Has it been over a year since you last compared quotes for lower-priced Porsche 911 insurance in Madison? Are you regretting the purchase of overpriced Porsche 911 insurance in Madison? Say no more because many consumers are feeling buyer's remorse and feel like there's no way out.
Inconceivable but true, most auto insurance customers kept their policy with the same company for well over three years, and virtually 40% of consumers have never compared rates from other carriers. Wisconsin drivers could save about $373 every year just by getting comparison quotes, but most just don't grasp the amount of savings they would get if they just switched companies.
How to find affordable Porsche 911 insurance in Madison
The most effective way to get budget Porsche 911 insurance is to compare quotes annually from companies in Madison.
- First, read and learn about individual coverages and the changes you can make to keep rates low. Many rating criteria that drive up the price such as your driving record and a poor credit rating can be eliminated by paying attention to minor details. This article gives more details to get low prices and get discounts that may be overlooked.
- Second, compare prices from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only quote rates from a single company like GEICO and State Farm, while agents who are independent can quote prices from multiple sources.
- Third, compare the price quotes to your current policy premium to see if you can save by switching companies. If you find better rates, make sure there is no lapse between the expiration of your current policy and the new one.
- Fourth, tell your current agent or company of your intention to cancel your current coverage. Submit the completed application along with a down payment for your new policy. As soon as you can, store the certificate verifying proof of insurance with your registration paperwork.
The critical component of shopping around is that you'll want to make sure you compare similar coverage information on every quote request and and to get rate quotes from every insurance company. Doing this enables a fair price comparison and the best price selection.
Since drivers have many different company options, it can be impossible to pick the lowest price auto insurance company.
Porsche 911 Insurance Rates Can Be Lower
Many different elements are considered when you get a price on insurance. Some are pretty understandable such as your driving history, but other criteria are more transparent like your vehicle usage or how financially stable you are. Consumers need to have an understanding of the different types of things that help determine the price you pay for car insurance. If you understand what determines premiums, this allows you to make educated decisions that may reward you with much lower annual insurance costs.
Shown below are a few of the things companies use to determine prices.
Your address can push rates up or down - Living in less populated areas of the country is a good thing when talking about car insurance. People who live in big cities regularly have more road rage incidents and much longer commute distances. Fewer drivers means less chance of accidents.
Incidental coverages can add up - There are many extra bells and whistles that can add up on your car insurance policy. Insurance for roadside assistance, death and dismemberment, and extra equipment coverage may be wasting your money. The coverages may be enticing when deciding what coverages you need, but if they're wasting money remove them and pocket the money.
High credit saves on car insurance - An insured's credit score is a big factor in your rate calculation. Drivers who have very good credit scores tend to file fewer claims than drivers with poor credit. If your credit rating could use some work, you could be paying less to insure your Porsche 911 by improving your rating.
Prices can be impacted by your employer - Occupations such as real estate brokers, social workers, and financial analysts tend to pay the highest average rates attributed to job stress and lengthy work days. On the flip side, careers like farmers, historians and homemakers get better rates.
Safety ratings are a factor - Vehicles with high crash test scores tend to have better insurance rates. Highly rated vehicles result in less severe injuries and fewer injuries means lower claim amounts which can mean better rates for you. If the Porsche 911 scored better than four stars on Safercar.gov it is probably cheaper to insure.
Be proud to be claim-free - Auto insurance companies in Wisconsin give better rates to drivers who are claim-free. If you tend to file frequent claims, you can expect higher premiums or even policy non-renewal. Your insurance policy is meant to be used in the event of more catastrophic claims.
Porsche 911 insurance loss data - Companies include the past claim history for a vehicle in order to profitably underwrite each model. Models that the data shows to have higher claim amounts or frequency will have higher rates.
The table below illustrates the compiled insurance loss statistics for Porsche 911 vehicles. For each policy coverage type, the claim amount for all vehicles compiled together is set at 100. Values that are 100 or less suggest a better than average loss history, while values over 100 indicate higher probability of having a loss or an increased probability of a larger loss.
|Specific Porsche Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Porsche 911 Carrera 2dr||191||47||173||24|
|Porsche 911 Carrera Convertible||197||51||224||36|
|Porsche 911 Turbo 2dr 4WD||349||367|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Affordable Madison Porsche 911 insurance price quotes online
Most larger insurance companies allow you to get coverage prices directly from their websites. Getting online rates for Porsche 911 insurance in Madison doesn't take a lot of time as you simply enter your coverage preferences into the form. When complete, their quoting system will order information on your driving record and credit history and generates pricing information. Using the web to get rate quotes for Porsche 911 insurance in Madison helps simplify price comparisons, and it's also necessary to do this if you want to find the cheapest insurance rates.
