2016 Porsche Panamera Car Insurance Cost in 2024 – 9 Savings Tips

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: May 20, 2024

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No one likes paying for car insurance, in particular when they could find better rates elsewhere. Numerous insurance companies battle for your insurance dollar, so it can be very hard to choose a insurance company to get the lowest price

If you have a policy now or need new coverage, you can learn to shop for the lowest rates while maximizing coverage. Finding the best rates is quite easy. Drivers just need to understand the most effective way to compare rates on the web.

How to compare insurance rate quotes

Finding a better price on insurance is actually easier than you may think. Consumers just need to spend a few minutes comparing free insurance quotes from different insurance companies. Shoppers can get rates by following the guidelines below.

  • Hands down the most simple method to find the lowest comparison rates is an all-inclusive rate comparison. This easy form eliminates the need for separate quotation requests for every insurance company. Just one form will return quotes direct from many companies.
  • A slightly less efficient method to find better pricing requires a trip to each individual company website and complete a new quote form. For sake of this example, we’ll pretend you want to view quotes from Liberty Mutual, GEICO and Farmers. In order to compare rates, you need to take the time to go to each site and type in your information over and over, which is why the first method is more popular.
  • The least recommended method to get price estimates is physically going to insurance agents’ offices. The ability to quote online eliminates the middleman unless your situation requires the professional abilities that you can only get from talking to an agent. Although, it is possible get the lowest quotes online but have your policy serviced through an agent.

Which method you use is up to you, but try to use the exact same coverage data on every price quote you get. If you compare different limits and deductibles on each one you will not be able to truly determine the lowest rate.

More discounts mean lower-cost premiums

Some insurers don’t always list the entire discount list very well, so the following is a list of both well-publicized and also the lesser-known credits available to you. If you are not receiving all the discounts available, it’s possible you qualify for a lower rate.

  • Organization Discounts – Being in certain professional organizations could earn you a nice discount on your next renewal.
  • Anti-lock Brake Discount – Vehicles equipped with ABS or steering control prevent accidents and therefore earn up to a 10% discount.
  • Discount for Good Grades – A discount for being a good student may save as much as 25% on a insurance quote. The discount lasts until age 25.
  • Driver Safety – Taking time to complete a course that instructs on driving safety could possibly earn you a 5% discount and also improve your driving technique.
  • Seat Belts Save – Drivers who always wear seat belts and also require passengers to buckle their seat belts could save 15% on the premium charged for medical payments and/or PIP.
  • Discounts for Cautious Drivers – Drivers who avoid accidents could pay up to 40% less for Panamera insurance compared to rates paid by drivers with frequent claims.
  • Accident Waiver – This one is not really a discount per se, but a handful of insurance companies may permit one accident without getting socked with a rate hike if you have no claims prior to being involved in the accident.
  • Low Miles Discount – Fewer annual miles on your Porsche may allow you to get cheaper insurance coverage rates.
  • Driver’s Education for Students – Make teen driver coverage more affordable by requiring them to participate in a local driver’s education class as it will make them better drivers and lower rates.

It’s important to understand that most of the big mark downs will not be given to all coverage premiums. Most only cut specific coverage prices like medical payments or collision. So even though you would think adding up those discounts means a free policy, you’re out of luck.

A few of the larger companies and some of the premium reductions they offer can be read below.

  • State Farm includes discounts for multiple autos, safe vehicle, student away at school, driver’s education, good driver, and accident-free.
  • Esurance has savings for online quote, good student, Pac-12 alumni, multi-policy, anti-lock brakes, and claim free.
  • Progressive policyholders can earn discounts including online signing, multi-vehicle, continuous coverage, online quote discount, good student, homeowner, and multi-policy.
  • Liberty Mutual may include discounts for hybrid vehicle, new vehicle discount, safety features, exclusive group savings, preferred payment discount, newly married, and multi-policy.
  • Auto-Owners Insurance discounts include air bags, anti-theft, teen driver, group or association, good student, anti-lock brakes, and paperless.
  • GEICO offers discounts including anti-lock brakes, military active duty, multi-policy, membership and employees, seat belt use, and air bags.

If you need lower rates, check with each company or agent how many discounts you can get. Some credits may not apply to policyholders in your state. To see a list of companies with discount insurance coverage rates, enter your zip code here.

It’s not one size fits all

When it comes to buying the best insurance coverage, there really is no perfect coverage plan. Coverage needs to be tailored to your specific needs so this has to be addressed. Here are some questions about coverages that might point out if you may require specific advice.

  • Should I have a commercial auto policy?
  • Do I need more liability coverage?
  • Should I get collision insurance on every vehicle?
  • When should I remove comp and collision on my 2016 Porsche Panamera?
  • Does coverage extend to Mexico or Canada?
  • Is a blown tire covered by insurance?
  • How do I buy GAP insurance?
  • Am I covered when driving a rental car?
  • Do I really need UM/UIM coverage?

If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to an insurance agent. If you want to speak to an agent in your area, simply complete your zip code. It only takes a few minutes and you can get the answers you need.

Auto insurance coverages and their meanings

Understanding the coverages of auto insurance aids in choosing the best coverages and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy. Listed below are typical coverage types found on the average auto insurance policy.

Uninsured or underinsured coverage

This protects you and your vehicle from other drivers when they either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries as well as your vehicle’s damage.

Since many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Collision protection

This coverage will pay to fix damage to your Panamera caused by collision with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for things such as colliding with a tree, hitting a parking meter, damaging your car on a curb and backing into a parked car. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. You can also increase the deductible to bring the cost down.

Liability coverage

Liability coverage provides protection from damage or injury you incur to people or other property in an accident. This coverage protects you from claims by other people, and doesn’t cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/25 that means you have a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and property damage coverage for $25,000.

Liability insurance covers things such as medical services, loss of income, repair costs for stationary objects and pain and suffering. The amount of liability coverage you purchase is up to you, but consider buying as high a limit as you can afford.

Comprehensive protection

Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things like fire damage, rock chips in glass and vandalism. The maximum payout you’ll receive from a claim is the market value of your vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Medical expense coverage

Coverage for medical payments and/or PIP provide coverage for short-term medical expenses like nursing services, prosthetic devices and hospital visits. They are used to fill the gap from your health insurance policy or if you lack health insurance entirely. They cover both the driver and occupants and will also cover getting struck while a pedestrian. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

In Summary

You just learned a lot of ways to reduce 2016 Porsche Panamera insurance car insurance rates online. The key concept to understand is the more quotes you get, the better your comparison will be. Consumers may even find the lowest priced auto insurance comes from the least-expected company. Regional companies may cover specific market segments cheaper as compared to the big name companies such as Allstate and Progressive.

When buying insurance coverage, it’s very important that you do not buy poor coverage just to save money. There are many occasions where an accident victim reduced liability limits or collision coverage to discover at claim time that it was a big error on their part. Your strategy should be to purchase a proper amount of coverage at the lowest possible cost but still have enough coverage for asset protection.

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