We don’t have to tell you that insurance companies don’t want customers comparing rates. Insureds who shop for lower rates are highly likely to switch to a new company because there is a good probability of finding discount prices. A study discovered that drivers who regularly compared price quotes saved $865 annually compared to those who never compared prices.
If finding low prices for auto insurance is your target objective, then learning a little about how to quote prices and compare cheaper coverage can save time, money, and frustration.
If saving money is your primary concern, then the best way to find cheaper car insurance rates in Miami is to compare prices once a year from insurance carriers who provide car insurance in Florida.
First, try to comprehend policy coverages and the things you can control to prevent expensive coverage. Many risk factors that drive up the price like traffic citations and your credit history can be eliminated by paying attention to minor details.
Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from one company like Progressive or Farmers Insurance, while independent agents can quote rates from many different companies.
Third, compare the new rates to your existing coverage to see if cheaper Corvette coverage is available. If you find a better price and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
Fourth, notify your company or agent to cancel your current policy and submit the application along with any required down payment to your new company or agent. Once received, put the certificate of insurance above your visor, in the console, or in the glove compartment.
A good piece of advice is to compare the same deductibles and limits on each quote and to quote with as many different companies as possible. This enables an apples-to-apples comparison and a complete selection of prices.
When price shopping your coverage, more quotes helps you find the best offered rates.
The following companies offer free quotes in Miami, FL. If multiple companies are listed, we recommend you visit two to three different companies to get the lowest price.
Insurance discounts are available to cut your rates
Buying insurance is not cheap, but there are discounts available that can drop the cost substantially. Some discounts apply automatically at the time of quoting, but once in a while a discount must be manually applied prior to getting the savings.
- Policy Bundle Discount – If you can combine your auto and home policy and insure them with the same company you may save up to 20% and get you the cheapest Chevrolet Corvette insurance in Miami.
- Military Discounts – Being on active deployment in the military can result in better prices.
- Anti-lock Brake Discount – Cars that have steering control and anti-lock brakes can avoid accidents and will save you 10% or more on Corvette insurance in Miami.
- New Vehicle Savings – Putting insurance coverage on a new Corvette can save you some money because new vehicles keep occupants safer.
- Discount for Passive Restraints – Factory options such as air bags or automatic seat belts may get savings up to 30%.
- Fewer Miles Equal More Savings – Driving fewer miles could qualify for slightly better prices than normal.
A little note about advertised discounts, most of the big mark downs will not be given to your bottom line cost. Most only reduce individual premiums such as liability and collision coverage. So when the math indicates all the discounts add up to a free policy, you won’t be that lucky.
The chart below shows the difference between Chevy Corvette insurance premiums with and without discounts applied to the premium. The data assumes a female driver, no accidents or driving violations, Florida 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 marriage, safe-driver, multi-policy, homeowner, claim-free, and multi-car discounts applied.
Some of the insurance companies who might offer most of these discounts include:
Check with every insurance company which discounts you may be entitled to. Some discounts may not apply in Miami. To choose insurers with the best discounts in Miami, click here to view.
Rates and data analysis
The coverage table displayed next highlights a range of policy rates for Chevy Corvette models. Learning how car insurance prices are determined can help customers make smart choices when buying a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Corvette 2-Dr Coupe||$388||$846||$264||$16||$80||$1,594||$133|
|Corvette GS 2-Dr Coupe||$460||$944||$264||$16||$80||$1,764||$147|
|Corvette 2-Dr Convertible||$460||$944||$340||$20||$102||$1,866||$156|
|Corvette GS 2-Dr Convertible||$496||$1042||$340||$20||$102||$2,000||$167|
|Corvette Z06 2-Dr Coupe||$496||$1042||$264||$16||$80||$1,898||$158|
|Corvette ZR1 2-Dr Coupe||$640||$1434||$264||$16||$80||$2,434||$203|
|Get Your Own Custom Quote Go|
Data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Estimates do not factor in the specific area where the vehicle is garaged which can alter auto insurance rates considerably.
Cost comparison with and without full coverage
The information below shows the comparison of Chevy Corvette car insurance costs with full physical damage coverage and with liability coverage only. The price estimates are based on no accidents, no driving violations, $250 deductibles, drivers are not married, and no discounts are taken into consideration.