To compare rates using this form now, visit the companies below or click here to submit a quote request to multiple companies at once. To compare your current rates, we recommend you copy the limits and deductibles as shown on your current policy. This helps ensure you will get a price comparison based on identical coverages.
The following companies are our best choices to provide free quotes in Wisconsin. To locate the best cheap car insurance in WI, it's a good idea that you visit two to three different companies to get the cheapest price.
Insurance rate breakdown
The price information displayed below showcases different coverage prices for Porsche 911 models. Understanding how auto insurance premiums are established is important for drivers to make informed decisions when comparing rate quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|911 Carrera 2 2-Dr Coupe||$188||$470||$260||$16||$78||$1,012||$84|
|911 Carrera 4 2-Dr Coupe||$204||$470||$260||$16||$78||$1,028||$86|
|911 Carrera 2 Cabriolet 2-Dr Convertible||$204||$470||$220||$14||$66||$974||$81|
|911 Carrera 2 S 2-Dr Coupe||$204||$470||$260||$16||$78||$1,028||$86|
|911 Carrera 4 Cabriolet 2-Dr Convertible||$204||$470||$220||$14||$66||$974||$81|
|911 Carrera 4S 2-Dr Coupe||$204||$514||$260||$16||$78||$1,072||$89|
|911 Carrera Targa 2-Dr Coupe||$204||$514||$260||$16||$78||$1,072||$89|
|911 Carrera 2 S 2-Dr Convertible||$204||$514||$220||$14||$66||$1,018||$85|
|911 Carrera 4S Cabriolet 2-Dr Convertible||$220||$470||$220||$14||$66||$990||$83|
|911 Carrera Targa S 2-Dr Coupe||$220||$514||$260||$16||$78||$1,088||$91|
|911 GT3 2-Dr Coupe||$220||$560||$260||$16||$78||$1,134||$95|
|911 GT3 RS 2-Dr Coupe||$252||$604||$260||$16||$78||$1,210||$101|
|911 Turbo 2-Dr Coupe||$252||$604||$260||$16||$78||$1,210||$101|
|911 Turbo 2-Dr Convertible||$252||$648||$220||$14||$66||$1,200||$100|
|Get Your Own Custom Quote Go|
Above prices assume single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Premium amounts do not factor in specific zip code location which can decrease or increase rates greatly.
How high should deductibles be?
A question often asked by Madison drivers is where should you set your physical damage deductibles. The rates below illustrate the differences in premium rates between high and low insurance deductibles. The first set of rates uses a $250 deductible for comprehensive and collision coverage and the second set of rates uses a $1,000 deductible.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|911 Carrera 2 2-Dr Coupe||$270||$566||$230||$14||$68||$1,173||$98|
|911 Carrera 4 2-Dr Coupe||$292||$566||$230||$14||$68||$1,195||$100|
|911 Carrera 2 Cabriolet 2-Dr Convertible||$292||$566||$196||$12||$58||$1,149||$96|
|911 Carrera 2 S 2-Dr Coupe||$292||$566||$230||$14||$68||$1,195||$100|
|911 Carrera 4 Cabriolet 2-Dr Convertible||$292||$566||$196||$12||$58||$1,149||$96|
|911 Carrera 4S 2-Dr Coupe||$292||$620||$230||$14||$68||$1,249||$104|
|911 Carrera Targa 2-Dr Coupe||$292||$620||$230||$14||$68||$1,249||$104|
|911 Carrera 2 S 2-Dr Convertible||$292||$620||$196||$12||$58||$1,203||$100|
|911 Carrera 4S Cabriolet 2-Dr Convertible||$314||$566||$196||$12||$58||$1,171||$98|
|911 Carrera Targa S 2-Dr Coupe||$314||$620||$230||$14||$68||$1,271||$106|
|911 GT3 2-Dr Coupe||$314||$672||$230||$14||$68||$1,323||$110|
|911 GT3 RS 2-Dr Coupe||$360||$726||$230||$14||$68||$1,423||$119|
|911 Turbo 2-Dr Coupe||$360||$726||$230||$14||$68||$1,423||$119|
|911 Turbo 2-Dr Convertible||$360||$780||$196||$12||$58||$1,431||$119|
|Get Your Own Custom Quote Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|911 Carrera 2 2-Dr Coupe||$166||$356||$230||$14||$68||$834||$70|
|911 Carrera 4 2-Dr Coupe||$180||$356||$230||$14||$68||$848||$71|
|911 Carrera 2 Cabriolet 2-Dr Convertible||$180||$356||$196||$12||$58||$802||$67|
|911 Carrera 2 S 2-Dr Coupe||$180||$356||$230||$14||$68||$848||$71|
|911 Carrera 4 Cabriolet 2-Dr Convertible||$180||$356||$196||$12||$58||$802||$67|
|911 Carrera 4S 2-Dr Coupe||$180||$390||$230||$14||$68||$882||$74|
|911 Carrera Targa 2-Dr Coupe||$180||$390||$230||$14||$68||$882||$74|
|911 Carrera 2 S 2-Dr Convertible||$180||$390||$196||$12||$58||$836||$70|
|911 Carrera 4S Cabriolet 2-Dr Convertible||$194||$356||$196||$12||$58||$816||$68|
|911 Carrera Targa S 2-Dr Coupe||$194||$390||$230||$14||$68||$896||$75|
|911 GT3 2-Dr Coupe||$194||$424||$230||$14||$68||$930||$78|
|911 GT3 RS 2-Dr Coupe||$222||$456||$230||$14||$68||$990||$83|
|911 Turbo 2-Dr Coupe||$222||$456||$230||$14||$68||$990||$83|
|911 Turbo 2-Dr Convertible||$222||$490||$196||$12||$58||$978||$82|
|Get Your Own Custom Quote Go|
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Rate information does not factor in specific zip code location which can alter coverage rates greatly.
