Comparing and finding cheaper rates for Porsche Panamera insurance in Colorado Springs is frustrating for beginners to online insurance quotes. There are so many options that it can quickly become a lot of work to compare rates on Porsche Panamera insurance.
Steps to finding cheaper Porsche Panamera insurance in Colorado Springs
To save the most money, the best way to find affordable quotes for Porsche Panamera insurance is to make a habit of comparing prices annually from insurers who can sell car insurance in Colorado Springs.
Step 1: It will benefit you to learn about how insurance works and the measures you can take to prevent high rates. Many rating factors that increase rates such as at-fault accidents and a low credit rating can be eliminated by making small lifestyle or driving habit changes. Read the full article for tips to get affordable coverage and get discounts that may be overlooked.
Step 2: Quote rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like GEICO and State Farm, while agents who are independent can provide price quotes from multiple sources.
Step 3: Compare the new rates to the price on your current policy to see if you can save by switching companies. If you find a better price and decide to switch, make sure there is no lapse in coverage.
Step 4: Provide notification to your current company to cancel your current car insurance policy. Submit the required down payment along with the signed application for your new coverage. When you receive it, place your new certificate verifying proof of insurance in your vehicle’s glove compartment or console.
One key aspect of rate comparisons is to try to use similar limits and deductibles on each price quote and to quote with every company you can. Doing this guarantees a fair rate comparison and the best price selection.
It’s safe to conclude that insurance companies don’t want you to look for a cheaper policy. People who compare rates annually will probably switch insurance companies because there are good odds of finding lower rate quotes. Surprisingly, a recent survey revealed that drivers who compared price quotes annually saved approximately $3,500 over four years compared to policyholders who never shopped around.
If finding the cheapest price on car insurance is your objective, then having some knowledge of how to shop and compare insurance coverage can save money and time.
Consumers should take time to compare rates yearly since insurance prices change quite often. If you had the best quotes on Porsche Panamera insurance in Colorado Springs at your last renewal you may be paying too much now. Ignore everything you know about insurance because you’re about to learn the easiest way to lower your rates without sacrificing coverage.
Many insurance companies give pricing on the web. Getting online quotes for Porsche Panamera insurance in Colorado Springs is pretty painless as you simply enter your coverage preferences into the quote form. Upon sending the form, the quote system pulls reports for credit and driving violations and returns a price quote.
This makes it a lot easier to compare rates and it’s absolutely necessary to do this in order to get cheap prices.
In order to get comparison pricing now, check out the insurance providers below. If you have a policy now, it’s recommended that you enter your coverages identical to your current policy. This way, you will have a rate comparison for similar insurance coverage.
The auto insurance companies shown below are our best choices to provide free quotes in Colorado Springs, CO. If you wish to find the best car insurance in Colorado, we suggest you visit several of them to find the lowest auto insurance rates.
Premium rates and analysis
The rate information displayed below outlines a range of insurance policy prices for Porsche Panamera models. Learning more about how policy premiums are established is important for making informed decisions when shopping around for a new policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Panamera S 4-Dr Hatchback||$438||$796||$362||$22||$108||$1,726||$144|
|Panamera 4S AWD 4-Dr Hatchback||$438||$870||$362||$22||$108||$1,800||$150|
|Panamera Turbo AWD 4-Dr Hatchback||$502||$1020||$362||$22||$108||$2,014||$168|
|Get Your Own Custom Quote Go|
Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Prices do not factor in the specific area where the vehicle is garaged which can influence premiums noticeably.
Physical damage deductibles
When comparing car insurance rates, the most common question is which comprehensive and collision deductibles to buy. The premium rates below may help you to understand the rate differences when you select higher and lower insurance deductibles. The first data table uses a $250 deductible and the second price grid uses a $1,000 deductible.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Panamera S 4-Dr Hatchback||$480||$866||$352||$20||$106||$1,849||$154|
|Panamera 4S AWD 4-Dr Hatchback||$480||$946||$352||$20||$106||$1,929||$161|
|Panamera Turbo AWD 4-Dr Hatchback||$550||$1110||$352||$20||$106||$2,163||$180|
|Get Your Own Custom Quote Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Panamera S 4-Dr Hatchback||$298||$544||$352||$20||$106||$1,320||$110|
|Panamera 4S AWD 4-Dr Hatchback||$298||$596||$352||$20||$106||$1,372||$114|
|Panamera Turbo AWD 4-Dr Hatchback||$340||$698||$352||$20||$106||$1,516||$126|
|Get Your Own Custom Quote Go|
Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Price information does not factor in vehicle garaging location which can increase or decrease price quotes noticeably.
