Report: Insurance Rates Likely To Increase 15% On 2020 Chevy Corvette Stingray

Corvette owners might be in for a shock once they get their insurance bills.

2020 Chevrolet Corvette Stingray

A new report indicates that insurance rates for the new mid-engine C8 Corvette could rise as much as 15%.

The report comes from MotorTrend, who reached out to Insirance.com and Insure.com analyst Penny Gusner for their take on how much you’ll need to spend on the 2020 Stingray to keep it legal to drive.

By Gusner’s estimation, you could be spending as much as 15% more on car insurance.

Precise figures can’t really be supplied yet as Chevrolet has yet to release all the data for the new Corvette. But one thing they have released is the price: the new Stingray starts at $59,995, which is roughly $3,000 more than the equivalent C7 when it was introduced. A higher price means a higher price of insurance.

But what is more important than mere dollars of car is how difficult it will be for mechanics to repair the C8 when one inevitably gets in an accident. Since the 2020 Stingray is made from (almost) entirely new parts, mechanics will need to learn the new car’s inner workings and that will likely inflate repair times and thus repair costs.

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Another factor is just the typical jump that comes from any new sports car. When the C7 arrived, insurance premiums leaped by 12.3% over the previous-gen Corvette. Things settled down after that and the 2019 Corvette only saw an increase of 7% from the year before, which was roughly the same as the national average of 6.7%.

2020 Chevrolet Corvette Stingray
via Chevrolet

Gusner estimated that prices could rise anywhere from 12-15%, putting the price of insuring a new C8 'Vette at between $2,330-$2,400.

That said, we won't know for sure until data arrives at insurance companies from accident claims. For all we know, the final number could be even higher--it all depends on the type of driver the new C8 attracts. Previously, the average Corvette driver was older, mature, and not one given to idiotic displays of masculinity (besides simply driving around with the top down, of course). It's possible the new mid-engine C8 will attract a younger, more dangerous driver that might be more prone to accidents.

We'll find out next year.

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