare auto insurance can help you succeed in finding affordable rates.
It takes a little time, but the best way to get affordable Chevy Corvette insurance in Toledo is to regularly compare quotes from insurers in Ohio.
- Spend some time learning about what is in your policy and the things you can control to keep rates low. Many rating criteria that cause high rates such as traffic citations and a negative credit score can be eliminated by making lifestyle changes or driving safer. Continue reading for additional tips to help keep prices low and get discounts that may be overlooked.
- Compare prices from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only quote rates from a single company like GEICO or Farmers Insurance, while agents who are independent can give you price quotes from multiple companies.
- Compare the quotes to the premium of your current policy and determine if there is any savings. If you find better rates and buy the policy, make sure there is no lapse in coverage.
One tip to remember is to try to compare the same physical damage deductibles and liability limits on every quote and and to get prices from every company you can. Doing this helps ensure a level playing field and a complete price analysis.
Finding affordable auto insurance coverage in Toledo is really quite simple as long as you have a good starting point. If you have a policy now or are looking for a new policy, use these cost-cutting techniques to find the best rates and still have adequate protection. Vehicle owners just have to understand the most efficient way to shop from many different companies online.
You Can Change Your Insurance Rates
Many different elements are used when you quote your car insurance policy. A few of the factors are predictable such as your driving history, but other criteria are not as apparent like your continuous coverage or your vehicle rating.
The factors shown below are some of the items used by insurance companies to determine your prices.
More performance means more cost – The performance level of the car you need insurance for makes a substantial difference in how high your rates are. Lower cost passenger cars generally receive the lowest base rates, but many other things help determine your insurance rates.
The chart below uses these variables: married male driver age 50, full coverage with $500 deductibles, and no discounts or violations. The data compares Chevrolet Corvette insurance premiums compared to other makes and models that have different risk factors.
Always have insurance – Going without insurance will be a sure-fire way to increase your rates. Not only will you pay higher rates, getting caught without coverage might get you a license revocation or jail time. You could then be forced to provide proof of insurance in the form of an SR-22 filing with the Ohio motor vehicle department.
Get better costs if you’re married – Walking down the aisle may cut your premiums on insurance. Having a spouse is viewed as being more mature than a single person and insurance companies reward insureds because married couples file fewer claims.
You may save more by bundling policies – Most companies will award better rates to insureds that purchase more than one policy, otherwise known as a multi-policy discount. The discount can be ten or even fifteen percent. Even if you already get this discount, drivers will still want to get quotes from other companies to ensure the best deal.
Prevent theft and reduce rates – Buying a car with an alarm system can earn a premium discount. Anti-theft devices such as OnStar, LoJack tracking, and tamper alarms all help prevent auto theft.
Lower mileage equals lower premium – The more you drive every year the higher your rate. A lot of companies apply a rate partially by how you use the vehicle. Vehicles that have low annual miles receive lower rates as compared to vehicles used primarily for driving to work. Incorrect rating for your Corvette may be costing you. Make sure your insurance coverage correctly shows the proper vehicle usage, because it can save money.
Insurance losses for a Chevy Corvette – Insurers analyze claim trends for every vehicle when setting premium costs. Models that the statistics show to have a higher amount or frequency of claims will be charged more to insure.
The next table shows the insurance loss data used by companies for Chevy Corvette vehicles. For each insurance policy coverage type, the claim probability for all vehicles combined as an average is considered to be 100. Numbers below 100 suggest a better than average loss history, while numbers shown that are more than 100 indicate frequent claims or tendency to have larger claims.
|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||126|
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Insurance rate breakdown
The rate information displayed next highlights detailed analysis of insurance rates for Chevy Corvette models. Learning as much as possible about how rate quotes are calculated is important to be able to make smart policy decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Corvette 2-Dr Coupe||$166||$350||$202||$12||$60||$790||$66|
|Corvette GS 2-Dr Coupe||$198||$392||$202||$12||$60||$864||$72|
|Corvette 2-Dr Convertible||$198||$392||$260||$16||$78||$944||$79|
|Corvette GS 2-Dr Convertible||$214||$432||$260||$16||$78||$1,000||$83|
|Corvette Z06 2-Dr Coupe||$214||$432||$202||$12||$60||$920||$77|
|Corvette ZR1 2-Dr Coupe||$276||$596||$202||$12||$60||$1,146||$96|
|Get Your Own Custom Quote Go|
Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Table data does not factor in specific location information which can influence prices considerably.
Reckless driving habits raise Toledo auto insurance rates
The information below illustrates how violations and at-fault accidents increase Chevy Corvette auto insurance rates for different categories of driver ages. The information is based on a single female driver, full coverage, $100 deductibles, and no policy discounts are applied.
Male drivers compared to female drivers
The example below illustrates the difference between Chevy Corvette annual premium costs for male and female drivers. The rates are based on no claims or driving violations, comprehensive and collision coverage, $500 deductibles, marital status is single, and no additional discounts are factored in.
Do you need full coverage?