Based on this data, we can arrive at the conclusion that using a $250 deductible costs approximately $48 more each month or $576 for a full year than opting for the higher $1,000 deductible. Because you would pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you normally average at a minimum 16 months between claim filings, you would probably be better off going with the higher deductible.
Full coverage rates compared to liability-only
The diagram below shows the difference between Porsche Panamera insurance prices when comparing full coverage to liability only. The costs are based on no accidents, no driving violations, $1,000 deductibles, drivers are not married, and no discounts are applied.
When to stop buying comprehensive and collision coverage
There is no exact rule that works best for making the decision to drop comp and collision coverage, but there is a general convention. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
For example, let’s assume your Porsche Panamera replacement cost is $7,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company will settle for is $6,000 after the policy deductible has been paid. If you are currently paying more than $600 annually to have full coverage, then it might be time to consider dropping full coverage.
There are a few situations where dropping full coverage is not a good idea. If you still owe a portion of the original loan, you have to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should keep full coverage on your policy.
Three main reasons to buy car insurance
Despite the high cost of buying insurance for a Porsche Panamera in Colorado Springs, insuring your vehicle serves a purpose in several ways.
- Almost all states have mandatory insurance requirements which means you are required to buy a specific minimum amount of liability if you drive a vehicle. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If your vehicle has a lienholder, it’s most likely the lender will have a requirement that you buy insurance to ensure the loan is repaid in case of a total loss. If the policy lapses, the lender will be forced to insure your Porsche at a significantly higher premium and force you to pay for the expensive policy.
- Car insurance preserves both your assets and your vehicle. It will also provide coverage for all forms of medical expenses for both you and anyone you injure as the result of an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if anyone sues you for causing an accident. If damage is caused by hail or an accident, comprehensive and/or collision insurance will cover the damage repairs after a deductible is paid.
The benefits of buying enough insurance are definitely more than the cost, particularly for liability claims. But the average driver in Colorado is currently overpaying as much as $830 a year so you should quote and compare rates once a year at a minimum to save money.
Why You Might Pay Increased Rates in Colorado Springs
Multiple criteria are considered when pricing auto insurance. Some factors are common sense like a motor vehicle report, but other factors are less obvious such as whether you are married or your commute time. Consumers need to have an understanding of some of the things that help calculate car insurance rates. When you understand what determines premiums, this helps enable you to make changes that can earn you big savings.
Fast cars cost more to insure – The make and model of the car, truck or SUV you need to insure makes a big difference in determining your rates. The best insurance prices are usually found on small economy passenger cars, but your final cost has many other factors.
The chart below is based on a married male driver age 20, full coverage with $250 deductibles, and no discounts or violations. It shows Porsche Panamera insurance premiums compared to other models that have different risk factors.
- Do you know you’re credit history? – Credit score can be an important factor in determining what you pay. So if your credit history is not that good, you could save money insuring your Porsche Panamera if you improve your credit rating. Insureds that have high credit ratings tend to file fewer claims than drivers with worse credit.
- Put fewer miles on your vehicle – Driving a lot of miles each year the more you’ll pay to insure it. Almost all companies price each vehicle’s coverage based upon how you use the vehicle. Cars left parked in the garage receive better premium rates compared to those used for work or business. Incorrect rating for your Panamera is just wasting money. It’s a smart idea to ensure your vehicle rating reflects the correct usage.
- Don’t skimp on liability protection – Liability insurance will provide protection if ever a jury decides you are liable for personal injury or accident damage. It will provide legal defense coverage up to the limits shown on your policy. Carrying liability coverage is mandatory and cheap when compared to the cost of physical damage coverage, so do not cut corners here.
- Never have coverage lapses – Driving without insurance is not a good idea and any future policy may cost more because you let your coverage lapse. And not only will insurance be more expensive, the inability to provide proof of insurance will get you a revoked license or a big fine. You may then have to provide proof of insurance in the form of an SR-22 filing with the Colorado motor vehicle department.
Male costs may be higher – Statistics demonstrate women are more cautious behind the wheel. That doesn’t necessarily mean that women are BETTER drivers than men. Females and males cause at-fault accidents at a similar rate, but guys tend to have higher claims. Men also get higher numbers of serious violations like DWI (DUI) or reckless driving. Male teenagers are most likely to cause an accident and therefore pay the highest rates.