When to stop buying physical damage coverage
There isn’t a written rule of when to phase out full coverage, but there is a general guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your Chevy Corvette replacement cost is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would receive is $6,000 after paying your policy deductible. If it’s costing in excess of $600 a year to have full coverage, then you might want to consider buying only liability coverage.
There are a few cases where dropping full coverage is not recommended. If you still have a lienholder on your title, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not consider dropping full coverage.
Independent or exclusive car insurance agents
Some people just prefer to sit down with an agent and that is not a bad decision The biggest benefit of comparing rates online is that you can find better rates but still work with a licensed agent.
To help locate an agent, after submitting this form (opens in new window), the quote information gets sent to participating agents in Miami who will gladly provide quotes for your insurance coverage. It simplifies rate comparisons since you won’t have to contact any insurance agencies because prices are sent immediately to you. You can get cheaper car insurance rates and a licensed agent to talk to. If you want to get a price quote from a particular provider, just search and find their rate quote page and complete a quote there.
Finding a good company requires you to look at more than just a low price. The answers to these questions are important, too.
- Do they have cheaper tiers of coverage?
- Will they give you a referral list?
- Do they carry Errors and Omissions coverage?
- Where would glass claims be handled in Miami?
- Do they specialize in personal lines coverage in Miami?
Exclusive or Independent: There is a difference
If you prefer to buy car insurance from a good insurance agency, you need to know there are two different types of agencies that you can select. Car insurance agents are considered either independent agents or exclusive agents.
Exclusive Insurance Agents
These agents generally can only insure with one company and examples are Allstate, Farmers Insurance, State Farm, and AAA. They are unable to compare other company’s rates so it’s a take it or leave it situation. Exclusive agents are usually quite knowledgeable on what they offer and that allows them to sell at a higher price point. Some consumers prefer to buy from the same agent for years mainly due to the brand instead of buying on price only.
Shown below are exclusive insurance agencies in Miami who may provide you with comparison quotes.
- State Farm: Carlos Luis
6001 Bird Rd – Miami, FL 33155 – (305) 663-2300 – View Map
- Rick Burke – State Farm Insurance Agent
2250 S Dixie Hwy Ste. 2 – Miami, FL 33133 – (305) 860-0616 – View Map
- Allstate Insurance: Pamela Brumer
141 Alton Rd – Miami Beach, FL 33139 – (305) 531-1223 – View Map
Independent Agents (or Brokers)
These type of agents often have many company appointments and that gives them the ability to insure with an assortment of companies and possibly get better coverage at lower prices. If your premiums go up, your agent can switch companies and you don’t have to switch agencies.
When searching for an agent, you definitely need to get quotes from at a minimum one independent agency for the best price selection. Most independent agents also contract with small regional insurance companies that can offer cheaper rates than bigger companies.
Below are Miami independent insurance agents that are able to give rate quotes.
- Koski and Co. Insurance Agents
9875 Sunset Dr – Miami, FL 33173 – (305) 595-2127 – View Map
- GreatFlorida Insurance – Westchester Insurance Agency
8833 Bird Rd – Miami, FL 33165 – (786) 409-2211 – View Map
- Insurecentro (Insurance Agency)
1701 W Flagler St #220 – Miami, FL 33135 – (305) 302-2236 – View Map
Why You Might Pay Lower Rates in Miami
Consumers need to have an understanding of the factors that help calculate the level of your policy premiums. If you have a feel for what controls the rates you pay, this enables informed choices that will entitle you to lower premium levels.
The following are some of the things insurance companies consider when setting your rates.
Liability insurance risk factors – The liability coverage on your policy is the coverage that protects you if ever you are found liable for causing damage or personal injury in an accident. It provides legal defense to attempt to prove you were not liable. Liability is cheap compared to physical damage coverage, so drivers should carry high limits.
Your occupation is a factor – Did you know your insurance rates can be affected by your occupation? Jobs like lawyers, business owners, and medical professionals generally have higher rates than average in part from stressful work requirements and lengthy work days. Conversely, careers like professors, historians and the unemployed get better rates.
