Searching for cheaper insurance for a new or used Porsche Panamera in Colorado can be a painful process, but you can learn a few tricks to save time.
There are both good and bad ways to compare insurance rates so we're going to tell you the absolute fastest way to quote coverages for a new or used Porsche and locate the cheapest rates either online or from Colorado Springs insurance agents.
It's important to quote other rates on a regular basis because prices are variable and change quite frequently. Even if you think you had the lowest rate on Porsche Panamera insurance in Colorado Springs a couple years back you can probably find a better premium rate now. Forget anything you know (or think you know) about insurance because you're about to learn the best methods to remove unneeded coverages and save money.
Get cheaper Porsche Panamera insurance in Colorado Springs with discounts
Companies that sell car insurance don't always list all available discounts very clearly, so the list below contains some of the best known as well as the least known credits available to bring down your rates.
- Multiple Cars - Buying a policy with primary and secondary vehicles with the same insurance company can reduce the rates for all insured vehicles.
- Clubs and Organizations - Affiliation with specific professional or occupational memberships or organizations could earn you a nice discount on your policy.
- Discount for Life Insurance - Larger insurance companies have better prices if you take out life insurance from them.
- No Claims - Colorado Springs drivers who stay claim-free pay much less as compared to insureds who have frequent claims or accidents.
- Drive Safe and Save - Safe drivers can save up to 40% or more on their Colorado Springs auto insurance quote than their less cautious counterparts.
Remember that most credits do not apply to the entire cost. Most cut the price of certain insurance coverages like medical payments or collision. If you do the math and it seems like all the discounts add up to a free policy, insurance companies wouldn't stay in business.
To see providers that offer many of these discounts in Colorado, click here to view.
The companies shown below have been selected to offer price quotes in Colorado Springs, CO. If multiple companies are listed, we suggest you visit several of them to get the cheapest price.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Panamera S 4-Dr Hatchback||$414||$848||$396||$24||$118||$1,800||$150|
|Panamera 4S AWD 4-Dr Hatchback||$446||$764||$460||$28||$138||$1,836||$153|
|Panamera Turbo AWD 4-Dr Hatchback||$474||$1088||$396||$24||$118||$2,100||$175|
|Get Your Own Custom Quote Go|
Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Rate quotes do not factor in your specific Colorado Springs location which can increase or decrease insurance rates substantially.
How much more does full coverage cost?
The illustration below illustrates the comparison of Porsche Panamera insurance costs with full coverage compared to only the Colorado minimum liability coverage. The premium estimates are based on no claims or driving violations, $100 deductibles, single female driver, and no other discounts are factored in.
Are you wasting money paying for full coverage?
There is no clear-cut formula of when to phase out comp and collision coverage, but there is a general convention. If the yearly cost for physical damage coverage is more than around 10% of the vehicle's replacement cost less your deductible, then you might want to think about dropping full coverage.
For example, let's say your Porsche Panamera replacement cost is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $7,000 after paying your policy deductible. If you are paying more than $700 a year to have full coverage, then you may need to consider dropping full coverage.
There are some conditions where dropping full coverage is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should maintain full coverage.
Seven factors that impact insurance rates
Multiple criteria are part of the calculation when quoting car insurance. Some are pretty understandable such as your driving record, but others are more transparent like where you live or your commute time. A large part of saving on auto insurance is knowing the factors that are used to determine your premiums. When consumers understand what determines base rates, this enables you to make decisions that will entitle you to big savings.
Safer the car lower the rate - Vehicles with good safety scores can get you lower premiums. These vehicles have better occupant injury protection and lower injury rates means lower claim amounts and thus lower rates. If your Porsche Panamera earned at least four stars on Safercar.gov or an "acceptable" rating on iihs.org you may pay a lower rate.
Pleasure use or commuting - Driving a lot of miles each year the more you'll pay to insure your vehicle. Most companies rate vehicles determined by how the vehicle is used. Cars and trucks that are left in the garage receive lower rates than those used for commuting. Make sure your policy correctly shows the correct usage, because it can save money. A policy that improperly rates your Panamera may be costing you.