The illustration below illustrates the comparison of Porsche Panamera auto insurance costs for male and female drivers. The premiums assume no accidents, no driving violations, full physical damage coverage, $100 deductibles, drivers are single, and no discounts are applied.
- Your occupation can affect rates – Occupational choices like fire fighters, architects, and financial analysts tend to have higher rates than the rest of us because of job stress and extremely grueling work hours. On the other hand, occupations like professors, athletes and retirees have the lowest average rates.
- Remove unneeded extra policy coverages – There are a ton of extra bells and whistles you can purchase if you aren’t diligent. Coverages like replacement cost coverage, accidental death, and additional equipment coverage are probably not needed. You may think they are a good idea when deciding what coverages you need, but now you might not need them so consider taking them off your policy.
Insurance loss statistics a Porsche Panamera – Auto insurance companies factor in historical loss data as a tool for profitable underwriting. Vehicles that have a higher amount or frequency of claims will cost more to insure.
The table below demonstrates the insurance loss data used by companies for Porsche Panamera vehicles. For each policy coverage type, the claim amount for all vehicles, as a total average, equals 100. Values that are under 100 are indicative of better than average losses, while numbers shown that are more than 100 point to more losses or statistically larger claims.
Porsche Panamera Insurance Claim Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Porsche Panamera 4dr 236 94 265 57 Porsche Panamera GTS 4dr 4WD 246 48 467 Porsche Panamera Turbo 4dr 4WD 242BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Affordable Colorado Springs insurance rates with discounts
Car insurance companies do not advertise the complete list of policy discounts in an easy-to-find place, so the below list has some of the more common and the harder-to-find credits that may apply to you. If you check and find you aren’t receiving every discount you qualify for, you are not getting the best rate possible.
- Anti-lock Brake Discount – Anti-lock brake equipped vehicles can stop better under adverse conditions and earn discounts up to 10%.
- Auto/Life Discount – Larger insurance companies have better insurance rates if you take out life insurance.
- Colorado Springs Homeowners Pay Less – Just owning your own home can earn you a little savings because maintaining a house requires a higher level of personal finance.
- Responsible Driver Discounts – Accident-free drivers may save up to 50% more than drivers with accidents.
- Passenger Safety Discount – Vehicles with factory air bags and/or automatic seat belt systems can get savings of 20% or more.
- Discounts for New Vehicles – Buying insurance coverage on a new vehicle can save up to 30% since newer models have better safety ratings.
- Distant Student Discount – College-age children living away from Colorado Springs attending college and do not have a car may be able to be covered for less.
- Save over 55 – If you qualify as a senior citizen, you may be able to get a slight reduction on a Colorado Springs auto insurance quote.
- Driver’s Education for Students – Reduce the cost of insurance for teen drivers by having them successfully take a driver’s education course in high school.
You can save money using discounts, but some of the credits will not apply to the entire cost. Some only reduce specific coverage prices like liability, collision or medical payments. If you do the math and it seems like it’s possible to get free car insurance, it’s just not the way it works. But all discounts should definitely cut your policy premium.
The example below illustrates the difference between Porsche Panamera car insurance costs with and without some available policy discounts. Data assumes a female driver, a clean driving record, no at-fault accidents, Colorado state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, multi-policy, marriage, homeowner, and claim-free discounts applied.
If you would like to view insurers that provide some of the discounts listed above in Colorado, click here to view.
Insurance agencies can help
A lot of people just want to visit with an insurance agent and often times that is recommended One of the best bonuses of comparing rates online is that you can obtain the lowest rates and still have a local agent.
To help locate an agent, after submitting this form (opens in new window), the coverage information is instantly submitted to local insurance agents that provide free Colorado Springs auto insurance quotes for your coverage. It’s much easier because you don’t need to visit any agencies since rate quotes are delivered to you directly. You can most likely find cheaper rates without the usual hassles of price shopping. If you have a need to quote rates from a specific insurance company, don’t hesitate to jump over to their website and fill out their quote form.
Choosing the best company requires you to look at more than just the premium amount. Get answers to these questions too.
- Do they have 24-hour customer assistance?
- Are they paid to recommend certain coverages?
- If they are an independent agency in Colorado Springs, which companies do they recommend?
- Are claim adjusters local or do you have to take your car somewhere else?
- Will a damage claim use OEM or aftermarket replacement parts?
- Which members of your family are coverage by the policy?
- Will the agent help in case of a claim?
