If saving money is your primary concern, then the best way to find cheaper prices for Porsche Boxster insurance is to start doing an annual price comparison from insurance carriers who provide auto insurance in Colorado Springs. You can shop around by following these guidelines.
- It will benefit you to learn about how your policy works and the changes you can make to prevent expensive coverage. Many policy risk factors that result in higher prices like at-fault accidents, speeding tickets, and an unacceptable credit history can be controlled by improving your driving habits or financial responsibility.
- Compare prices from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give prices from one company like Progressive or State Farm, while independent agents can provide prices from multiple sources. Find a Colorado Springs insurance agent
- Compare the quotes to your current policy to see if cheaper Boxster coverage is available in Colorado Springs. If you find better rates and decide to switch, make sure coverage does not lapse between policies.
An essential thing to point out is to use the same liability limits and deductibles on each price quote and and to get prices from as many different insurance providers as possible. Doing this ensures an apples-to-apples comparison and a complete price analysis.
Unbelievable but true, the majority of drivers kept buying from the same company for well over three years, and nearly half have never shopped around. Many consumers in Colorado could save nearly $600 each year just by shopping around, but they assume it’s a waste of time to shop their coverage around.
Cut Insurance Costs with These Tips
Lots of factors are part of the calculation when you get a price on insurance. Most are fairly basic such as your driving record, but other factors are not as apparent such as your marital status or your commute time. It’s important that you understand a few of the rating criteria that go into determining the level of your policy premiums. If you understand what influences your rates, this enables informed choices that can earn you lower premium levels.
Raise your comp and collision deductibles for better premiums – Coverage for physical damage, also called ‘full coverage’, covers your vehicle from damage. Examples of covered claims are a windshield shattered by a rock, hitting a deer, or theft. The deductibles are how much you are required to spend out-of-pocket in the event of a claim. The more money you choose to pay out-of-pocket, the bigger discount you will receive.
Teen driver insurance premiums – Beginning drivers in Colorado are known to get distracted easily with other occupants in the car so insurance rates are higher. Mature drivers have been proven to be more responsible, are lower risk to insure, and tend to be get fewer driving tickets.
The following chart assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.
Avoid policy lapses – Driving with no insurance is illegal and insurance companies will penalize you for letting your coverage cancel without a new policy in place. And not only will your rates increase, not being able to provide proof of insurance could result in a revoked license or a big fine.
Pleasure use or commuting – The more you drive every year the higher the price you pay to insure it. Almost all companies charge rates based on how the vehicle is used. Autos that sit idle most of the time can be on a lower rate level than those used for commuting. Double check that your policy reflects how each vehicle is driven. A policy that improperly rates your Boxster is throwing money out the window.
No insurance claims equals cheap prices – If you file a lot of claims you can look forward to higher premiums or even policy non-renewal. Car insurance companies in Colorado award lower rates to insureds that do not abuse their auto insurance. Auto insurance is meant to be used in the event of major claims that would cause financial hardship.
Deter theft and pay less – Driving a car with an alarm system can save you some money. Theft prevention features such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack can help prevent car theft.
Employer stress can affect rates – Did you know your occupation can influence how much you pay for insurance? Careers such as fire fighters, executives, and stock brokers have the highest average rates because of stressful work requirements and incredibly demanding work hours. On the flip side, professions such as scientists, athletes and performers have the lowest average rates.
Only buy what you need – There are quite a few extra add-on coverages you can purchase if you don’t pay attention. Insurance for roadside assistance, high-cost glass coverage, and motor club memberships are examples of these. They may seem like a good idea when you first buy your policy, but if they’re wasting money remove them and pocket the money.
Insurance loss data for a Porsche Boxster – Insurers analyze past claim statistics as a way to help calculate a profitable premium price. Models that have higher prevalence or dollar amount of losses will cost more to insure.
