Auto Insurance Rate Quotes for a Porsche Cayman in Miami

Trying to find more affordable Porsche Cayman insurance in Miami? There isn’t a single person who rejoices having to buy car insurance, in particular when they could lower their rates if they shopped around.

Remarkably, a study showed that over 70% of Florida drivers renewed their policy with the same company for four years or more, and nearly half have never compared rate quotes at all. The average driver in America could save nearly $859 every year just by comparing rates, but most tend to underestimate the big savings they would realize if they moved their coverage to a different company. Drivers have multiple insurance companies to choose from, and though it is a good thing to have a selection, it makes it harder to compare rates and cut insurance costs.

Smart consumers take time to get comparison quotes at least once a year because car insurance prices fluctuate regularly. If you had the best rates on Porsche Cayman insurance in Miami at your last renewal you can probably find a better rate quote now. Forget anything you know (or think you know) about car insurance because I’m going to let you in on the secrets to the best methods to get good coverage on Porsche Cayman insurance in Miami at a lower rate.

Our objective in writing this article is to teach you a little about how car insurance quotes work and some tricks to saving. If you have a current insurance policy, you will definitely be able to find the best rates using the concepts covered in this article. Drivers just need to learn how to compare rates on the web.

The companies shown below have been selected to offer comparison quotes in Miami, FL. To locate the best cheap car insurance in Miami, FL, we suggest you click on several of them to get a more complete price comparison.

Coverage analysis

The coverage table shown below outlines detailed analysis of insurance policy prices for Porsche Cayman models. Being aware of how policy rates are established can help you make decisions on which insurance to purchase.

Premium data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Rates do not factor in your specific Miami location which can affect price quotes considerably.

Choosing deductibles

One of the more difficult decisions when buying auto insurance is where to set your physical damage deductibles. The comparisons below illustrate the rate fluctuation when you choose different insurance deductibles. The first table uses a $250 deductible for comprehensive and collision coverage and the second set of rates uses a $1,000 deductible.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Premium amounts do not factor in vehicle location which can change price quotes noticeably.

We can estimate from the data above that using a $250 deductible will cost you roughly $43 more each month or $516 each year across all Porsche Cayman models than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to have more than 17 months between claim filings, you would save money if you choose the higher deductible. The numbers below show a better example of how you can do this calculation yourself.

One thing to be aware of is that raising deductibles to get cheaper rates results in having to pay to pay more out-of-pocket when you file a claim. That will necessitate some funds available in the event you need to pay the deductible to have repairs made.

Full coverage or liability only

The illustration below visualizes the comparison of Porsche Cayman insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The price estimates are based on a clean driving record, no claims, $500 deductibles, single status, and no policy discounts are applied.

When to drop comprehensive and collision coverage

There is no definitive formula of when to exclude full coverage, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let’s assume your Porsche Cayman settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $3,000 after the deductible is paid. If it’s costing in excess of $300 annually for physical damage coverage, then you might consider buying liability only.

There are some scenarios where dropping full coverage is not in your best interest. If you haven’t satisfied your loan, you are required to maintain full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle in case of an accident, you should keep full coverage on your policy.

Lower Your Miami Insurance Premiums

Many different elements are part of the calculation when pricing auto insurance. Some are obvious like a motor vehicle report, although others are more transparent such as whether you are married and annual miles driven.

• Your address can push rates up or down – Choosing to live in less populated areas of the country has definite advantages when trying to find low car insurance rates. People in densely populated areas have much more traffic and more severe claims. Fewer drivers and short commutes means reduced accidents and lower theft and vandalism rates.
• Excellent credit equals lower prices – A driver’s credit score will be a significant factor in determining what you pay for insurance. Insureds that have high credit scores tend to be less risk to insure than those with worse credit. If your credit rating is low, you could potentially save money when insuring your Porsche Cayman by improving your credit score.
• Do you know your physical damage deductibles? – Physical damage deductibles state the amount of money the insured will be required to pay before your insurance pays a claim. Coverage for physical damage, otherwise known as comp (or other than collision) and collision, protects your car from damage. Examples of some claims that would be covered are colliding with a stationary object, animal collisions, and damage caused by road hazards. The more money you have to pay, the better rate you will receive.
• Companies want multiple policies – Most companies allow better rates to policyholders who have multiple policies with them, otherwise known as a multi-policy discount. The discount can add up to five, ten or even twenty percent. If you currently are using one company, it’s always a smart idea to get quotes from other companies to verify if the discount is saving money.

• Porsche Cayman insurance loss data – Auto insurance companies analyze past claim statistics to determine a rate that will be profitable for them. Models that are shown to have higher claim frequency or loss amount will be charged more to insure.

  The table below illustrates the historical loss data for Porsche Cayman vehicles. For each type of coverage, the claim probability for all vehicles averaged together is represented as 100. Percentage values below 100 indicate a favorable loss history, while values that are above 100 point to more claims or tendency to have larger claims.

  
  

  Porsche Cayman Insurance Claim Statistics

  Vehicle Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Porsche Cayman 2dr	183	40	99	36

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Here’s why insurance is not optional

Despite the fact that insurance is not cheap in Miami, insurance serves a purpose in several ways.

• The majority of states have minimum mandated liability insurance limits which means the state requires specific minimum amounts of liability protection in order to license the vehicle. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
• If you took out a loan on your Cayman, most lenders will stipulate that you have comprehensive coverage to ensure loan repayment if the vehicle is totaled. If you do not keep the policy in force, the bank will be required to insure your Porsche at an extremely high rate and require you to pay a much higher amount than you were paying before.
• Insurance protects both your assets and your Porsche Cayman. It will also pay for medical expenses for you, your passengers, and anyone else injured in an accident. Liability insurance will also pay to defend you if anyone sues you for causing an accident. If your vehicle suffers damage from an accident or hail, your insurance policy will pay to restore your vehicle to like-new condition.

The benefits of carrying enough insurance are definitely more than the cost, especially when you need to use it. According to a survey of 1,000 drivers, the average driver is wasting up to $700 annually so it’s recommended you shop around every year to make sure the price is not too high.

How to find a good Miami auto insurance company

Choosing the highest-rated auto insurance company can be a challenge considering how many companies are available to choose from in Florida. The ranking information shown below may help you analyze which auto insurers you want to consider comparing rates with.

Top 10 Miami Car Insurance Companies Ranked by Claims Service

1. Travelers
2. Nationwide
3. Allstate
4. State Farm
5. Liberty Mutual
6. GEICO
7. American Family
8. Esurance
9. Titan Insurance
10. AAA Insurance