Photo Credit: jcees@flickr
The Highway Loss Data Institute’s recent report about insurance claims for theft during 2007-09 includes the Corvette Z06 on its list. So are Corvettes and particularly the lower production, high performance Corvette Z06 stolen that often to make the HLDI’s “Most Stolen List”? The surprising answer is no.
Topping the list for “Losses” is the Cadillac Escalade which has 10.8 insurance claims for theft per 1,000 cars, followed by 9.7 for the Ford F250 Crew Cab. Infiniti’s G37 2-Door and the Dodge Charger HEMI tied at 7.1. Next on the list is the Corvette Z06 which has 1.7 claims per 1,000 Corvette Z06s over the three year span. Why is the Z06 fifth? It’s because the average loss payment per claim of theft for the Corvette Z06 comes in highest on the list at $41,229 and therefore, $68/year (5th on this list) per insured Corvette Z06 goes to pay these claims.
In fact, if you run the numbers, 1.7 per 1,000 Corvette Z06s equals roughly 33 Corvette Z06s stolen. That’s partly due to the low production numbers of Corvette Z06s over the last three years – 19,351 in all. (2007: 8,159, 2008: 7,731, 2009: 3,461)
Here is what the HDLI says about the Corvette Z06:
The Chevrolet Corvette Z06, a high-performance midsize sports car, isn’t stolen nearly as often as the other vehicles on the worst list, but claims are expensive when the Z06 does go missing. The average size of an insurance claim payment is $41,229. This compares with $10,118 for a Dodge Charger with a HEMI engine, a large family car that makes the worst list mainly because of how often it’s stolen.
So technically, the Corvette Z06 made this list due to a small number of thefts causing a large average insurance claim payout by insurance companies.