Save on Porsche Cayman Insurance in Anchorage

Insurance for Porsche CaymanUnbelievable but true, the vast majority of consumers have remained with the same insurance company for well over three years, and approximately 38% of consumers have never compared rates to find lower-cost insurance. Anchorage drivers could save about 35% each year, but they mistakenly think it’s difficult to compare rates and save money.

If you want to save money, the best way to find affordable Porsche Cayman insurance is to start doing an annual price comparison from different companies that insure vehicles in Anchorage. Drivers can shop around by following these guidelines.

First, try to comprehend what coverages are included in your policy and the things you can control to prevent rate increases. Many factors that cause rate increases such as speeding tickets, accidents and bad credit can be eliminated by making minor driving habit or lifestyle changes. Later in this article we will cover instructions to help keep rates affordable and find discounts that you may qualify for.

Second, get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can give quotes from a single company like GEICO and Allstate, while independent agents can provide prices from multiple insurance companies.

Third, compare the new rates to your current policy premium and determine if there is any savings. If you find a better price and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

Fourth, notify your current company of your intention to cancel your current car insurance policy and submit payment and a completed application to your new agent or company. As soon as you receive it, keep the new proof of insurance paperwork in your vehicle’s glove compartment or console.

One thing to remember is that you’ll want to compare the same amount of coverage on each price quote and and to analyze as many car insurance companies as possible. Doing this helps ensure an apples-to-apples comparison and a better comparison of the market.

If you currently have a car insurance policy, you should be able to get lower rates using the ideas presented in this article. Finding cheaper auto insurance policy in Anchorage is not as hard as you think. But Alaska vehicle owners do need to know how companies set your policy premium and use it to find better rates.

Facts and figures for Porsche Cayman insurance

The price information below covers different insurance policy prices for Porsche Cayman models. Being more informed about how insurance quotes are formulated can be of help when making decisions when choosing a new policy provider.

Porsche Cayman Insurance Rates in Anchorage, AK
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $262 $540 $368 $22 $110 $1,302 $109
Cayman S 2-Dr Coupe $262 $602 $368 $22 $110 $1,364 $114
Get Your Own Custom Quote Go

Prices based on single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Alaska minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Premium amounts do not factor in your specific Anchorage location which can alter prices considerably.

How high should deductibles be?

One of the hardest decisions when shopping for auto insurance is where to set your physical damage deductibles. The rates below outline the rate differences when you select higher and lower physical damage coverage deductibles. The first pricing table uses a $100 comprehensive and collision deductible and the second price grid uses a $1,000 deductible.

Porsche Cayman insurance with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $324 $648 $272 $16 $82 $1,367 $114
Cayman S 2-Dr Coupe $324 $724 $272 $16 $82 $1,443 $120
Get Your Own Custom Quote Go

Porsche Cayman insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $180 $342 $272 $16 $82 $892 $74
Cayman S 2-Dr Coupe $180 $382 $272 $16 $82 $932 $78
Get Your Own Custom Quote Go

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Alaska minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Information does not factor in specific location information which can change premiums considerably.

Based on the above data, using a $100 deductible will cost in the ballpark of $41 more each month or $492 every year than buying the higher $1,000 deductible. Since you would have to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at least 22 months between claims, you would more than likely save some money if you decide on a higher deductible.

How to decide to raise your deductibles

Average monthly premium for $100 deductibles: $117
Average monthly premium for $1,000 deductibles (subtract): – $76
Monthly savings from raising deductible: $41
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $41
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 22 months

The diagram below illustrates how choosing a deductible and can change Porsche Cayman insurance costs for different age groups. The prices are based on a single male driver, comp and collision included, and no discounts are applied to the premium.

How violations and accidents impact rates

The diagram below demonstrates how speeding tickets and at-fault fender-benders can impact Porsche Cayman insurance costs for different insured age categories. The price estimates are based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied.

Men versus women drivers and insurance cost

The chart below illustrates the difference between Porsche Cayman insurance costs for male and female drivers. The premiums are based on no claims or violations, comp and collision included, $100 deductibles, drivers are not married, and no additional discounts are factored in.

Liability only or full coverage

The example below compares Porsche Cayman annual premium costs with full physical damage coverage compared to only buying liability only. The data assumes no claims or violations, $1,000 deductibles, single status, and no discounts are applied to the premium.

When to drop comp and collision

There is no exact formula that is best for determining when to drop full coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.

For example, let’s assume your Porsche Cayman settlement value is $5,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $4,000 after paying your deductible. If premiums are more than $400 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.

There are some circumstances where eliminating full coverage is not in your best interest. If you still owe a portion of the original loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should not drop full coverage.

Specifics of your car insurance policy

Having a good grasp of your policy can help you determine appropriate coverage and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording.

Comprehensive or Other Than Collision

This coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things such as theft, damage from flooding and fire damage. The most you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

UM/UIM Coverage

This protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and also any damage incurred to your Porsche Cayman.

Since a lot of drivers carry very low liability coverage limits (Alaska limits are 50/100/25), it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is very important. Frequently the UM/UIM limits do not exceed the liability coverage limits.

Auto liability insurance

Liability insurance will cover damage that occurs to other’s property or people that is your fault. Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 50/100/25 that translate to a limit of $50,000 per injured person, a limit of $100,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Some companies may use a combined single limit or CSL which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage protects against claims such as structural damage, loss of income and emergency aid. How much liability should you purchase? That is up to you, but it’s cheap coverage so purchase as large an amount as possible. Alaska state law requires minimum liability limits of 50/100/25 but it’s recommended drivers buy more coverage.

The next chart shows why the minimum limit may not provide adequate coverage.

Medical costs insurance

Coverage for medical payments and/or PIP reimburse you for immediate expenses for nursing services, dental work, doctor visits and X-ray expenses. They can be used in conjunction with a health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover all vehicle occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage

Collision coverage

This pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for things like hitting a parking meter, sideswiping another vehicle and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are older. Drivers also have the option to raise the deductible on your Cayman to bring the cost down.

Affordable insurance rates are possible

Some insurance providers may not offer online price quotes and many times these regional carriers work with independent agents. Cheaper Porsche Cayman insurance in Anchorage is possible both online as well as from insurance agents, and you need to comparison shop both to have the best rate selection.

You just read a lot of ways to reduce Porsche Cayman insurance rates online in Anchorage. It’s most important to understand that the more rate quotes you have, the higher the chance of saving money. You may even discover the most savings is with a small mutual company.

As you quote Anchorage auto insurance, don’t be tempted to reduce needed coverages to save money. There are many occasions where an insured cut liability limits or collision coverage and learned later that the small savings ended up costing them much more. Your goal should be to find the BEST coverage at a price you can afford.

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