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Getting your low-slung, precise-handling Porsche insured is an essential step in the car-buying process. Insurance providers and policies abound, but it can be hard to find coverage that fits your unique preferences. Learning about Porsche insurance can help you find the policies that best fit your needs. If you’re looking for a stellar insurance policy for your cool set of wheels, keep reading.
What Is Porsche Insurance?
If you’re a Porsche owner or are planning to purchase a Porsche, learning about insurance is an essential step. Most states have legal requirements in relation to insurance that drivers must meet before driving on streets or freeways. There are several types of insurance policies you can choose from, including:
- Liability: This coverage is required to drive legally in the majority of states. It covers people affected by the policyholder’s at-fault accident, and coverage areas include personal injury per person, property damage, and personal injury per accident.
- Comprehensive: This covers the cost of any repairs your Porsche needs due to theft, natural events such as hail, or other rare events, such as the damage caused by animals.
- Collision: This provides coverage for any vehicle damage caused by a collision with other vehicles or objects.
- PIP or MedPay: These are two important options that cover the policyholder’s own medical bills in the event of an accident, regardless of whether the policyholder was at fault. Porsche drivers should have either personal injury insurance (PIP) or medical payments (MedPay) to protect themselves effectively.
- Pay-per-mile: This insurance type calculates the cost of your insurance based on your mileage. It combines a per-mile rate with a base rate.
- Gap: With guaranteed auto protection (GAP), the difference between what your insurance company pays you and any outstanding amount owed on your Porsche’s financing is waived if your car is irreparably damaged in an accident.
Additionally, there are several add-ons that can be included in a Porsche insurance policy, such as accident forgiveness and roadside assistance.
How Much Does Porsche Insurance Cost and What Factors Impact the Price?
The average cost of Porsche insurance is $3,325 per year. Here are the factors that can impact your coverage rate:
- Porsche model: Insurance costs can vary significantly based on which Porsche model you drive. For instance, full coverage for a Porsche Macan costs approximately $2,196 less than the same for a Porsche 911 Turbo S.
- Insurance company: Insurers price their Porsche coverages differently. For example, while GEICO requires a payment of around $364 monthly, you can pay just $138 a month to Farm Bureau for full coverage.
- State laws: As states have different legal requirements for minimum insurance, the cost of insuring your vehicle will vary based on your zip code.
- Driver characteristics: Unique things about a policyholder, such as age, marital status, credit history, and driving record, can affect the rates that different insurers offer for auto policies.
- Location: Porsche insurance rates can vary based on the policyholder’s location due to variables such as accident rates, natural weather conditions, crime rates, and population density.
- Discounts: There are several discounts available for Porsche drivers. For example, motorists can avail themselves of clean-driving bonuses and marital discounts.
- Policy type: The insurance types you purchase will influence your insurance cost. For example, a pay-per-mile option will cost less than a traditional policy if the policyholder drives less than the average driver.
Porsche Insurance Providers
Here’s a list of Porsche insurance providers you can choose from:
- Farm Bureau: Offering some of the lowest rates on average for Porsche insurance, Farm Bureau coverage can be as low as $1,661 per year for full coverage.
- Porsche Auto Insurance: Available in Texas, Arizona, California, Georgia, Oregon, Illinois, and Ohio, this is Porsche’s own coverage. It can cover the full vehicle value and make repairs with original equipment manufacturer (OEM) parts. Porsche offers both traditional and pay-per-mile insurance types.
- GEICO: A market leader in car insurance, GEICO offers the priciest insurance policies for Porsche. As a policyholder, expect to pay around $4,367 for one year of full coverage. However, you may get a rate reduction if you qualify for any discounts.
- State Farm: State Farm offers budget-friendly rates for some models, such as the Porsche Boxter. If Farm Bureau is unavailable in your state, try this insurer for economical Porsche coverage.
- USAA: The third-cheapest insurance provider for Porsches, USAA is a great option that is known for its customer service and deals for new drivers.
- Allstate: This company offers a range of discounts and personalized offers for Porsche owners. It can suit a driver who prioritizes personalized service via an agent.
Tips on Getting the Best Porsche Insurance Policy
Check out these tips on getting the best Porsche coverage:
- Compare Porsche model-based offerings. Rates can vary based on vehicle models and insurance companies, so it’s important to compare quotes. For example, the Taycan Turbo Porsche is one of the most expensive models, and a Nationwide full coverage policy for it is over six times more expensive than the one from Farm Bureau.
- Improve your driving skills. Developing and maintaining a clean driving record can help you to reduce your Porsche insurance over time. Work to improve your driving and avoid tickets and citations.
- Look for discounts that suit you. As there are discounts offered based on driver demographics, learning about what they are and applying for the ones you qualify for are essential steps. For example, if you’re in the military, find out what USAA can offer you or ask about military discounts from other insurers.
- Invest in research: Don’t hesitate to spend time searching through information on the insurance market, state laws, and your specific Porsche model to get the information you need. Making informed decisions can help you save money.
- Get some advice: When searching for Porsche insurance, get advice from friends, family members, or mentors about finding the best deal.
- Revamp your vehicle: Many insurers offer discounts for anti-theft features. Look for built-in anti-theft features when making a purchase, or install them in your vehicle.
Now that you have a foundational knowledge of Porsche insurance options, you can use what you’ve learned to shop around and find the best deal for you.