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National Insurance Crime Bureau

NICB's Hot Wheels Classic Report: Chevrolet Corvette

NICB's recently released Hot Wheel's Classic report takes a look at the theft of Chevrolet Corvettes over the past 30 years. The following is taken from a press release issued by Frank Scafidi, director or public affairs.

A Truly Hot Car – More Than One in 10 Stolen Over Past 30 Years

Although racing purists might recognize the Stutz Bearcat or the Mercer Raceabout as America's first sports cars, there is no question that the Chevrolet Corvette holds the title as America's oldest, continuously produced sports car.

In this, NICB's second Hot Wheels Classics report, we look at how the Corvette has fared as a theft target. For a video report on Corvette thefts, click here.

A Little Corvette History

The public saw the Corvette for the first time in January 1953, at the Motorama Show held at New York City's Waldorf Astoria hotel. It went into full production on June 30, 1953, at the General Motors facility in Flint, Mich. By the end of the year, 300 were produced—all of them white convertibles with red interiors and black soft tops. The price tag was $3,498 with a heater and AM radio as the only options.

In 1954, Corvette production moved to a renovated facility in St. Louis, Mo., where it remained until 1981. That year, Corvette production moved into a new assembly facility at Bowling Green, Ky., where Corvettes continue to roll off the line today.

The first-generation Corvette—C1s as they are known—were manufactured from 1953-1962. Successive generations appeared in 1963 (C2); 1968 (C3); 1984 (C4); 1997 (C5); and in 2005 with the C6. A seventh-generation Corvette is expected sometime next year.

At the 1978 Indianapolis 500 Mile Race, Corvette made the first of its 10 appearances as the official Indy 500 Pace Car, an unmatched record on two counts—most appearances as a pace car and most consecutive years pacing the field (2004-2008).

Often compared to more exotic European sports cars, the Corvette has performed well in racing circuits around the globe. However, with the introduction of the supercharged, 620hp ZR-1 in 2009, Corvette has convinced its few remaining skeptics that it can perform on the world racing stage, as well as (and mostly better than) cars three times its price tag.

It's no surprise then to find Corvette owners doting over their cars and keeping them in showroom condition. But like other items of high value and popular attraction, they get stolen. NICB reviewed Corvette theft data from 1953-2011 and identified 134,731 theft records. However, since the National Highway Traffic Safety Administration required vehicle identification number (VIN) standardization beginning with the 1981 model year, confidence in pre-1981 records is low due to the inconsistency in reporting protocols and VIN systems. Consequently, only 1981 and later data was used to produce this report.

 

Visit www.nicb.org to read the full press release.

Anyone with information concerning insurance fraud or vehicle theft can report it anonymously by calling toll-free 800.TEL.NICB (800.835.6422) or submitting a form on our website.

About the National Insurance Crime Bureau: Headquartered in Des Plaines, Ill., the NICB is the nation's leading not-for-profit organization exclusively dedicated to combatting and preventing insurance crime through Intelligence, Analytics, and Operations; Education and Crime Prevention; and Strategy, Policy, and Advocacy. The NICB is supported by more than 1,200 property and casualty insurance companies and self-insured organizations. NICB member companies wrote over $530 billion in insurance premiums in 2020, or more than 82% of the nation's property-casualty insurance. That includes more than 95% ($236 billion) of the nation's personal auto insurance. To learn more, visit www.nicb.org.