Porsche Insurance Variation - Page 1 - Porsche General - PistonHeads UK

Hi All, First instigated post from me after lurking for a very long time. Always been able to extract the information from the threads and contribute a little if I could but thought I would pick the hive mind for specifics on this one. Searching the forum stumbles over the adverts key words first. First time new Porsche buyer, collecting a Cayman GTS 4.0 next week - it’s taken a year, but finally here and I have found insurance quotes wildly varying. Mainstream quotes range from £500 up to £1900! From Porsche direct Approx.annual mileage 6000, although I’d love to do more. Work at home, but it’s a car that going to be used. New cost £74k with options and won’t be financed with massive charges – so don’t need to cover a 14K Porsche finance shortfall in the event of a total loss. Own a few other cars, (Audis' Honda's S2000) which are either low mileage policies or just cheapest available daily insurance. I'm conscious the Porsche perhaps needs to be covered fully value wise, particularly as it would be quite difficult to replace (quickly) at a sensible price without waiting another year – if at all with EV platform potentially on the horizon. It’s not going to increase in value: however, I'm aware there’s no such thing as new for old on performance cars and to buy one today (August 2022) many used cars are around or slightly over list. Wondering if anyone has a particularly good recommendation for insurance to cover real-world value or if a GAP policy will give me the piece of mind to select a mainstream insurer. Thanks, Chris.

I own a 2018 reg Targa 4GTS and use to insure it via a broker for around £1100. When the premium increased by over £300 I started shopping around and was surprised that LV would insure the car for £197.00. I was so surprised that I phoned them to confirm the online quote was correct and confirmed that it was. I also confirmed that the car could be taken to an OPC for repair work if the dealer in question was on their list ( OPC Cambridge was) or, if it was not, pay £200 if I had an accident and the repair workshop I wanted to take the car too was not on their list of approved repairers. Because the car was valued at over £90K I had to have an active tracker (which I had to do for my previous insurers).

If you are over 50 Saga Insurance can be very competitive. Around £200 for my boxster S.

Hi Both, thanks for the relies. Sadly (or not) im still under 50 so Saga is out for me, but worth bearing in mind for the future. LV sounds positive as a service. They quoted me just over £600, I suspect as I have only 2 yrs NCB I can use on this car - perhaps a multi-car policy would be prudent at renewels of all. I suppose the question I really need to ask is which insurer offers the best service in the event of bad things happening. Whilst the market is mad, dont suppose any "book" value is representatiove of what it could actually cost to replace. Thanks all. Not collecting the car till end of the month, so have time to make calls this week: nothing like talking to someone rather than online quote systems.

Another vote for LV. I have a multi car policy for my garage and my 997 is not much over £200.

Have you tried mainstream insurers for a quote, e.g. DirectLine and Aviva the service/aftercare will of course be typical mainstream care but in the strange world insurers with a more balanced portfolio seem to less risk adverse. Aviva via comparethemarket came up with the cheapest quote for me roughly £650 pa on a GT4 (9yrs NCB). I didn't use them as I wanted track cover really so went with classicline for quite a bit more but less than Aviva + separate track cover. You could try Classicline too but they restrict usage to 5k pa, so might not be the right fit for your needs. If your worried about the difference between any insurance settlement value on total loss and replacement cost then separate GAP insurance policies are available. ALA are highly recommended on here. There is a sticky with a discount code in the car buying forum.

How does it work if the car second hand is worth more than when bought new? Gap is return to invoice, so that doesn't help? Do mainstream insurers pay out on market value for a car of its age, regardless of what you paid for it?

If brand new then most policies should provide like for like replacement for first 12 months. Agreed value policy is another thing to consider. Try a broker ( they do all the work and it doesn't cost you anything ) - I have used Nowell and Richards for years. Might also be worth your while in looking at a multi car /fleet policy.

Zushi said: Hi Both, thanks for the relies. Sadly (or not) im still under 50 so Saga is out for me, but worth bearing in mind for the future. LV sounds positive as a service. They quoted me just over £600, I suspect as I have only 2 yrs NCB I can use on this car - perhaps a multi-car policy would be prudent at renewels of all. I suppose the question I really need to ask is which insurer offers the best service in the event of bad things happening. Whilst the market is mad, dont suppose any "book" value is representatiove of what it could actually cost to replace. Thanks all. Not collecting the car till end of the month, so have time to make calls this week: nothing like talking to someone rather than online quote systems. I have now had three Porsches insured with Locktons. A really good insurer and absolutely no hassle with claims or recovery. Excellent service and they'll agree value too if you want that. Join the Porsche GB Club and you'll get a reasonable discount on year 1. Enjoy!

B1ggest said: How does it work if the car second hand is worth more than when bought new? Gap is return to invoice, so that doesn't help? Do mainstream insurers pay out on market value for a car of its age, regardless of what you paid for it? If the car is appreciating then you need an agreed value policy with agreed uplifts. This means speaking to a specialist broker and not one of the online mainstream providers. Lockton, A-Plan and Footman James are obvious brokers to try. However for a car that holds or deprecates then normal mainstream is very much an option and quite likely to be cheaper than a specialist via a broker. RTI GAP without any finance in the background makes sense where the insurance settlement will be less than the price to buy a replacement of same age as the car was when you put it on cover. Typically to replace a X year old total loss with a car of Y years old, likely brand new. It depends on what your trying to cover really as to what would be most suitable.

S600BSB said: Another vote for LV. I have a multi car policy for my garage and my 997 is not much over £200. The renewal on my 987 is £150 for next year (admittedly much lower value).

Hi All, Thanks for the feedback, all useful perspectives and I have collated a number of quotes. LV are a shade over £600 for 8k miles annually, and suggest that first year, new car, first owner - is covered as a new car replacement. Hmm. Its by no means the cheapest - hower lots of postives for LV across the forum and this thread. A number of brokers recommended on here all seemed to use LV themselves, with the appropriate fee on top - so went direct to LV, better price (obviously) Specialists, agreed value insureres are/will be more expensive, but the GTS isnt an appreciating classic (sadly) will depreciate and will be used.... The recomended, Pistonheads insurer quote a shade over £500 for a 3 year GAP which would augment (I think) and give me a little piece of mind if nothing else.... hey, its car insurance, what could possibly go wrong! Thanks for the feedback and perspectives, helped a lot. Collecting Tuesday - Aventurine Cayman GTS - with gold wheels....