We can estimate from the data above that using a $250 deductible will cost you roughly $31 more each month or $372 every year averaged for all 911 models than buying the higher $1,000 deductible. Because you would be required to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you average more than 24 months between claims, you would save money if you elect the higher deductible. Here is a better example of how you can come to your own conclusion.
|Average monthly premium for $250 deductibles:||$105|
|Average monthly premium for $1,000 deductibles (subtract):||- $74|
|Monthly savings from raising deductible:||$31|
|Difference between deductibles ($1,000 - $250):||$750|
|Divide difference by monthly savings:||$750 / $31|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||24 months|
One important issue to know is that a higher deductible results in more money out-of-pocket if you have a claim. That will require some funds available in order to pay the higher deductible.
The example below shows how different deductible levels and can affect Porsche 911 insurance costs for each different age category. The data is based on a single male driver, full physical damage coverage, and no additional discounts are factored in.
Drive responsibly or pay higher rates
The diagram below demonstrates how traffic citations and at-fault fender-benders raise Porsche 911 premium costs for different categories of driver ages. The rate quotes are based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.
Why you need 911 insurance in Wisconsin
Despite the high insurance cost for a Porsche 911 in Madison, buying 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 mandatory liability insurance requirements which means it is punishable by state law to not carry a specific level of liability coverage if you drive a vehicle. 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 your Porsche 911 has a loan, most banks will make it a condition of the loan that you buy insurance to guarantee their interest in the vehicle. If you default on your policy, the lender will be forced to insure your Porsche at a significantly higher premium and force you to pay for the expensive policy.
- Insurance protects not only your vehicle but also your assets. Insurance will pay for medical expenses incurred in an accident. Liability coverage, the one required by state law, also pays expenses related to your legal defense if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of insuring your 911 definitely exceed the cost, particularly for liability claims. According to a recent study, the average American driver overpays as much as $820 a year so shop around at least once a year to save money.
These discounts can lower your auto insurance quotes
Auto insurance is expensive, but you may be missing some discounts that can drop the cost substantially. A few discounts will be applied at quote time, but a few must be inquired about before you will receive the discount. If you are not receiving all the discounts possible, it's possible you qualify for a lower rate.
- Drivers Ed for Students - Make teen driver coverage more affordable by requiring them to enroll in driver's education as it will make them better drivers and lower rates.
- More Vehicles More Savings - Purchasing coverage when you have primary and secondary vehicles with the same auto insurance company qualifies for this discount.
- Good Student - Performing well in school can earn a discount of 20% or more. This discount can apply up to age 25.
- Drive Safe and Save - Safe drivers can pay as much as 50% less compared to accident prone drivers.
- Seat Belts Save more than Lives - Drivers who require all vehicle occupants to buckle up before driving can save up to 10 percent (depending on the company) on medical payment and PIP coverage.
- Save with a New Car - Buying a new car instead of a used 911 can get you a discount compared to insuring an older model.
- Telematics Data - Drivers that enable their company to track when and where they use their vehicle by installing a telematics device such as State Farm's In-Drive could see a rate decrease if they show good driving skills.
- Early Signing - Some insurance companies give discounts for buying a policy before your current expiration date. This discount can save up to 10%.
- No Charge for an Accident - This isn't a discount exactly, but certain companies may permit one accident without the usual rate increase if your claims history is clear for a certain period of time.
Remember that some credits don't apply to the overall cost of the policy. A few only apply to the price of certain insurance coverages like liability and collision coverage. So despite the fact that it appears having all the discounts means you get insurance for free, you won't be that lucky.
