Insurance Prices

Curious to know what people are paying for insurance premiums. I know there is a lot of variability out there -- as there should be -- given the number of factors considered by the insurance companies, but I also realize there is a lot of overpricing going on under the pretense of the 996 being an exotic. As an example of outrageous pricing, I was quoted $7,200 by one insurance company when I was researching!! I'm currently with Nationwide paying $1,900 with $100/$300 liability and $1,000 deductible. I think this is very reasonable given driving history, Chicago location and other factors considered...but want to get some additional data points. Regards.

Actually Porsches are pretty cheap from what I've heard. They have a low claim per car and a low theft per car index. Albeit a high repair cost. I am paying $1200 on Long Island for by Boxtser and will be upping it to $1900 on my new 911. <img src="graemlins/burnout.gif" border="0" alt="[burnout]" />

Shop around. I am paying $1200/year for my 99 Carrera with $500 Deductable same liability. State Farm multiple car discount, safe driver, etc. Loren (99 996)

Vik If it's not a daily driver, go with the collectors/club insurance. I get 5,000 mi a year, for something like $350 on a 993. I used to pay 1200 on a 951 when it was new thru State Farm. M in C

Ijust moved to WA and Farmers has my deductible at $1000 plus 10% of the repair costs. Has anyone heard of this?

[quote]Originally posted by Mike in Chi: <strong>Vik If it's not a daily driver, go with the collectors/club insurance. I get 5,000 mi a year, for something like $350 on a 993. I used to pay 1200 on a 951 when it was new thru State Farm. M in C</strong><hr></blockquote> Can you name any of those companies? I'm only driving on weekends & was thinking of that, thanks!

Hi Finn the broker is Leland-West out of CA. They advertise every month in Pano. The Insurance is from American Modern Home Insurance. there are stipulations. No business use. No leaving the car at the airport. No teenagers will drive the car. (signed and notarized) etc. Technically I believe DEs are not covered usage. I think Leland-West's # is [phone removed]. and just think what you can do with the savings. Mike

$800 premium with $300,000 liability for a 28 year old single in a 99 996 c2. Insured for agreed upon value. Insured through the Firemans Fund. Damn, that sounds cheap to (for) me...

Alot of companies actually have the Stated Value coverage, and a few other stipulations as well. If you can prove that the value of the car is such, and then also prove that it is classed as an exotic, and is technically appreciating in value, then you can insure it in a different way as well. When insurance companies insure you, they are stating that they will pay X amount in the event of X occurance (excluding A, B, C, D, etc). Themore restrictions, the less chance they will have to pay a claim, and the less you will have to pay. My one piece of advice is to never scrimp on liability coverage - yours or the un/under insured motorist sections. This is a *sue* society. If your loved one was killed in an accident, would you settle for 300,000? Wouldn't you go after everything? If your answer is no and yes, respectively, then you may want to look at your coverages, and where you are trying to save money. Agents will sell you base coverages to make the sale sometimes, and that is unfortunate. Anyway, just look at your declaration pages and understand that these are not frivilous expenses.

Brendan's point is a very good one with respect to not skimping on coverage. The one other aspect that I would add is that people automatically assume that if you drive a Porsche, then obviously you've got loads of money to poney up. Their whole mentality changes and exacerbates the situation and their demands. That's why my research was predicated on finding the highest-quality insurers with the best ratings -- even it meant paying more in terms of a premium. Could I have gotten a better rate from a local insurance agency? Absolutely. But who is to tell their quality of reimbursement, ability to be around when needed, timing for claims, quality of customer service, hours of availability, the list goes on. Bottom line for me: It doesn't pay to nickle-and-dime in a litigious society like the US. The slightly higher costs, are more than offset by the benefits gained from peace of mind from a high-quality insurer. Regards.

Sloth, where are u located? I believe that I will pay a little higher being in s suburb of NYC?

Vik all true I use the auto insurance to repair the cars. They'll allow me to repair the car where I want it repaired. So in essence it's a commodity and price does matter. I have extended liability coverage to shield me from the litigious jerks who are looking for an opportunity. On THAT I go for the best coverage and service, not price. Mike

Ed Newman: Who are you insured with? I pay $1200 per six mos. for $500,000 liability with Geico, $1,000 deductible, on an '02 cab. The car is domicilled in Suffolk County

Travelers [phone removed] $1271 / 12mo on my 986 - quoted $1900 / 12mo for my new 996 100/300/50 $1000 ded coll / $500 ded comp basic eco loss, unisured motorist and addt'l $100k bodily injury I asked them if they give a discount for having a roll cage and the guy laughed and said he doesn't want to know anything about it. <img src="graemlins/burnout.gif" border="0" alt="[burnout]" />

[quote]Originally posted by Ed Newman: <strong>Sloth, where are u located? I believe that I will pay a little higher being in s suburb of NYC?</strong><hr></blockquote> I am located in SW Florida. I would expect premiums to be higher in/around NYC. Personaly I think the insurance company is undercharging me. They must think I am married or something. Needless to say I am not asking.

Thanks Mike!

Thats the one point I don't have on travelers list.... no married. Not sure if thats a good thing or bad?

Ed, if I understood the question in your latest post correctly, then you will clearly be paying more for being single. I have the same issue. But like I always say, what you pay in insurance premiums for being a single Porsche driver, you more than make up in other ways...(wink, wink). Regards.