Thanks to a brand-new mid-engine configuration and a complete ground-up reengineering effort, the 2020 Corvette C8 offers a long list of impressive benefits and improvements compared to the outgoing Chevrolet Corvette C7. However, those benefits will be offset by a few drawbacks, one of which is higher insurance costs.
That’s the latest from Motor Trend, who spoke with insurance consumer analyst Penny Gusner about what to expect with regard to insuring the new 2020 Corvette.
The big takeaway is that, compared to the C7, the new mid-engine 2020 Corvette is expected to see rate hikes for both comprehensive and collision, while liability should remain in roughly the same spot as before. That said, the C8 has yet to hit the road en masse, which means that once folks actually start driving it, accident data and other factors could tweak those numbers into the future.
The rate hikes can partially be attributed to the “newness” of the C8, as fixing it will be more expensive than the C7 given “there is not an abundance of parts laying around and mechanics must familiarize themselves with the new C8,” Gusner said.
What’s more, the C8 is simply more expensive than the C7 in general, with a starting price that’s thousands of dollars more than the previous generation. Start tacking on extras and the price rises even further.
What about the mid-engine configuration? Insurance companies will need data before making a determination on that front.
“I believe that will be one of the items insurers will follow to see how the vehicle does in accidents and what type of claims are made and how much claim settlements are to see if that change should cause the rates to decrease or increase,” Gusner said.
Overall, Motor Trend reports that insurance rates for the 2020 Corvette could see a 15-percent increase compared to the C7, with nationwide annual premiums between $2,330 and $2,400. Higher rates are also expected for more expensive models headed down the pipeline, including expected high-performance variants like the Z06 and ZR1.
Source: Motor Trend