Find Affordable Porsche Boxster Insurance in Madison

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Insurance rates Porsche Boxster in MadisonI doubt anyone is fond of buying insurance, especially when they know they could lower their rates if they shopped around.

It's safe to assume that insurance companies want to keep you from shopping around. Consumers who shop around at least once a year are very likely to buy a different policy because there is a great chance of finding a lower-priced policy. A recent study showed that consumers who compared rate quotes regularly saved on average $850 each year compared to those who never compared rates.

If finding the best rates on Porsche Boxster insurance in Madison is your objective, then having some insight into how to find and compare auto insurance can make the process less intimidating.

Vehicle owners have many insurance companies to choose from, and although it's a good thing to have a selection, having more insurers makes it harder to find the lowest cost provider for Porsche Boxster insurance in Madison.

You should make it a habit to do rate comparisons periodically because prices trend upward over time. Even if you got the best rates on Porsche Boxster insurance in Madison a couple years back the chances are good that you can find a lower premium rate today. There are a lot of ways to save on Boxster insurance on the internet, but in a few minutes you can learn a lot of great tips on how to find cheap insurance in Madison.

Locating the best rates in Madison is not rocket science. If you have coverage now, you will most likely be able to get lower rates using these methods. Although Wisconsin consumers can benefit from knowing how insurance companies determine what you pay.

To find low cost Madison car insurance quotes, there are several ways to compare rate quotes from all the different companies. By far the easiest way to compare Porsche Boxster insurance prices is to perform an online rate comparison.

Getting rate quotes online is very simple and it makes it a waste of time to spend your day driving to each insurance agency near you. Comparing online rate quotes can eliminate the need for a local agent unless you prefer the professional guidance that you can only get from talking to an agent. Drivers can get prices online but have your policy serviced through an agent. Just keep in mind that making a lot of price comparisons increases your odds of finding better pricing.

The providers in the list below provide comparison quotes in Madison, WI. If multiple companies are listed, we suggest you click on several of them to find the most competitive auto insurance rates.

Rates and other information

The coverage table displayed next covers estimates of prices for Porsche Boxster models. Understanding more about how prices are formulated can be valuable when making decisions when choosing a new policy provider.

Porsche Boxster Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Boxster 2-Dr Convertible $108 $218 $188 $12 $56 $582 $49
Boxster S 2-Dr Convertible $118 $246 $188 $12 $56 $620 $52
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Price data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rates do not factor in vehicle location which can decrease or increase insurance rates considerably.

Higher deductibles lower rates

One of the more difficult decisions when buying insurance is the level to set your comp and collision deductibles. The figures shown below can help you visualize the rate difference of buying low and high physical damage deductibles. The first set of rates uses a $250 deductible for comp and collision and the second set of prices uses a $500 deductible.

Porsche Boxster insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Boxster 2-Dr Convertible $224 $406 $196 $12 $58 $921 $77
Boxster S 2-Dr Convertible $246 $460 $196 $12 $58 $997 $83
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Porsche Boxster insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Boxster 2-Dr Convertible $182 $328 $196 $12 $58 $776 $65
Boxster S 2-Dr Convertible $200 $370 $196 $12 $58 $836 $70
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Premium costs do not factor in your specific Madison location which can impact prices noticeably.

Based on the figures above, using a $250 deductible could cost the average driver approximately $12 more each month or $144 each year than requesting the higher $500 deductible. Since you would have to pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you normally go at a minimum 21 months between claims, you would come out ahead if you elect the higher deductible.

How to determine if raising deductibles makes sense

Average monthly premium for $250 deductibles: $80
Average monthly premium for $500 deductibles (subtract): - $68
Monthly savings from raising deductible: $12
Difference between deductibles ($500 - $250): $250
Divide difference by monthly savings: $250 / $12
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 21 months

The chart below highlights how deductible choice and can change Porsche Boxster yearly insurance costs for different insured age categories. The rates are based on a single female driver, full physical damage coverage, and no discounts are taken into consideration.

Insurance rate increases from tickets or accidents

The chart below highlights how traffic violations and at-fault claims can affect Porsche Boxster insurance costs for different categories of driver ages. The price estimates are based on a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied to the premium.

Cost comparison with and without full coverage

The chart below shows the difference between Porsche Boxster insurance prices with and without full coverage. The information is based on no tickets, no at-fault accidents, $1,000 deductibles, single marital status, and no discounts are factored in.

