The best way to get cheaper Porsche Panamera insurance is to start comparing prices yearly from insurance carriers in Virginia Beach. You can compare rates by following these guidelines.
- First, try to understand what coverages are included in your policy and the measures you can control to drop your rates. Many rating factors that cause rate increases such as getting speeding tickets and a negative credit rating can be rectified by making minor driving habit or lifestyle changes.
- Second, obtain price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can give quotes from a single company like GEICO and State Farm, while agents who are independent can provide price quotes from multiple insurance companies.
- Third, compare the new rate quotes to your existing coverage to see if switching to a new carrier will save money. If you find a lower rate quote and switch companies, make sure there is no lapse between the expiration of your current policy and the new one.
- Fourth, notify your company or agent of your decision to cancel your current auto insurance policy. Submit a completed policy application and payment to your new company or agent. Immediately upon receiving it, place the new certificate verifying proof of insurance above your visor, in the console, or in the glove compartment.
One piece of advice is to make sure you’re comparing the same level of coverage on each quote and and to get price estimates from as many different companies as possible. Doing this helps ensure an apples-to-apples comparison and a better comparison of the market.
It goes without saying that insurance companies don’t want you to compare rates. Drivers who shop around for cheaper prices are likely to buy a different policy because there is a good probability of finding a policy with more affordable rates. A recent auto insurance study discovered that drivers who made a habit of comparing rate quotes saved $850 each year compared to other drivers who don’t make a habit of comparing rates.
If finding low prices for insurance in Virginia Beach is your ultimate objective, knowing the best way to compare insurance coverage can make the process more efficient.
If you are paying for car insurance now, you will most likely be able to get lower rates using these tips. Quoting and buying affordable insurance policy in Virginia Beach is not that difficult. Although Virginia vehicle owners must know the way insurance companies calculate your policy premium because it varies considerably.
It’s important to know that comparing more quotes provides better odds of finding a lower rate.
The following companies provide free quotes in Virginia. If your goal is to find cheaper auto insurance in Virginia Beach, it’s highly recommended you click on several of them to get the best price comparison.
Best reasons to buy auto insurance in Virginia
Despite the high cost of buying insurance for a Porsche Panamera in Virginia Beach, auto insurance is not optional due to several reasons.
- The majority of states have compulsory liability insurance requirements which means you are required to buy a specific level of liability insurance in order to get the vehicle licensed. In Virginia these limits are 25/50/20 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage.
- If your Porsche has a lienholder, more than likely the lender will require that you carry insurance to protect their interest in the vehicle. If you do not pay your insurance premiums, the bank may buy a policy for your Porsche at a much higher premium rate and require you to reimburse them the higher price.
- Insurance protects both your Porsche Panamera and your personal assets. It will also reimburse you for many types of medical costs for you, any passengers, and anyone injured in an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if you are sued as the result of your driving. If your Porsche gets damaged, comprehensive and/or collision insurance will cover the damage repairs after a deductible is paid.
The benefits of buying auto insurance more than cancel out the cost, especially with large liability claims. But the average American driver is overpaying over $820 a year so shop around at every renewal to be sure current rates are still competitive.
Auto insurance analysis for a Porsche Panamera
The coverage information shown next highlights estimates of coverage costs for Porsche Panamera models. Learning how car insurance premiums are calculated can assist in making informed decisions when comparing rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $280 | $588 | $312 | $18 | $94 | $1,292 | $108 |
| Panamera 4S AWD 4-Dr Hatchback | $280 | $644 | $312 | $18 | $94 | $1,348 | $112 |
| Panamera Turbo AWD 4-Dr Hatchback | $322 | $754 | $312 | $18 | $94 | $1,500 | $125 |
| Get Your Own Custom Quote Go | |||||||
Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Virginia minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Rates do not factor in zip code location which can modify coverage prices noticeably.
Deductible comparison
The hardest decision when buying coverage is which comprehensive and collision deductibles to buy. The data tables below outline the rate fluctuation when you choose different comp and collision deductibles. The first data table uses a $250 deductible and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $352 | $634 | $258 | $16 | $78 | $1,363 | $114 |
| Panamera 4S AWD 4-Dr Hatchback | $352 | $694 | $258 | $16 | $78 | $1,423 | $119 |
| Panamera Turbo AWD 4-Dr Hatchback | $404 | $812 | $258 | $16 | $78 | $1,593 | $133 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $218 | $398 | $258 | $16 | $78 | $968 | $81 |
| Panamera 4S AWD 4-Dr Hatchback | $218 | $436 | $258 | $16 | $78 | $1,006 | $84 |
| Panamera Turbo AWD 4-Dr Hatchback | $250 | $512 | $258 | $16 | $78 | $1,114 | $93 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Virginia minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Price estimates do not factor in vehicle garaging location which can change premium rates significantly.
