The mid-engine C8 Corvette has been a part of the public consciousness for decades, long before the car was unveiled earlier this summer. Nevertheless, the dramatic departure from 66 years of precedent has forever changed America’s sports car, which is why the C8 has been picked apart and reported on in a way that few cars before it have been. At first the news was all about the cars figures, including its $59,995 base price and sub-three-second 0-60 mph time. Now that the C8 has been out for a bit longer, some of the less pondered questions about the car are being answered, like how much it might cost to insure one.
While the sub-$60k price tag is a downright bargain for a mid-engine sports car, the starting MSRP of the C8 Corvette is up $3,000 from last year’s C7 model. Order yourself a 3LT trimmed car and spec the Z51 Performance package, and the price of your C8 is going to be closer to $75,000 when it’s all said and done. Higher price tags mean that insurance companies have to pay out more money when a car is totaled, meaning that rates are sure to increase as well.
In an interview with Motor Trend, consumer analyst for Insurance.com and Insure.com Penny Gusner said that Corvette C8 insurance rates could go up by as much as 15 percent.
According to that Motor Trend report, nationwide annual premiums could range from $2,330-$2,400 for the C8 Corvette, which represents a spike much higher than the expected 3-4 percent increase nationwide on annual premiums prices in 2020. This increase is surely a result of the C8 marking a new generation of Corvette, which limits the number of replacement parts and repair data available to insurance companies.
The rate increase will most impact the comprehensive and collision portions of your plan, which covers damage done to your vehicle in an accident, while the liability portion of the rate should remain similar for the time being.
While nobody likes to think about their car insurance being more expensive, this report isn’t all that surprising. Spending over $2,000 a year to keep a car road legal may not be ideal, but that figure isn’t as bad as some other high-performance models out there. As time moves on and more C8 parts become available, the rates may end up decreasing to a more normal level.