Whether you are a first-time Porsche owner, a veteran of this luxury lineup, or simply shopping for your dream car, understanding how to properly insure this incredible machine is a must.
It's essential to protect your investment so you can enjoy your Porsche for years to come. While DIY insurance through an online portal is popular these days, it's not the best way to get the best possible insurance for your vehicle.
When you consult a local independent agent, you'll have access to their connections and expertise. Not sure where to find an independent insurance agent?
TrustedChoice.com has a find-an-agent tool that can match you with a local independent insurance agent who will walk you through your options and help you find the best possible coverage for your Porsche.
What Auto Insurance Policies Do You Need for Your Porsche?
Bodily injury liability: In many states, you must carry a minimum amount of bodily injury liability. This coverage pays for the cost of medical care and recovery if you cause an accident while driving your Porsche and the other party is injured.
Property damage liability: Property damage liability is also required in many states. This policy pays for damage to someone else's property resulting from an accident you caused.
Medical payments/Personal injury protection: Medical payments insurance and personal injury protection isn't required or even available in every state. Talk with your agent about the requirements and the pros and cons of this coverage. This coverage pays for costs of physical recovery for you and your passengers after an accident, no matter who is at fault.
Uninsured motorist coverage: Not every driver has enough insurance coverage. Many people choose to skip liability insurance to save money, even if doing so is illegal. Uninsured and underinsured motorist coverage offers financial protection if you are in an accident that is the fault of an uninsured driver.
Collision: Collision insurance coverage pays to repair or replace your Porsche if you are in a crash with another car. Your lender may require you to carry collision insurance coverage on your car if you have a loan or lease.
Comprehensive: If you are in an accident caused by hitting an animal, your Porsche is hit by a falling object, or you are the victim of auto theft, you'll need comprehensive insurance coverage to get your repair bill paid for or your car replaced. This coverage may also be required by your lender. If your Porsche is stolen, your comprehensive coverage policy will cover your loss. Without it, you won't be reimbursed.
Glass coverage: This inexpensive optional policy pays to replace your Porsche's glass no matter the reason for the breakage. This zero-deductible policy costs just a few dollars per month.
Gap insurance: You may need gap insurance if you owe more on your loan or lease than your Porsche's fair market value. Gap insurance handles the "gap" between what you owe and the amount the insurance company pays, which could be especially important for a luxury vehicle.
What Affects the Cost of Insurance for Your Porsche?
|If you drive more than 10,000 to 15,000 miles yearly, expect to pay slightly higher premiums for auto insurance.|
|Your driving record|
|With a clean driving record, you'll pay a lower insurance rate than drivers with at-fault accidents or moving violations.|
|The value of your vehicle|
|A vehicle's MSRP weighs heavily on the overall cost to insure it. For most insurance companies, the cost of the vehicle is the primary consideration when issuing rate quotes.|
Average Porsche Insurance Costs
The average 40-year-old Porsche driver with full coverage and a $500 deductible pays $1,984 annually for full coverage auto insurance including collision and comprehensive coverage. Liability-only insurance rates are $372 per year on average.
Your rates will vary from these averages, however. Fortunately, your agent is an expert in auto insurance and can help you get lower premiums without sacrificing essential coverage.
The Safety of Your Porsche
Driving a Porsche with advanced safety features like crash mitigation will help reduce the amount of money you pay for auto insurance.
Your agent can help you get rate quotes if you are shopping for a Porsche. A newer model may cost more, but safety features and ratings could help you get lower insurance rates. Here are some of the safety features available with newer Porsche vehicles.
- Night View
- Porsche Ceramic Composite Brake (PCCB)
- Lane Change Assist with Turn Assist
- Lane Keep Assist including traffic sign recognition and cornering notification
- LED headlights including Porsche Dynamic Light System (PDLS)
- LED matrix headlights including Porsche Dynamic Light System Plus (PDLS Plus)
- Porsche Communication Management (PCM)
How Your Driving Record Affects Your Porsche Insurance
Here's how average Porsche full coverage insurance rates for drivers vary according to their driving record.
- High-risk auto insurance policies typically cost between 46% and 135% more than average rates.
- If you have an at-fault accident on your driving record, expect to pay $2,400 to $3,200 extra per year to insure your Porsche.
- Low-risk drivers with a higher deductible could pay just $1,800 annually for full coverage insurance.
This fluctuation in rates means you'll need help from your agent to get quotes based on your driving record, among other factors, before you can understand how much you may pay to insure your Porsche.
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Additional Factors That Affect Your Porsche Insurance Premiums
- Safety features like anti-theft devices
Average Cost to Insure a Porsche
|Average annual cost to insure a Porsche with full coverage|
|Porsche 718 Boxster||$1,938|
|Porsche 718 Cayman||$2,092|
|Top three most expensive states for Porsche insurance|
|Louisiana, Montana, and Michigan||$2,840|
|Top three most affordable states for Porsche insurance|
|Vermont, New Hampshire, and Missouri||$1,520|
Top Independent Insurance Carriers That Insure the Porsche
According to a recent US Independent Insurance Agent Satisfaction Study by JD Power, the following companies provide excellent service to their insurance customers,
- Auto-Owners Insurance
Get a Porsche Quote
When you contact a local independent insurance agent, you'll have immediate access to their knowledge and relationships with insurance companies. Your agent can help you get the best possible rates on insurance for your Porsche without compromising coverage. Reach out to an agent now through the TrustedChoice.com find-an-agent tool.
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IIHS, Consumer Reports, Quote Inspector, iii.org, JD Power, Car and Driver