The diagram below visualizes the comparison of Chevy Corvette insurance premiums with full physical damage coverage compared to only buying liability only. The information is based on no tickets, no at-fault accidents, $100 deductibles, drivers are not married, and no other discounts are factored in.
When to buy liability coverage only
There isn’t a written rule for dropping full coverage, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s pretend your Chevy Corvette replacement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $5,000 after the policy deductible has been paid. If it’s costing you more than $500 annually for full coverage, then you might want to think about dropping full coverage.
There are some cases where only buying liability is not recommended. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not eliminate full coverage.
Chevy Corvette insurance discounts in Toledo
Companies offering auto insurance don’t always list the entire discount list in an easy-to-find place, so we break down some of the best known as well as some of the hidden discounts that you can inquire about if you buy Toledo auto insurance online.
- Early Renewal Discounts – Some car insurance companies reward drivers for switching companies prior to your current Corvette insurance policy expiring. You may see this discount when you get Toledo auto insurance quotes online.
- Theft Deterrent Discount – Cars optioned with advanced anti-theft systems are less likely to be stolen and that can save you a little bit as well.
- Safety Course Discount – Taking time to complete a driver safety course could save 5% or more if your company offers it.
- Military Deployment Discount – Being on active deployment in the military can result in better car insurance rates.
- Clubs and Organizations – Being in qualifying employment or professional organizations could trigger savings when shopping for car insurance.
- Discount for Passive Restraints – Options like air bags or motorized seat belts can receive discounts of more than 20%.
- Homeowners Savings – Owning your own home or condo can help you save on car insurance because owning a home shows financial diligence.
- Driving Data Discount – Insureds that choose to allow data collection to spy on when and where they use their vehicle remotely such as Drivewise from Allstate or Snapshot from Progressive might get better premium rates if they have good driving habits.
Keep in mind that many deductions do not apply to all coverage premiums. Most only reduce the price of certain insurance coverages like medical payments or collision. Despite the fact that it seems like you can get free auto insurance, it just doesn’t work that way. But all discounts will help reduce the premium cost.
The example below compares Chevy Corvette auto insurance rates with and without discounts being applied to the rates. The costs are based on a male driver, no driving violations, no at-fault accidents, Ohio 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, homeowner, safe-driver, multi-policy, and multi-car discounts applied.
A list of car insurance companies and some of the discounts are outlined below.
- State Farm may include discounts for defensive driving training, multiple policy, multiple autos, Steer Clear safe driver discount, and Drive Safe & Save.
- GEICO offers premium reductions for driver training, multi-policy, air bags, membership and employees, good student, anti-lock brakes, and military active duty.
- Progressive has discounts for homeowner, online signing, good student, online quote discount, and multi-vehicle.
- 21st Century includes discounts for student driver, automatic seat belts, early bird, driver training, and teen driver.
- American Family offers discounts including TimeAway discount, air bags, good student, mySafetyValet, and bundled insurance.
- The Hartford may have discounts that include defensive driver, bundle, good student, air bag, anti-theft, vehicle fuel type, and driver training.
- AAA discounts include pay-in-full, AAA membership discount, multi-policy, education and occupation, and good driver.
When comparing rates, check with each insurance company which discounts they offer. Depending on the company, some discounts may not be offered everywhere. To see car insurance companies that offer some of these discounts in Toledo, click here.
How to find a good Ohio auto insurance company
Selecting the best auto insurance provider can be difficult considering how many different insurance companies sell coverage in Toledo. The ranking data listed below can help you pick which insurers you want to consider when shopping around.
Top 10 Toledo Car Insurance Companies by A.M. Best Rank
- USAA – A++
- GEICO – A++
- Travelers – A++
- State Farm – A++
- Allstate – A+
- Progressive – A+
- Erie Insurance – A+
- The Hartford – A+
- Nationwide – A+
- Esurance – A+
Top 10 Toledo Car Insurance Companies Ranked by Claims Service
- Liberty Mutual
- AAA Insurance
- Safeco Insurance
- The General
Smart consumers save more
As you go through the steps to switch your coverage, don’t be tempted to buy poor coverage just to save money. There have been many cases where someone sacrificed uninsured motorist or liability limits and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. Your focus should be to purchase plenty of coverage at a price you can afford but still have enough coverage for asset protection.
We’ve covered some good ideas how you can get a better price on Chevy Corvette insurance in Toledo. The most important thing to understand is the more rate quotes you have, the better your comparison will be. You may even discover the lowest priced insurance comes from a small mutual company. These companies may only write in your state and offer lower premium rates compared to the large companies like Allstate and Progressive.
Cost effective Chevy Corvette insurance is available both online and with local Toledo insurance agents, and you should be comparing both to have the best selection. Some insurance companies may not offer online rate quotes and most of the time these smaller providers sell through independent agents.
Helpful learning opportunities
- Auto Crash Statistics (Insurance Information Institute)
- What Insurance is Cheapest for a Dodge Ram in Toledo? (FAQ)
- Liability Insurance Coverage (Nationwide)
- No-Fault Auto Insurance Statistics (Insurance Information Institute)
- What is Covered by GAP Insurance? (Allstate)