Based on this data, using a $250 deductible will cost you approximately $36 more each month or $432 each year averaged for all Panamera models than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you usually have more than 21 months between claims, you would probably save some money by going with a higher deductible.
Calculate savings of higher deductibles
| Average monthly premium for $250 deductibles: | $122 |
| Average monthly premium for $1,000 deductibles (subtract): | – $86 |
| Monthly savings from raising deductible: | $36 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $36 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 21 months |
The illustration below illustrates how your choice of deductibles and can affect Porsche Panamera insurance prices for each age group. The data is based on a single male driver, full physical damage coverage, and no policy discounts are applied.
Violations and accidents raise rates
The diagram below highlights how traffic violations and at-fault claims can affect Porsche Panamera auto insurance costs for each different age category. The costs are based on a single female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied.
Auto insurance rates by gender and age in Virginia Beach
The illustration below shows the comparison of Porsche Panamera insurance costs for male and female drivers. The data assumes no violations or accidents, full coverage, $100 deductibles, marital status is single, and no policy discounts are applied.
Difference between full coverage and liability only rates
The chart below illustrates the comparison of Porsche Panamera auto insurance costs with full physical damage coverage and with liability coverage only. The costs are based on no violations or accidents, $100 deductibles, single marital status, and no additional discounts are factored in.
When to drop comp and collision
There is no definitive rule for eliminating physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
For example, let’s say your Porsche Panamera book value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $6,000 after you pay the deductible. If you are paying in excess of $600 a year for physical damage coverage, then it might be time to consider dropping full coverage.
There are some scenarios where removing full coverage is not recommended. If you still owe a portion of the original loan, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.
Get cheaper rates with discounts
Companies that sell car insurance do not list every policy discount very clearly, so the list below details a few of the more well known and the harder-to-find discounts that you may qualify for.
- Telematics Data Discounts – Virginia Beach drivers who agree to allow their insurance company to spy on vehicle usage remotely such as Drivewise from Allstate or Snapshot from Progressive may get a rate reduction if their driving habits are good.
- ABS and Traction Control Discounts – Cars with anti-lock braking systems are safer to drive and qualify for as much as a 10% discount.
- Defensive Driving Course – Taking time to complete a course that instructs on driving safety could earn you a small percentage discount and easily pay for the cost of the class.
- Club Memberships – Participating in a qualifying organization is a good way to get lower rates when getting a Virginia Beach auto insurance quote.
- Service Members Pay Less – Being on active duty in the military could qualify you for better prices.
- Discounts for Seat Belt Usage – Requiring all passengers to buckle their seat belts can save up to 15% on the medical payments or PIP coverage costs.
- Online Discount – Many insurance companies will give a small break for signing up digitally online.
As is typical with insurance, most credits do not apply to the overall cost of the policy. Some only apply to specific coverage prices like comprehensive or collision. Even though it may seem like you can get free auto insurance, companies don’t profit that way.
The illustration below shows the comparison of Porsche Panamera car insurance costs with and without discounts applied to the premium. Data assumes a female driver, no claims or driving violations, Virginia state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, claim-free, multi-policy, homeowner, and multi-car discounts applied.
Some companies that may offer most of these discounts possibly include:
When getting free Virginia Beach auto insurance quotes, it’s a good idea to each insurance company the best way to save money. All car insurance discounts may not be available in your area. If you would like to see a list of insurers that can offer you the previously mentioned discounts in Virginia Beach, click here.
Different people need different car insurance coverages
When it comes to choosing adequate coverage, there is no perfect coverage plan. Everyone’s needs are different so your insurance needs to address that.
These are some specific questions might help in determining whether you might need professional guidance.
- If my Porsche Panamera is totaled, can I afford another vehicle?
- Am I missing any policy discounts?
- Who is covered when they drive my Porsche Panamera?
- Should I file a claim if it’s only slightly more than my deductible?
- Am I covered if hit by an uninsured driver?
- Why are teen drivers so expensive to add on to my policy?
- Is my state a no-fault state?
- Do I need to file an SR-22 for a DUI in Virginia?
If you can’t answer these questions, you may need to chat with a licensed agent. To find an agent in your area, simply complete this short form or you can also visit this page to select a carrier