Smart shoppers know that insurance companies want to keep your business as long as possible. Consumers who compare rates at least once a year will, in all likelihood, switch auto insurance companies because of the high probability of finding coverage at a more affordable price. A recent survey revealed that drivers who compared prices once a year saved over $3,400 over four years as compared to drivers who don’t regularly compare prices.
If finding the best price on insurance is your goal, then having a good understanding the best way to shop and compare cheaper coverage can save time, money, and frustration.
If saving money is your primary concern, then the best way to find affordable car insurance rates is to begin comparing prices regularly from different companies who sell auto insurance in Pittsburgh. This can be done by following these steps.
- Step 1: Take a few minutes and learn about how your policy works and the steps you can take to prevent expensive coverage. Many things that result in higher prices such as accidents, traffic tickets, and a substandard credit score can be eliminated by making small lifestyle or driving habit changes.
- Step 2: Compare prices from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only quote rates from a single company like Progressive or State Farm, while agents who are independent can quote prices for many different companies. Begin your rate comparison
- Step 3: Compare the new quotes to your existing coverage to see if cheaper Panamera coverage is available in Pittsburgh. If you can save money and make a switch, make sure there is no lapse in coverage.
- Step 4: Provide notification to your current agent or company to cancel your current coverage. Submit any necessary down payment along with the completed application to your new company or agent. When you receive it, place the new certificate verifying coverage with your registration paperwork.
An important note is to use similar limits and deductibles on each price quote and and to analyze as many car insurance companies as possible. This helps ensure an apples-to-apples comparison and a complete rate analysis.
The companies shown below have been selected to offer price quotes in Pittsburgh, PA. In order to find cheap auto insurance in Pittsburgh, it’s a good idea that you compare several of them in order to get a fair rate comparison.
Porsche Panamera insurance analysis
The information displayed below outlines estimates of policy rates for Porsche Panamera models. Having a better understanding of how car insurance premiums are calculated can assist in making decisions when shopping around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $388 | $794 | $346 | $20 | $104 | $1,652 | $138 |
| Panamera 4S AWD 4-Dr Hatchback | $388 | $870 | $346 | $20 | $104 | $1,728 | $144 |
| Panamera Turbo AWD 4-Dr Hatchback | $444 | $1020 | $346 | $20 | $104 | $1,934 | $161 |
| Get Your Own Custom Quote Go | |||||||
Data based on married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Pennsylvania minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Rate information does not factor in specific zip code location which can modify insurance rates substantially.
Higher deductibles lower rates
When comparing car insurance rates, the most common question is what deductibles to buy. The figures shown below sum up the price difference of buying low and high policy deductibles. The first pricing table uses a $250 deductible for physical damage and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $450 | $810 | $330 | $20 | $98 | $1,733 | $144 |
| Panamera 4S AWD 4-Dr Hatchback | $450 | $888 | $330 | $20 | $98 | $1,811 | $151 |
| Panamera Turbo AWD 4-Dr Hatchback | $516 | $1040 | $330 | $20 | $98 | $2,029 | $169 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $366 | $654 | $330 | $20 | $98 | $1,468 | $122 |
| Panamera 4S AWD 4-Dr Hatchback | $366 | $716 | $330 | $20 | $98 | $1,530 | $128 |
| Panamera Turbo AWD 4-Dr Hatchback | $420 | $838 | $330 | $20 | $98 | $1,706 | $142 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Pennsylvania minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, multi-policy, and safe-driver. Price information does not factor in your specific Pittsburgh location which can revise coverage prices greatly.
Based on the figures above, using a $250 deductible will cost you about $24 more each month or $288 for a full year averaged for all Panamera models than selecting the higher $500 deductible. Since you would pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you normally go at least 10 months between claims, you would more than likely save some money if you opt for a higher deductible.
How to determine when to raise your deductibles
| Average monthly premium for $250 deductibles: | $155 |
| Average monthly premium for $500 deductibles (subtract): | – $131 |
| Monthly savings from raising deductible: | $24 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $24 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 10 months |
One big caveat is that higher deductibles results in having to pay to pay more out-of-pocket when you do file a claim. That will require enough money in the bank in the event you need to pay the deductible to have repairs made.
The example below illustrates how your choice of deductibles and can increase or decrease Porsche Panamera insurance costs for different age categories. The premiums assume a married male driver, full coverage, and no discounts are factored in.
Porsche Panamera insurance premiums by gender and age
The information below compares Porsche Panamera insurance costs for male and female drivers. Data assumes no claims or violations, comp and collision included, $250 deductibles, single status, and no additional discounts are factored in.
Why you need to buy car insurance
Despite the high insurance cost for a Porsche Panamera in Pittsburgh, car insurance may not be optional for several reasons.
- The majority of states have minimum liability requirements which means it is punishable by state law to not carry a minimum amount of liability coverage in order to drive the car. In Pennsylvania these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
- If you have a loan on your Porsche, most lenders will require that you have insurance to guarantee loan repayment. If coverage lapses or is canceled, the lender may insure your Porsche at a more expensive rate and make you pay for the much more expensive policy.
- Car insurance preserves both your assets and your Porsche Panamera. It will also provide coverage for hospital and medical expenses that are the result of an accident. Liability coverage, the one required by state law, will also pay attorney fees if you are named as a defendant in an auto accident. If your car is damaged in a storm or accident, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of having insurance greatly outweigh the cost, especially for larger claims. According to a 2015 survey, the average American driver overpays more than $865 each year so compare rates at least once a year to save money.
Auto insurance policy coverages for a Porsche Panamera
Understanding the coverages of auto insurance can be of help when determining which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. Below you’ll find typical coverages offered by auto insurance companies.
Collision insurance
This coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for claims such as hitting a mailbox, driving through your garage door, sideswiping another vehicle, colliding with a tree and crashing into a building. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. Another option is to choose a higher deductible on your Panamera to get cheaper collision coverage.
Uninsured or underinsured coverage
This coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. It can pay for injuries to you and your family and damage to your Porsche Panamera.
Because many people carry very low liability coverage limits (which is 15/30/5), it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is important protection for you and your family. Normally these coverages are identical to your policy’s liability coverage.
Liability car insurance
Liability insurance will cover injuries or damage you cause to other people or property that is your fault. It consists of three limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have policy limits of 15/30/5 which stand for $15,000 in coverage for each person’s injuries, a per accident bodily injury limit of $30,000, and a limit of $5,000 paid for damaged property. Occasionally you may see a combined limit which provides one coverage limit and claims can be made without the split limit restrictions.
Liability coverage protects against things like attorney fees, emergency aid and loss of income. How much liability coverage do you need? That is a decision to put some thought into, but you should buy as much as you can afford. Pennsylvania requires minimum liability limits of 15/30/5 but drivers should carry better liability coverage.
The illustration below shows why low liability limits may not be high enough to adequately cover claims.
Medical expense coverage
Personal Injury Protection (PIP) and medical payments coverage kick in for expenses such as EMT expenses, prosthetic devices, rehabilitation expenses, surgery and ambulance fees. They can be used in conjunction with a health insurance plan or if you are not covered by health insurance. Coverage applies to both the driver and occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay
Comprehensive protection
Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive coverage protects against things like a tree branch falling on your vehicle, falling objects and fire damage. The maximum payout you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle’s value is low consider dropping full coverage.