The table below demonstrates the collected loss data for Porsche Boxster vehicles. For each coverage category, the claim probability for all vehicles averaged together is represented as 100. Percentage numbers below 100 imply a favorable loss record, while percentage numbers above 100 indicate more frequent losses or tendency to have larger claims.
|Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Porsche Boxster Convertible||135||47||121||31|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
The premium information below outlines a range of prices for Porsche Boxster models. Learning as much as possible about how car insurance prices are figured can aid in making informed decisions when comparing rate quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Boxster 2-Dr Convertible||$192||$360||$308||$18||$92||$970||$81|
|Boxster S 2-Dr Convertible||$212||$406||$308||$18||$92||$1,036||$86|
|Get Your Own Custom Quote Go|
Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Information does not factor in the specific area where the vehicle is garaged which can affect prices substantially.
Does full coverage make sense?
The information below visualizes the comparison of Porsche Boxster insurance costs with full physical damage coverage compared to only buying liability only. Data assumes no claims or violations, $500 deductibles, marital status is single, and no other discounts are factored in.
When to drop comprehensive and collision
There isn’t a steadfast formula to delete comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of coverage is more than around 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your Porsche Boxster book value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $7,000 after paying the physical damage deductible. If you are paying in excess of $700 annually for full coverage, then it might be time to consider dropping full coverage.
There are some conditions where buying only liability insurance is not recommended. If you still owe a portion of the original loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should keep full coverage.
Colorado Springs insurance discounts for a Porsche Boxster
Some companies do not advertise every discount in a way that’s easy to find, so below is a list a few of the more common as well as some of the hidden discounts that may be available.
- Passive Restraints and Air Bags – Vehicles with factory air bags or automatic seat belts may qualify for discounts up to 30%.
- Renewal Discounts – Some companies provide a discount for buying a policy prior to your current Boxster insurance policy expiration. This discount can save up to 10%.
- Colorado Springs Homeowners Discount – Owning your own home or condo can help you save on car insurance since home ownership requires personal responsibility.
- No Claim Discounts – Drivers with accident-free driving histories pay much less in comparison to drivers with a long claim history.
- Payment Method – If you pay your bill all at once instead of paying each month you can actually save on your bill.
- Memberships – Having an affiliation with a professional or civic organization is a simple method to lower premiums when getting a Colorado Springs auto insurance quote.
- ABS and Traction Control Discounts – Cars that have steering control and anti-lock brakes are safer to drive and the ABS can save up to 10%.
- Senior Discount – If you’re over the age of 55, you may qualify for a slight reduction on a Colorado Springs auto insurance quote.
- Resident Student – Children who are enrolled in a college that is more than 100 miles from Colorado Springs without a vehicle on campus can receive lower rates.
- Discount for Multiple Policies – When you have multiple policies and insure them with the same company you will save over 10 percent off each policy depending on the company.
As a footnote on discounts, most discounts do not apply to all coverage premiums. Most only cut specific coverage prices like physical damage coverage or medical payments. So when the math indicates all those discounts means the company will pay you, you aren’t that lucky.
The illustration below illustrates the difference between Porsche Boxster auto insurance rates with and without discounts applied to the premium. The data is based on a female driver, a clean driving record, no claims, Colorado state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, marriage, multi-car, multi-policy, and safe-driver discounts applied.
Some of the larger companies that may offer these discounts are:
If you need lower rates, check with each insurance company which credits you are entitled to. Some credits might not be available to policyholders in your state.
Car insurance savings summarized
People leave their current company for any number of reasons including delays in paying claims, not issuing a premium refund, lack of trust in their agent and poor customer service. It doesn’t matter why you want to switch finding a new company can be less work than you think.
Budget-conscious Porsche Boxster insurance can be bought both online as well as from insurance agents, so you should compare both so you have a total pricing picture. Some car insurance companies may not have price quotes online and many times these smaller companies only sell through independent insurance agencies.
When searching for inexpensive Colorado Springs auto insurance quotes, you should never sacrifice coverage to reduce premiums. In too many instances, an insured cut uninsured motorist or liability limits and learned later that the small savings ended up costing them much more. Your goal should be to purchase plenty of coverage at the lowest possible cost, but do not skimp to save money.
Additional information can be read at these links:
- Help Your Teen Be a Better Driver (State Farm)
- Car Insurance for Teen Drivers with Divorced Parents (Allstate)
- All About Airbag Safety (State Farm)
- Teen Driving Statistics (GEICO)