The Chevy Camaro is a popular sports car with a reputation for being both fast and reliable. If you’re a Chevy Camaro owner, it’s useful to learn how much it costs to insure your car. Finding the right insurance at the right price can be daunting, as there are a variety of policies available to Camaro owners through different insurance companies. Read on to find out how much it costs to insure a Camaro and how you can get the best deal.
History of the Chevy Camaro
The Chevy Camaro has a long and rich history as one of America’s favorite muscle cars. It was first manufactured in 1967 and quickly became available at car dealerships across the country. Early on, the Camaro began turning heads on the road and became a direct competitor to the Mustang. In its second generation, it underwent dramatic changes that improved drivability and safety. From 2002 to 2010, it underwent a hiatus but came back with a unique, retro-inspired design and truly cutting-edge features.
By its sixth generation, the Camaro boasted a lighter engine and enhanced fuel efficiency, along with an even more powerful engine. While the Camaro is still in production to this day, Chevrolet expects to discontinue sales in 2023. Despite declining sales, the Camaro remains one of the world’s most famous sports cars.
Average Cost To Insure a Chevy Camaro
The cost to insure a Camaro is likely dependent on the particular model and year that you own. Newer and more expensive models generally cost more to insure than older models since they have a higher value. The average annual insurance premium for the last eight model years was $2,294, according to ValuePenguin. Of the previous eight model years, the 2014 Camaro LT generally had the cheapest insurance cost, at $1,954, while the 2021 Camaro LT had the most expensive, at $2,612 per year. Here’s a full breakdown of each model year from 2015 to 2020:
- 2020 Chevrolet Camaro LT: $2,526 annually
- 2019 Chevrolet Camaro 1LT: $2,440 annually
- 2018 Chevrolet Camaro LT: $2,362 annually
- 2017 Chevrolet Camaro LT: $2,289 annually
- 2016 Chevrolet Camaro 1LT: $2,154 annually
- 2015 Chevrolet Camaro LT: $2,011 annually
Besides the year, the particular trim that you own may also affect the cost you pay for insurance. Generally, higher trims with more features cost more to repair or replace if an accident occurs. As a result, insurance companies may charge higher rates. Trim level can have a significant impact on the overall value of your vehicle, and insurers often take this into account when determining your rates. If you own a 2021 Chevy Camaro SS rather than the basic LT trim, you’ll likely pay more for insurance, since the SS is significantly more expensive.
The age of its driver also affects the Chevy Camaro’s insurance cost. Younger drivers tend to pay more for insurance than older, more seasoned drivers because they don’t have as much experience and are more accident-prone. For example, drivers in the 16-19 age group spend a monthly average of $415 on insurance, while drivers in the 40-49 age group only spend a monthly average of $156.
Most Affordable Insurance for Camaro Owners
The insurance company you choose to protect yourself from financial loss can have a major impact on your rates. ValuePenguin also found that Progressive offers the cheapest insurance for the model year 2021. Insurance costs vary significantly between providers, with some charging more than the national average, and some charging less. Here are the top four providers for Camaro owners and the annual rates they charge:
- Progressive: $2,099 annually
- Allstate: $2,541 annually
- Geico: $2,752 annually
- State Farm: $3,054 annually
It’s also important to keep in mind that the cost of a full-coverage policy is likely to be more expensive than purchasing a minimum liability policy. The former includes both comprehensive and collision coverage, protecting you from both collision and non-collision incidents, while the latter only covers the cost of damage and injuries to others that you cause.
Camaro Insurance Costs Compared To Other Vehicles
According to insuraviz, the Chevy Camaro ranks 12 in a list of 23 sports cars, ranging from least expensive to insure to most expensive. Overall, the cost to insure it is about average for the industry. Popular muscle cars like the Ford Mustang and the Chevy Corvette generally cost less, on average, to insure than the Camaro, while cars like the Dodge Challenger and the Audi R8 are significantly more expensive to insure. In the 2021 model year, the Camaro was 13% more expensive than the Mustang.
Geographic location can also be a significant factor in how much you end up spending on insurance. Although the Camaro isn’t the least expensive sports car to insure, it’s possible to obtain a cheaper rate if you live in a state with a cheaper insurance rate and you own an older model.
How To Save Money on Insurance as a Camaro Owner
Insurance can be expensive, but you can save additional money by getting quotes from multiple insurance providers so you can compare rates and find the cheapest option. Remember to use the same coverage options so that you can accurately compare and contrast quotes from multiple providers. You’ll also want to ask insurers about your deductible, or the cost you pay out-of-pocket when you file a claim. Typically, lower deductibles mean higher monthly insurance premiums.
It’s also important to ask to see which discounts you’re eligible for. If you have a clean driving record, you might be able to enjoy a significant discount. Discounts might also be available if you bundle your homeowner’s insurance with your car insurance or insure multiple vehicles under the same policy. In addition, keep in mind that Camaro insurance can be particularly expensive if you’re a high-risk driver or are insuring a teenager.
Understanding more about the Chevy Camaro’s insurance cost can help you make a more informed decision when it’s time to purchase a policy. Hopefully, this guide has helped you understand more about how much it costs to purchase insurance on a Camaro and how the Camaro’s insurance costs compare to similar cars in its class.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.