Insuring a Chevrolet

From its headquarters in Detroit, Michigan, Chevrolet has been producing affordable, high-performance vehicles for more than a century. Throughout nearly all of its history, Chevrolet has been a division of General Motors. The brand is popularly referred to as Chevy, and several different models have been produced under the Chevy brand through the years. Ever since its inception, Chevrolet vehicles have been marketed as more affordable alternatives to vehicles by popular automakers like Ford, but no one would ever classify Chevrolet as a budget automaker. From the powerful Standard Six to the sleek, glamorous Corvette, Chevrolet knows how to make cars that excite people.

Innovation from the Beginning

When William C. Durant, the founder of General Motors, was ousted from his position for five years, he needed to find new ways to keep himself busy. He'd worked with a popular race car driver named Louis Chevrolet in the past, and he reconnected with him to develop a new line of vehicles to compete with Henry Ford's Model T. Chevrolet was officially founded on November 3, 1911. Its namesake only stayed with the company for a few short years. While he was still there, the first Chevrolet - the Series C Classic Six - rolled off the line. Chevrolet continued to compete closely with Ford over the next several decades. Along the way, the automaker managed to produce some incredible innovations. Interestingly enough, Chevrolet once again became GM's youngest brand in 2011, after GM dropped HUMMER, Pontiac and Saturn from its lineup.

The Costs Associated with Insuring a Chevy

Chevrolet cars are popular because the automaker has demonstrated that it is capable of producing reliable vehicles that are jam-packed with exceptional features. There are many benefits to owning a Chevy. They are very affordable. In terms of auto insurance, premiums for Chevrolet vehicles average around $1,440 per year. When budgeting for car insurance, it is important to know the aspects that affect your specific model.

Theft Drives up Costs

There are many different variables that determine the amount you will pay to insure your Chevrolet. High instances of auto theft can drive up the cost to insure, as they are considered an increased liability. Recently, The National Insurance Crime Bureau (NICB) reported that the Chevrolet Pickup was one of the most stolen vehicles of 2010. Additionally, Chevrolet models make up 21% of the top 100 vehicles stolen annually, according to the NICB. Notable "Hot Wheels" models prone to theft include the Cavalier, Caprice, Camaro and Blazer. While Chevrolet certainly isn't the worst offender on this list (Honda, we are looking at you), this higher-than-average rate of theft is something to keep in mind when it comes time to insure your automobile.

Safety Ratings are Important

Safety is another vital component of calculating insurance costs. A 5-star safety rating (the highest) from the National Highway Traffic Safety Administration is the coveted prize automakers long for to boost consumer confidence, and Chevrolet is no stranger to this distinction. The Volt model consistently receives a 5-star rating, along with the Sonic, Malibu and most recently the Camaro. To be considered a Top Safety Pick by the NHTSA, a vehicle must perform well in all aspects of a crash test, including front/side, rollover and seat/head restraint categories. Chevrolet performs remarkably well in the small cars category with the Cruze, Sonic and Volt Models. The Equinox SUV was also awarded this distinction.

MSRP and Blue Book Value Contribute to Insurance Costs

Another factor that contributes to the cost of insurance is the actual MSRP or market value of a particular model. If an expensive vehicle is involved in an accident or stolen, it will cost the insurance company more to reimburse the owner. Accordingly, the cost to insure higher value models is higher than less expensive counterparts. Since many Chevrolet models are moderately priced, the company ranks 24th out of a total of 36 automakers in terms of the cost to insure. Of course, entry level models such as the Sonic or Spark will cost significantly less to insure than luxury performance offerings. Below are the most popular Chevy models and their average cost to insure:

• Silverado 1500 (6 cyl) - $1,125
• Cruze LS (4 cyl) - $1,267
• Malibu LS (4 cyl) - $1,287
• Camaro LS (6 cyl) - $1,370
• Volt (Hybrid) - $1,602
• Corvette (8 cyl) - $1,718

As you can see, sporty Chevy models like the Corvette are costlier to insure than more conservative options like the Cruze or sturdy workhorses like the Silverado. Maintaining a clean driving record will help to lower those auto insurance premiums. Another option is to invest in a fuel-efficient Chevy like the Volt. Although the Volt might be more expensive to insure, the savings in fuel economy will more than make up the difference.

Chevrolet has hit some major home runs through the years. Two of its most popular cars - the Impala and the Camaro - were discontinued and brought back due to popular demand. For nearly five decades, Chevrolet ruled the SUV market with the Chevy Blazer, although it wasn't consistently sold under that model name. In terms of enduring classics, the Chevrolet Corvette definitely deserves a mention here. To many, the Corvette is the sleekest, most stylish high-performance sports car on the market today. One of Chevrolet's most famous and enduring innovations, the small-block V-8 engine, is the longest-used mass-produced engine in the entire world.

That isn't the only thing that put Chevrolet on the map, however. The automaker earned a reputation for introducing exciting features that were typically only found on very expensive vehicles. Features like electronic stability control, fuel injection, safety glass and anti-lock brakes all appeared on affordable Chevy cars while they were normally reserved for much pricier cars. After being in business for more than a century, it's safe to say that Chevrolet isn't going anywhere. The popular automaker continues to develop exciting new innovations, and they make their debuts with every new model year.