High credit score translates to low premiums – Having a bad credit score can be a huge factor in your rate calculation. If your credit rating is low, you could pay less to insure your Chevrolet Corvette by improving your rating. Drivers who have excellent credit tend to be less risk to insure than those with lower ratings.
Expect high rates for teens – More mature drivers have been proven to be more responsible, cost insurance companies less in claims, and usually have better credit. Youthful drivers tend to be more careless in a vehicle so they pay higher insurance rates.
The following chart uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
Males pay more for auto insurance – Statistics demonstrate that women are safer drivers than men. However, this does not mean females are better at driving than males. Both genders get in at-fault accidents at a similar rate, but men cause more damage. Not only are claims higher, but men get ticketed for serious violations such as driving while intoxicated (DWI) or driving recklessly.
The chart below illustrates the difference between Chevy Corvette annual premium costs for male and female drivers. The premiums assume no driving violations, no at-fault accidents, comprehensive and collision coverage, $250 deductibles, single marital status, and no other discounts are factored in.
Cars with good safety ratings lower prices – Cars with high safety ratings cost less to insure. Safe vehicles protect occupants better and any reduction in injury severity means your insurance company pays less and more competitive rates for policyholders.
Comp and collision deductibles are a factor – Comp and collision deductibles state the amount of money the insured will be required to pay before a claim is paid by your company. Insurance for physical damage to your car, aka comp and collision, insures against damage to your car. Examples of some claims that would be covered are colliding with a stationary object, damage caused by hail, and damage caused by road hazards. The more you are required to pay out-of-pocket, the bigger discount you will receive.
Having a spouse can save on insurance – Your spouse can get you a discount compared to being single. It may mean you are less irresponsible and it’s statistically proven that married drivers tend to have fewer serious accidents.
Claims statistics for a Chevy Corvette – Insurers use claims history as a way to help calculate a profitable premium rate. Models that the data shows to have higher frequency or amount of claims will cost more to insure.
The data below shows the insurance loss data for Chevy Corvette vehicles. For each policy coverage, the claim probability for all vehicles compiled together is represented as 100. Numbers that are below 100 are indicative of better than average losses, while values that are above 100 point to more losses or statistically 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 from IIHS.org for 2013-2015 Model Years
Why you need insurance
Despite the high cost of buying insurance for a Chevy Corvette in Miami, insurance is a good idea for several reasons.
First, just about all states have mandatory liability insurance requirements which means you are required to carry a minimum amount of liability insurance if you drive a vehicle. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you took out a loan on your car, most lenders will require you to have full coverage to guarantee loan repayment. If you let the policy lapse, the lender will be forced to insure your Chevy at a significantly higher premium and force you to pay for it.
Third, insurance protects both your assets and your car. Insurance will also pay for medical expenses for not only you but also any passengers injured in an accident. Liability insurance also covers all legal expenses up to the policy limit if you cause an accident and are sued. If mother nature or an accident damages your car, comprehensive (other-than-collision) and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of carrying enough insurance definitely exceed the price paid, specifically if you ever have a liability claim. According to a 2015 survey, the average American driver overpays as much as $869 every year so we recommend shopping around once a year at a minimum to help ensure money is not being wasted.
Get the best coverage at the most affordable price
Drivers who switch companies do it for many reasons like lack of trust in their agent, not issuing a premium refund, high rates after DUI convictions and even unfair underwriting practices. Regardless of your reason, finding a new company is not as hard as you think.
In this article, we presented a lot of tips how to compare Chevy Corvette insurance rates in Miami. The key concept to understand is the more quotes you get, the higher the chance of saving money. You may even discover the lowest priced car insurance comes from a lesser-known regional company.
Lower-priced car insurance in Miami can be purchased on the web and from local insurance agents, and you need to price shop both to have the best rate selection. Some insurance companies may not provide rates over the internet and many times these regional carriers only sell through independent insurance agencies.
Additional learning opportunities
- Medical Payments Coverage (Liberty Mutual)
- Who Has Affordable Auto Insurance for Drivers Under 21 in Miami? (FAQ)
- Tread Depth and Tire Safety (State Farm)
- Event Data Recorders FAQ (iihs.org)