Porsche auto insurance: what you need to know.
The name needs no introduction: Porsche is synonymous with luxury. The German manufacturer has deep roots in the automotive world, and is known for producing high-performance sports cars, SUVs and sedans. Porsches are high profile and expensive, and they’re fairly rare—Porsche reported selling just over 9,000 vehicles in Canada in 2019 compared to more than 288,000 vehicles sold by Ford, the country’s best-selling brand.
Because the Insurance Bureau of Canada only publishes statistics on car models with more than 1,500 vehicles registered for insurance nationwide, Porsche auto insurance data is more limited compared to mass-produced (and more affordable) brands. Just like the vehicle’s retail price, the average Porsche insurance cost is typically more expensive than premiums you would pay on a standard car.
How much is insurance for a Porsche?
Generally speaking, it costs more to insure sports cars and luxury vehicles—Porsche insurance coverage is no exception. Porsche insurance rates are more expensive for three main reasons:
- Porsches are relatively rare: Having less data on collision, comprehensive, direct compensation property damage and accident benefit claims makes your Porsche car insurance more risky in the eyes of insurers.
- Porsches are expensive: They’re engineered with custom parts and finishings. If you’re involved in a collision and your car needs repair, Porsche insurance claims can cost more because auto body shops may need to order expensive genuine Porsche parts.
- Porsches are high-powered: More horsepower means quicker acceleration and higher speeds.This makes Porsches more at risk for accidents, which means higher Porsche insurance costs. In particular, vintage or antique models might not have the same advanced safety features as modern models.
Your questions about Porsche auto insurance rates, answered.
Used vs. new Porsches: which is cheaper to insure?
Generally speaking, newer vehicles cost more to insure than older ones because it’s more expensive to repair or replace a new car. However, new vs. old is just one of several variables that influence insurance costs. The term “cheaper” is always relative when it comes to Porsche car insurance prices—if your used Porsche is still expensive to replace or requires specialty parts, Porsche used car insurance may not be significantly cheaper.
If you’re driving an older or vintage model that’s rare and has a higher value, Porsche vehicle insurance will likely cost more. If your Porsche is vintage, antique or a collector car, you might want to consider classic car insurance. This type of insurance takes into account replacement value and possible appreciation for rare cars. Depending on usage and storage, classic car insurance may save you money on premiums compared to standard car insurance.
Because insurance is more expensive for this particular brand in general, it’s important to compare Porsche insurance across different brokers to find the best price for your new or used vehicle.
What is the best car insurance for a Porsche?
The best car insurance for a Porsche depends on your needs and how you use your vehicle. Because Porsche car insurance can be more expensive, it’s important to gather at least three different Porsche insurance quotes from different brokers so you can compare deductibles, coverage limits and exclusions. There are also several officially recognized Porsche car clubs across Canada, and fellow Porsche enthusiasts may be able to point you toward helpful Porsche insurance reviews or a Porsche insurance broker.
Beyond the cost of insurance premiums, it’s also important to ask your insurance company exactly how Porsche insurance policy claims will be handled. With an exotic and expensive car like a Porsche, you’ll want to see if they’ll allow you to have your car repaired by your preferred Porsche dealer, and if repairs will include sourcing genuine Porsche parts.
How auto insurance quotes for Porsches are calculated
Insurance companies calculate auto insurance rates based on a few factors, including your age, gender, location, daily mileage, driving history and how comprehensive the policy is (more comprehensive = more expensive). For example, young drivers tend to pay more for car insurance than experienced drivers with a clean record, so Porsche insurance for young drivers will certainly be more expensive. Likewise, a history of racking up speeding tickets with a high-powered sports car means your insurance rates will go up if you’re looking for a Porsche insurance renewal.
If you can afford a Porsche, buying insurance should absolutely be part of your budget. Start by comparing Porsche insurance online to find the best coverage to protect your expensive asset.
Is it safe to buy Porsche insurance online?
Shopping for Porsche insurance online is safe and fast.
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On average, LowestRates.ca users are able to lower their car insurance bill by 30%. Compare Porsche insurance quotes today and find out how much you can save.