Should you buy full coverage or liability only?

There is no definitive formula that works best for making the decision to drop physical damage coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of replacement cost minus your deductible, then it's probably a good time to buy liability coverage only.

For example, let's say your Porsche Boxster settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company would pay you is $7,000 after you pay the deductible. If you are currently paying more than $700 a year to have full coverage, then it may be the right time to buy liability only.

There are some cases where eliminating full coverage is not financially feasible. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan conditions. Also, if you can't afford to buy a different vehicle in case of an accident, you should not opt for liability only.

Lower Your Madison Insurance Costs

The best way to find cheaper car insurance is to take a look at the different types of things that play a part in calculating your policy premiums. If you have some idea of what determines base rates, this empowers consumers to make smart changes that will entitle you to cheaper rates.

  • Does your occupation raise your premiums? - Do you work in a high-stress field? Jobs like military generals, air traffic controllers, and stock brokers generally pay higher premium rates attributed to high stress levels and extremely grueling work hours. On the flip side, jobs such as farmers, engineers and the unemployed have lower than average premiums.
  • Higher comp and collision deductibles are cheaper - Comprehensive and collision coverage deductibles are the amount of money you are required to spend out-of-pocket if a claim is determined to be covered. Insurance for physical damage to your car, also called 'full coverage', is used to repair damage to your car. A few examples of covered claims could be a windshield broken by a bird, hail damage, and damage caused by road hazards. The more expense you are required to pay out-of-pocket, the lower your rates will be.
  • Vehicle theft costs us all - Owning a car with an alarm system can save you a little every year. Anti-theft devices such as OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems help track and prevent auto theft and help lower rates.
  • Insurance premiums and vehicle performance - The performance level of the car you need insurance for makes a big difference in your auto insurance rates. The most favorable rates tend to be for lower performance four cylinder passenger models, but the final cost of insurance is determined by many other factors.

    The data below is based on a married female driver age 40, full coverage with $500 deductibles, and no discounts or violations. It illustrates Porsche Boxster policy rates compared to other vehicles that have a range of risk factors.

  • Porsche Boxster claim data - Insurers factor in historical loss data to calculate a rate that will offset any claims. Models that historically have higher claim frequency or loss amount will cost more for specific coverages. The information below illustrates the actual insurance loss data for Porsche Boxster vehicles.

    For each coverage type, the claim amount for all vehicles compiled together is represented as 100. Values that are below 100 represent a good loss history, while numbers that are greater than 100 indicate more frequent losses or tendency to have larger claims.

    Auto Insurance Loss Data for Porsche Boxster Models
    Specific Porsche Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Porsche Boxster Convertible 135 47 121 31
    BETTER
    AVERAGE
    WORSE

    Empty fields indicate not enough data collected
    Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Why you need to buy car insurance

Despite the high cost of buying insurance for a Porsche Boxster in Madison, paying for car insurance is required by state law in Wisconsin and it also provides benefits you may not be aware of.

  • Just about all states have minimum mandated liability insurance limits which means you are required to buy specific minimum amounts of liability insurance coverage if you don't want to risk a ticket. In Wisconsin these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
  • If you have a loan on your vehicle, most lenders will require that you have comprehensive coverage to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the bank may insure your Porsche for a much higher rate and force you to reimburse them much more than you were paying before.
  • Car insurance protects both your Porsche Boxster and your personal assets. Insurance will pay for many types of medical costs for not only you but also any passengers injured in an accident. One policy coverage, liability insurance, also pays for attorney fees and expenses if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, your car insurance policy will cover the repair costs.

The benefits of having insurance greatly outweigh the cost, especially if you ever need it. On average, a vehicle owner in Madison overpays more than $800 each year so you should quote and compare rates every year to ensure rates are inline.

Wisconsin auto insurance company ratings

Choosing the right car insurance provider can be challenging considering how many different insurance companies sell coverage in Wisconsin. The company rank data shown below may help you select which coverage providers to look at when comparing rates.

Top 10 Madison Car Insurance Companies Overall

  1. USAA
  2. 21st Century
  3. GEICO
  4. Nationwide
  5. AAA Insurance
  6. Liberty Mutual
  7. Safeco Insurance
  8. State Farm
  9. Travelers
  10. American Family