Have you finally had enough of robbing Peter to pay Paul to insure your Porsche every month? You are no different than many other Texas drivers.
Surprisingly, a recent survey revealed that a large majority of drivers kept their coverage with the same car insurance company for a minimum of four years, and 38% of customers have never taken the time to shop around. American drivers could save as much as 47% each year just by getting comparison quotes, but most tend to underestimate the actual amount they would save if they switched to a more affordable policy.
Because you have many companies and agents to choose from, it is hard for the average consumer to find the most affordable company.
The purpose of this article is to let you in on how insurance works and how to save the most money. If you have a current car insurance policy, you should be able to reduce the price you pay using the concepts covered in this article. But Texas car owners do need to learn how insurance companies determine premium rates because it can help you find the best coverage.
Insurance coverage details
The information shown below covers a range of insurance rates for Porsche Cayenne models. Having a good grasp of how insurance rates are calculated can be valuable when making smart choices when choosing a car insurance company.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Cayenne S Transyberia||$428||$994||$430||$26||$128||$2,006||$167|
|Cayenne GTS PD Edition 3||$464||$1098||$430||$26||$128||$2,146||$179|
|Cayenne Turbo S||$572||$1304||$430||$26||$128||$2,460||$205|
|Get Your Own Custom Quote Go|
Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Information does not factor in specific garaging location which can alter insurance rates greatly.
The chart below shows how different deductible levels and can change Porsche Cayenne insurance rates for different ages of insureds. The rates are based on a single female driver, full coverage, and no discounts are taken into consideration.
Difference between liability only and full coverage rates
The illustration below illustrates the comparison of Porsche Cayenne annual premium costs with full coverage and liability only. The information is based on no accidents, no driving violations, $1,000 deductibles, drivers are single, and no discounts are factored in.
When to switch to liability coverage only
There is no clear-cut formula that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of coverage is 10% or more of the settlement you would receive from your company, then you might want to think about dropping full coverage.
For example, let’s say your Porsche Cayenne replacement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $3,000 after the deductible is paid. If you are currently paying more than $300 annually for full coverage, then you might consider buying liability only.
There are some circumstances where dropping full coverage is not a good plan. If you haven’t paid off your loan, you are required to maintain full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not drop full coverage.
You Can Change Your Insurance Prices
Lots of things are used when pricing auto insurance. A few of the factors are predictable like a motor vehicle report, but other factors are not quite as obvious like your continuous coverage or your financial responsibility. Part of the car insurance buying process is learning some of the elements that go into determining your car insurance rates. When you understand what determines premiums, this empowers consumers to make smart changes that could result in lower premium levels.
The following are some of the most rate-impacting factors used by your company to calculate prices.
Driver age impacts premiums – Older, more experienced drivers are proven to be safer behind the wheel, tend to cause fewer accidents, and usually have better credit. Teenage drivers have been known to get distracted easily behind the wheel therefore car insurance rates are much higher.
The data below is based on a single driver, full coverage with $100 deductibles, and no discounts or violations.
- Pay more if you have a long commute – Having an address in a small town has definite advantages when talking about car insurance. People who live in big cities have to deal with traffic congestion and much longer commute distances. Fewer drivers on the road corresponds to lower accident rates as well as less vandalism and auto theft.
Premiums increase with driving tickets – Your driving citation history has a lot to do with how much you pay for insurance. Careful drivers pay less for auto insurance than people who have multiple driving citations. Having just one driving citation can increase rates by twenty percent. Drivers who have received license-revoking tickets such as DUI or reckless driving are required to submit a SR-22 form with their state motor vehicle department in order to legally drive.
The example below highlights how traffic violations and at-fault collisions increase Porsche Cayenne insurance rates for each different age category. The costs are based on a married female driver, comprehensive and collision coverage, $500 deductibles, and no policy discounts are applied.
- Long commutes cost more – The more you drive your Porsche annually the more you will pay for car insurance. The majority of insurers apply a rate based on their usage. Cars and trucks that sit idle most of the time cost less to insure than those that get driven frequently. A policy that improperly rates your Cayenne is just wasting money. Ask your agent if your vehicle rating correctly shows the correct usage for each vehicle.
Porsche Cayenne claim probability – Car insurance companies use statistical claims data when setting rates for each model. Models that the data determines to have higher claim frequency or loss amount will have a higher premium rate. The information below illustrates the historical insurance loss data for Porsche Cayenne vehicles.
For each coverage category, the claim amount for all vehicles, regardless of make or model, is a value of 100. Percentage values below 100 imply a favorable loss record, while values that are above 100 show a trend for more claims or an increased chance of larger losses than average.
Porsche Cayenne Insurance Claim Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Porsche Cayenne 4dr 4WD 176 100 138 58 53 77 Porsche Cayenne Hybrid 4dr 4WD 119BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Quote more and you will save more
We covered many ideas to shop for Porsche Cayenne insurance online. The key thing to remember is the more you quote Fort Worth car insurance, the higher your chance of finding affordable Porsche Cayenne insurance quotes. Drivers may even discover the biggest savings come from a company that doesn’t do a lot of advertising. Smaller companies may have significantly lower car insurance rates on certain market segments than their larger competitors like Allstate or State Farm.
As you quote Fort Worth car insurance, it’s very important that you do not skimp on critical coverages to save a buck or two. There are many occasions where consumers will sacrifice uninsured motorist or liability limits only to find out that the small savings ended up costing them much more. The proper strategy is to get the best coverage possible at an affordable rate, not the least amount of coverage.
Steps to buying lower priced Porsche Cayenne insurance in Fort Worth
The most effective way to find the cheapest price for Porsche Cayenne insurance is to start doing an annual price comparison from insurance carriers in Fort Worth.
Step 1: Try to learn a little about individual coverages and the steps you can take to prevent expensive coverage. Many risk factors that increase rates such as speeding tickets, careless driving and a not-so-good credit rating can be controlled by being financially responsible and driving safely.
Step 2: Compare prices from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can provide rates from one company like Progressive and State Farm, while independent agents can quote prices from multiple sources.
Step 3: Compare the new rate quotes to the price on your current policy and determine if there is any savings. If you can save some money and buy the policy, make sure the effective date of the new policy is the same as the expiration date of the old one.
Step 4: Notify your agent or company of your intent to cancel your existing policy and submit the application along with any required down payment to your new company or agent. Once the application is submitted, place your new proof of insurance paperwork with the vehicle registration.
A tip to remember is that you’ll want to compare identical limits and deductibles on every quote and to quote with as many different insurance providers as possible. This provides a fair price comparison and a complete rate analysis.
Even more information can be found in these articles:
- Auto Insurance 101 (About.com)
- Who Has the Cheapest Fort Worth Car Insurance Rates for Safe Drivers? (FAQ)
- How Much are Fort Worth Car Insurance Quotes for a Chevrolet Equinox? (FAQ)
- Who Has the Cheapest Auto Insurance for a Dodge Journey in Fort Worth? (FAQ)
- How Much are Car Insurance Rates for Good Students in Fort Worth? (FAQ)
- Who Has Cheap Car Insurance Rates for a Company Car in Fort Worth? (FAQ)
- Who Has Cheap Fort Worth Auto Insurance Rates for Ride Shares? (FAQ)
- Senior Drivers (Insurance Information Institute)
- Understanding Rental Car Insurance (Insurance Information Institute)
- Things to Know Before you Cancel Insurance (Allstate)