Exclusive or Independent: There is a difference
If you need to find a local agent, there are a couple of different types of agents and how they can service your needs differently. Colorado Springs agents can be classified as either independent (non-exclusive) or exclusive.
Exclusive Insurance Agencies
Exclusive insurance agents can only quote rates from one company such as Farmers Insurance, American Family, State Farm and Allstate. Exclusive agents cannot provide rate quotes from other companies so they are skilled at selling on more than just price. These agents receive a lot of sales training on the products they sell which aids in selling service over price. Some insured continue to use the same agent primarily because of the brand legacy and solid financial strength.
The following is a short list of exclusive insurance agencies in Colorado Springs who can help you get comparison quotes.
- Spencer Galloway – State Farm Insurance Agent
3918 Academy Blvd N – Colorado Springs, CO 80917 – (719) 632-3700 – View Map
- State Farm: Dan Lewis
1867 S Academy Blvd – Colorado Springs, CO 80916 – (719) 434-3944 – View Map
- Allstate Insurance: Dave Lohman
76 S Sierra Madre St b – Colorado Springs, CO 80903 – (719) 471-9271 – View Map
Independent Agencies or Brokers
Independent agencies are not restricted to one company and that is an advantage because they can write policies through lots of different companies and help determine which has the cheapest rates. If they find a lower price, they can switch companies in-house and the insured can keep the same agent. If you are comparing rate quotes, you definitely need to get rate quotes from several independent agencies in order to have the best price comparison. They also have the ability to place coverage with companies you’ve never heard of that may provide cheaper auto insurance rates.
Listed below is a short list of independent agencies in Colorado Springs that are able to give price quote information.
- O’Donnell Agency Inc
707 S Tejon St – Colorado Springs, CO 80903 – (719) 227-7100 – View Map
- Benson Insurance Group, LLC
5155 N Academy, #110 – Colorado Springs, CO 80918 – (719) 622-3079 – View Map
- A Better Choice Auto Insurance
1863 N Circle Dr – Colorado Springs, CO 80909 – (719) 667-1301 – View Map
After you get acceptable answers to any questions you may have as well as an affordable premium quote, you’ve probably found an insurance agency that meets the criteria to provide auto insurance coverage.
In the end, you can save money
We just covered many ways to lower your Porsche Panamera insurance premium rates in Colorado Springs. The key concept to understand is the more quotes you get, the better chance you’ll have of finding affordable Colorado Springs auto insurance quotes. You may even find the best price on car insurance is with an unexpected company.
As you restructure your insurance plan, it’s very important that you do not buy poor coverage just to save money. There are a lot of situations where drivers have reduced liability limits or collision coverage only to find out that the savings was not a smart move. The aim is to buy the best coverage you can find at an affordable rate but still have enough coverage for asset protection.
People change insurance companies for any number of reasons including denial of a claim, not issuing a premium refund, questionable increases in premium and even an unsatisfactory settlement offer. It doesn’t matter why you want to switch finding a great new company is less work than it seems.
Steps to finding low-cost Porsche Panamera insurance in Colorado Springs
If you want to find the absolute lowest rates, then the best way to get discount Porsche Panamera insurance in Colorado Springs is to compare prices annually from insurance carriers that insure vehicles in Colorado. Drivers can shop around by following these guidelines.
First, learn about how your policy works and the measures you can control to keep rates low. Many factors that cause rate increases such as careless driving and an unacceptable credit rating can be eliminated by making lifestyle changes or driving safer.
Second, request price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from one company like Progressive or State Farm, while independent agencies can provide prices from multiple insurance companies.
Third, compare the new rates to the price on your current policy to see if switching to a new carrier will save money. If you find a lower rate, ensure coverage does not lapse between policies.
The key aspect of shopping around is to use the same deductibles and limits on each price quote and and to look at all possible companies. Doing this provides a fair price comparison and a complete rate analysis.
Additional car insurance information can be found at the links below
- Driving in Bad Weather (Insurance Information Institute)
- Who Has Affordable Colorado Springs Car Insurance Rates for Good Drivers? (FAQ)
- What Insurance is Cheapest for a Toyota Corolla in Colorado Springs? (FAQ)
- Who Has Cheap Car Insurance for Drivers with Bad Credit in Colorado Springs? (FAQ)
- How Much is Colorado Springs Car Insurance for Ride Shares? (FAQ)
- Top Signs Your Brakes are Giving Out (State Farm)
- Rearview cameras reduce backing crashes (Insurance Institute for Highway Safety)