List of Vehicles With the Highest and Lowest Insurance Claim Losses Has One Big Surprise

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Every car on the list of highest and lowest insurance claims make sense but this one.

You insurance rates depend a lot on how often the vehicle model you choose is crashed, and how much it costs in repairs and injury claims when it does. Not just by you, but by the total population of owners. Companies set rates based on the costs of crashes. The Insurance Institute for Highway Safety (IIHS) has just released its list of the Best and Worst Collision Claims Ranked By Overall Losses. The new list covers 2014-2016 model year vehicles. The list makes a lot of sense when you look it over, except for the Chevrolet Corvette Z06 Convertible. Rather than joining its sports car and supercar peers on the list of highest overall losses, it found its way onto the list of cars with the lowest overall loses.

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The list of highest overall losses is a who’s who of luxury sports cars. IIHS lists cars by the overall losses per insured vehicle year. The group also lists out the average claim severity measured in dollars. The average claim overall for all vehicles is $5,256. The Bentley Continental GT 2dr 4WD earns a much higher average claim cost at $35,744. It beats the number two car, the Bentley Continental Flying Spur 4dr 4WD and the number three car, the Bentley Continental GTC convertible 4WD. In the real world, most of us will never even see one of these rare, expensive supercars. However, the list of vehicles with the highest claims has four BMWs we have seen and could pick out of a crowd. The M3, M4, M6, and i8 plug-in hybrid electric car all make the list. Audi’s RS7 and a pair of Maseratis round out the top ten. All of these cars are high-powered, lightweight, low-slung road rockets with high price tags.

Just like the Corvette Z06 Convertible.

The $90K Corvette Z06 convertible has a massive V8 engine (seven liters in 2015) and over 500 hp. The current model year Z06 has 650 hp. All that power is put down by the rear wheels and can propel this topless wonder to 60 MPH from a standstill in less than time it takes you say “One chimpanzee, two chimpanzees, three chimpanzees.”

On its way to its top speed, the Corvette Z06 shifts to its highest gear at 163 MPH. It can continue on to more than 185 MPH. Jalopnik called the Corvette ZO6 “Stupid fast.” This car will dust most of the supercars on the list of cars with the highest insurance costs. Yet, this plastic-bodied, roofless car has the fifth-lowest overall insurance losses in America. At just $204 per year in average claims, this Corvette joins cars like super-safe Subaru Outback on the list of cars that cost insurers the least to cover.

“Why?” is the question.

We asked Russ Rader, Senior Vice President of Communications at IIHS why he thought the Corvette Z06 had such low insurance claims. Russ told us, “We don’t always know the reasons that a car ends up where it does on the low injury claims or collision claims list.  A car like a Corvette might be a family’s third or fourth vehicle that spends the work week in a suburban garage, not clocking miles of regular travel that expose its occupants to crashes.”

We also reached out to John Paul, BestRide contributor and Manager of Public Affairs and Traffic Safety at AAA of Southern New England, for his guess as to why the Corvette Z06 found its way onto the lowest claims cost list.  John says, “Red-blooded Americans covet the idea of owning a Corvette and when they can finally afford it they may take fewer chances and drive more sensibly.  I have never seen a Corvette owner block a hydrant.”

Images Courtesy Dan Wang via GM.

 

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John Goreham

John Goreham