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Is ME insurance more?

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  • Is ME insurance more?

    I've been told ME insurance is higher than front engine cars, even in the same category.

  • #2
    I doubt that's a significant factor. To the extent it is higher, I suspect it's because ME cars are almost all high performance cars, and those cost more to insure than family sedans. Your age and driving record, credit history, where you live, how many miles you drive, marital status, and other factors matter a lot more.

    When I moved from a Miata (158 hp, IIRC) to my Stingray, my insurance premiums only went up about $40 a year.
    SunKissed, my 2015 2LT, 7MT, Black over Daytona Sunrise Orange Metallic, Stingray convertible (One of about 40)

    Purchased 5/2/2015,
    >31,000+ miles

    Proud member of the Old Dominion Corvette Club. Check us out http://www.olddominioncorvetteclub.org

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    • #3
      The C8 will have many more safety systems than the C7, will have the advantage of meeting current safety standards. IMO, about the same or even better rates than the average C7 buyer. I talked with an insurance agent while at the Bash, and she said that they do not expect C8 rates until about early next year.
      Excited owners of a 2015 Z06. Lifetime, annual contributors, and 20 year members of NCM. Our 2020 ME C8 Corvette is next.

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      • #4
        Originally posted by John View Post
        The C8 will have many more safety systems than the C7, will have the advantage of meeting current safety standards. IMO, about the same or even better rates than the average C7 buyer. I talked with an insurance agent while at the Bash, and she said that they do not expect C8 rates until about early next year.
        Good to know that John.

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        • #5
          We pay just $65/month for my Z06. Why so low, for all the factors listed above, plus living in a very low crime rate area.
          Excited owners of a 2015 Z06. Lifetime, annual contributors, and 20 year members of NCM. Our 2020 ME C8 Corvette is next.

          Comment


          • #6
            Don't know for sure, but guessing the average age of a corvette driver has a lot to do with the insurance experience rating. Any insurance folks on here?
            First Car: 1974 Fiat X1/9 mid-engine.
            1985 Toyota MR2 first generation mid-engine, 2000 Toyota MR2 third generation mid-engine, 2005 Lotus Elise mid-engine.
            Currently own 1993 Corvette Convertible. Time to merge mid with Vette.

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            • #7
              Corvette owners take such good care of their cars that there is minimal claims on the cars being damaged...

              im paying what would amount to 65 dollars a month for insurance as well and in Nj insurance is usually known as a bend over experience

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              • #8
                From what I've heard, another major factor determining insurance rates is the repair cost. Or anticipated repair cost in the case of a new model like the C8. If ME's have higher than average repair costs due to issues with accessing components etc, that may well be reflected in the insurance rates.

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                • #9
                  Originally posted by Klinn View Post
                  From what I've heard, another major factor determining insurance rates is the repair cost. Or anticipated repair cost in the case of a new model like the C8. If ME's have higher than average repair costs due to issues with accessing components etc, that may well be reflected in the insurance rates.
                  True. Also, how frequently the model gets into accidents. I haven't seen statistics that prove it, but since the Corvette tends to be purchased by older gentlemen (and ladies) who tend to drive a bit more carefully, the Corvette's insurance rates might well be lower than something like a Honda Civic Si, which is bought in large numbers by young drivers who are more likely to be in an accident.

                  Hopefully the C8 won't shift the owner demographic so much that we move the insurance rates into "squid" territory.
                  SunKissed, my 2015 2LT, 7MT, Black over Daytona Sunrise Orange Metallic, Stingray convertible (One of about 40)

                  Purchased 5/2/2015,
                  >31,000+ miles

                  Proud member of the Old Dominion Corvette Club. Check us out http://www.olddominioncorvetteclub.org

                  Comment


                  • #10
                    Originally posted by Klinn View Post
                    From what I've heard, another major factor determining insurance rates is the repair cost. Or anticipated repair cost in the case of a new model like the C8. If ME's have higher than average repair costs due to issues with accessing components etc, that may well be reflected in the insurance rates.
                    Very true! Good point Klinn.

                    At the same time, the fact that the total cost of a dealerships’ C8 required tool set is only $1,500, does give us a partial, preliminary bit of optimism in even the serviceability issue. We certainly do not know how this would work eventually/totally, nor do we know the hours of labors involved for a C7 vs C8 comparable repair, but that the C8’s tools set is not a $5,000 or even $10,000 hit, is a nice initial, optimistic bit of data.

                    I wonder how many tens of thousands of dollars most ME tool sets cost at other ME brands?
                    Excited owners of a 2015 Z06. Lifetime, annual contributors, and 20 year members of NCM. Our 2020 ME C8 Corvette is next.

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                    • #11
                      Our Corvette cost to insure was less than our Toyota Camry. Amazing but true

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                      • #12
                        The composite body panels are for the most part easy to replace in the rare accidents that occur so insirance will stay low. Of course as the prices rise so to does some aspect of insurance.

                        for the most part if you do a little shopping for insurance the rates are quite reasonable. Of course after a few years its of course smart to competitively shop new insurance companies ..

                        right mow I use amica ...good pricing, solid company.

                        i recommend them to at least competitively shop your current company. (At least here in NJ)

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                        • #13
                          Originally posted by Racer86 View Post
                          Our Corvette cost to insure was less than our Toyota Camry. Amazing but true
                          I guess that the insurers have reams of information on their payout costs on every type of car. We have an '07 Yaris that costs 35% more to insure than the Corvette! I'd expect that situation to continue.
                          Last edited by Bikerjulio; 05-20-2019, 08:13 AM.

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                          • #14
                            Wow, a Yaris cost 35% more than your Corvette. I never would have guessed that.

                            Going back to JB’s post, having a first rate insurer is a huge relief if ugliness ever comes to visit. I have been a State Farm customer for 53 years. On the very few times when we needed superlative treatment, each time they exceeded what we wanted/hoped for. We could care less if there could be some slightly cheaper companies. We will stay with SF forever. And at $65/month for our Corvette, can’t beat that rate anyway.
                            Excited owners of a 2015 Z06. Lifetime, annual contributors, and 20 year members of NCM. Our 2020 ME C8 Corvette is next.

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                            • #15
                              You can read this article: Car Insurance

                              Comment

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