Certain vocations pay higher premiums - Did you know your auto insurance rates can be affected by your occupation? Occupations like real estate brokers, police officers, and dentists are shown to have higher rates than average because of high stress and long work days. Other jobs such as farmers, historians and homemakers generally pay rates lower than average.
Is your car, truck or SUV built for speed? - The type of car or truck you need insurance for makes a big difference in your auto insurance rates. The cheapest insurance rates are for economy passenger cars, but that's not the only thing that factors into the final price. Since the Porsche Panamera falls in the luxury sport sedan class, rates will be considerably higher than the average rate where you live in Colorado Springs.
If you don't need it don't buy it - Policies have optional add-on coverages that can add up when buying auto insurance. Things like personal injury protection, accident forgiveness, and term life insurance are some examples. You may think they are a good idea when you first buy your policy, but your needs may have changed so eliminate the coverages to reduce your premium.
Cheaper rates after marriage - Walking down the aisle can actually save you money on your auto insurance bill. Having a significant other translates into being more responsible and statistics prove being married results in fewer claims.
Youthful drivers cost more - Older insureds tend to be more responsible, statistically cause fewer accidents, and receive fewer citations.Young drivers are statistically proven to be careless and easily distracted behind the wheel so auto insurance rates are higher.
Claims statistics for a Porsche Panamera - Insurers use historical loss data when determining insurance prices. Models that historically have higher prevalence or dollar amount of losses will cost more for specific coverages.
The data below shows the compiled insurance loss statistics for Porsche Panamera vehicles. For each coverage type, the loss probablilty for all vehicles, regardless of make, model or trim level, equals 100. Percentage values below 100 mean the vehicle has better than average losses, while values that are 100 or greater indicate frequent claims or statistically larger claims.
Insurance Loss Ratings for Porsche Panamera Vehicles
|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||242|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
You are unique and your car insurance should be too
When choosing the right insurance coverage, there isn't really a cookie cutter policy. Every insured's situation is different and your policy should reflect that. For example, these questions can aid in determining whether or not you will benefit from professional help.
- Can I get a multi-policy discount?
- Do I get a pro-rated refund if I cancel my policy early?
- Am I covered if I back into my garage door?
- How high should my medical payments coverage be?
- Does my policy cover my teen driver if they drive my company car?
- Am I covered when driving someone else's vehicle?
- When should I remove my kid from my policy?
- Should I pay a claim out-of-pocket?
If you're not sure about those questions but a few of them apply then you might want to talk to a licensed agent. To find lower rates from a local agent, complete this form or you can also visit this page to select a carrier It only takes a few minutes and you can get the answers you need.
Exclusive versus independent insurance agencies
Many people still prefer to sit down and talk to an agent and we recommend doing that Professional agents can help you build your policy and help submit paperwork. One of the best bonuses of comparing rate quotes online is the fact that drivers can get better rates but still work with a licensed agent. Supporting local insurance agents is especially important in Colorado Springs.
After completing this simple form, the quote information is transmitted to participating agents in Colorado Springs that give free quotes and help you find cheaper coverage. There is no need to search for an agent as quotes are delivered immediately to you. If you wish to compare prices from a specific company, you just need to search and find their rate quote page and give them your coverage information.
If you are wanting to find a reputable insurance agent or broker, there are a couple of different types of agents and how they work. Agents are considered either independent agents or exclusive agents. Both write auto insurance policies, but it's worth learning how they are different since it can impact buying decisions.
Independent Auto Insurance Agencies
Agents of this type are not restricted to one company and that enables them to quote your coverage with multiple insurance companies and find you the best rates. If they find a cheaper price, an independent agent can move your coverage without you having to go to a different agency. When comparison shopping, it's recommended you get insurance quotes from independent agents to ensure the widest selection of prices. Many independent agencies also insure through less well-known companies that may have much lower rates than larger companies.
The following is a list of independent agencies in Colorado Springs who may be able to give you price quotes.
- Jensen Insurance Agency
125 N Parkside Dr #201f - Colorado Springs, CO 80909 - (719) 635-9557 - View Map
- Insurance Stops
2105 E Bijou St A - Colorado Springs, CO 80909 - (719) 636-3369 - View Map
- Six and Geving Insurance Inc
3630 Sinton Rd # 200 - Colorado Springs, CO 80907 - (719) 590-9990 - View Map
Exclusive Auto Insurance Agents
Agents in the exclusive channel work for only one company such as Allstate, Farmers Insurance, State Farm, and AAA. They usually cannot provide prices from multiple companies so they are skilled at selling on more than just price. They are usually well trained on their company's products and that allows them to sell at a higher price point. Many people buy insurance from these agents partially due to the prominence of the brand and the convenience of having a single billing for all their coverages.
The following are exclusive insurance agents in Colorado Springs that are able to give rate quotes.
- Carlos Gonzalez, Jr. - State Farm Insurance Agent
1710 S Circle Dr - Colorado Springs, CO 80910 - (719) 900-7431 - View Map
- Brandon Sullivan - State Farm Insurance Agent
5615 Constitution Ave - Colorado Springs, CO 80915 - (719) 597-5000 - View Map
- Allstate Insurance: Wermers Agency Inc
1283 Kelly Johnson Blvd - Colorado Springs, CO 80920 - (719) 471-6777 - View Map
Picking the best insurance agent should include more criteria than just a cheap price. The following questions are important to ask.
- Does the quote include credit and driving reports?
- Is vehicle mileage a factor when determining depreciation for repairs?
- When do they do a full risk review?
- How long have they been in business?
- Do the companies they represent have a solid financial rating?
Why you need car insurance
Despite the potentially high cost of Porsche Panamera insurance, maintaining insurance is required for several reasons.
- Almost all states have compulsory liability insurance requirements which means you are required to buy specific limits of liability insurance coverage in order to license the 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 you took out a loan on your Porsche, almost every bank will stipulate that you have physical damage coverage to guarantee loan repayment. If coverage lapses or is cancelled, the bank may buy a policy for your Porsche for a much higher rate and require you to fork over the higher price.
- Insurance safeguards both your Porsche and your personal assets. It will also pay for all forms of medical expenses for yourself as well as anyone injured by you. As part of your policy, liability insurance also pays expenses related to your legal defense if anyone sues you for causing an accident. If your Porsche gets damaged, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of insuring your car more than offset the price you pay, especially for larger claims. An average driver in America is overpaying over $810 a year so you should quote and compare rates every year to ensure rates are inline.
When you buy Colorado Springs auto insurance online, never buy lower coverage limits just to save a few bucks. In many instances, an insured cut collision coverage only to find out that the savings was not a smart move. Your strategy should be to purchase plenty of coverage for the lowest cost, but do not skimp to save money.
We just showed you many ideas to shop for Porsche Panamera insurance online. The key concept to understand is the more you quote Colorado Springs auto insurance, the higher your chance of finding inexpensive Colorado Springs auto insurance quotes. Consumers may even find the lowest rates come from a small local company. Smaller companies may only write in your state and offer lower auto insurance rates than the large multi-state companies such as Allstate or State Farm.
More tips and info about car insurance can be read in these articles:
- No-Fault Auto Insurance Statistics (Insurance Information Institute)
- Who Has the Cheapest Colorado Auto Insurance Quotes for a Ford Edge? (FAQ)
- Who Has Affordable Auto Insurance for Active Military in Colorado? (FAQ)
- Who Has Cheap Auto Insurance for Uber Drivers in Colorado? (FAQ)
- Who Has Cheap Car Insurance Rates for a Ford Escape in Colorado? (FAQ)
- Who Has Affordable Auto Insurance Rates for a GMC Sierra in Colorado? (FAQ)
- Understanding Car Crashes Video (iihs.org)
- What is Covered by GAP Insurance? (Allstate)
- Automakers compete to add autobraking (Insurance Institute for Highway Safety)
- Protecting Teens from Drunk Driving (Insurance Information Institute)