The example below compares Porsche 911 yearly insurance costs with and without discounts. The data is based on a female driver, no violations or accidents, Wisconsin state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, homeowner, multi-policy, safe-driver, claim-free, and multi-car discounts applied.
A list of companies and some of the premium reductions they offer are outlined below.
- Farm Bureau discounts include driver training, youthful driver, renewal discount, multi-vehicle, 55 and retired, multi-policy, and safe driver.
- Liberty Mutual may offer discounts for good student, multi-policy, exclusive group savings, new vehicle discount, new graduate, newly married, and new move discount.
- State Farm offers premium reductions for driver's education, safe vehicle, student away at school, passive restraint, multiple autos, and defensive driving training.
- Auto-Owners Insurance may have discounts that include multiple vehicles, group or association, mature driver, air bags, and multi-policy.
- GEICO offers discounts including good student, driver training, anti-lock brakes, air bags, federal employee, and daytime running lights.
- SAFECO has discounts for bundle discounts, teen safe driver, accident prevention training, multi-car, anti-theft, and anti-lock brakes.
It's a good idea to ask each insurance company how you can save money. Some of the earlier mentioned discounts might not be offered everywhere. If you would like to view companies that offer some of these discounts in Wisconsin, follow this link.
What if I want to buy from local Madison auto insurance agents?
A lot of people still prefer to buy from a licensed agent and that can be a great decision A nice benefit of getting free rate quotes online is you may find cheap auto insurance rates and also buy local. Putting coverage with small agencies is definitely important in Madison.
To make it easy to find an agent, after completing this short form, your insurance data is transmitted to agents in your area that can provide free Madison auto insurance quotes to get your business. There is no reason to visit any agencies due to the fact that quote results will go directly to you. You can get cheaper auto insurance rates and an insurance agent to talk to. In the event you want to get a rate quote from a specific insurance company, feel free to navigate to their website to submit a rate quote request.
If you would like to find a good insurance agency, you must know there are a couple different agency structures and how they can quote your rates. Agents in Madison are either independent or exclusive.
Independent Agents (or Brokers)
Agents of this type are not required to write business for one company so they can write business with many different companies and potentially find a lower price. If your agent finds better pricing, your agent can switch companies which makes it simple for you.
If you need lower rates, we recommend you include rate quotes from multiple independent agents to get the best comparison.
Featured below is a short list of independent agents in Madison that may be able to give you rate quotes.
Exclusive Insurance Agencies
Exclusive agencies normally can only provide a single company's rates and examples are Farmers Insurance or State Farm. These agents are unable to provide prices from multiple companies so you need to shop around if the rates are high. Exclusive agents are trained well in insurance sales and that allows them to sell at a higher price point.
The following is a short list of exclusive agents in Madison who can help you get price quote information.
American Family Insurance - Josh Erickson Agency LLC
5530 Eastpark Blvd - Madison, WI 53718 - (608) 241-8444 - View Map
Finding the right car insurance agent shouldn't rely on just a cheap price. Here are some questions you might want to ask.
- When do they do a full risk review?
- Are they primarily personal or commercial lines agents in Madison?
- Do they offer accident forgiveness?
- Do they have 24-hour customer assistance?
- Do they offer rental car reimbursement?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
How do I know if I need professional advice?
When quoting and comparing adequate coverage for your vehicles, there is no single plan that fits everyone. Your situation is unique.
These are some specific questions may help highlight if you will benefit from professional help.
- Do I need medical payments coverage since I have good health insurance?
- Why is insurance for a teen driver so high in Madison?
- What is high-risk coverage and where do I buy it?
- If I use my vehicle for business use is it covered?
- Will my Porsche 911 be repaired with OEM or aftermarket parts?
- How much will a speeding ticket raise my rates?
If you can't answer these questions but a few of them apply, you may need to chat with a licensed agent. If you want to speak to an agent in your area, take a second and complete this form.
Cheaper auto insurance is a realistic goal
We just presented many ways to reduce Porsche 911 insurance premium rates online in Madison. The key thing to remember is the more price quotes you have, the better likelihood of getting affordable Porsche 911 insurance quotes. Consumers could even find that the lowest premium rates come from a company that doesn't do a lot of advertising.
Insureds switch companies for a number of reasons such as unfair underwriting practices, extreme rates for teen drivers, not issuing a premium refund or being labeled a high risk driver. Regardless of your reason for switching companies, finding the right auto insurance provider can be easy and end up saving you some money.
When buying insurance coverage, it's a bad idea to reduce needed coverages to save money. There are too many instances where an insured cut physical damage coverage only to find out that their decision to reduce coverage ended up costing them more. Your goal should be to purchase a proper amount of coverage for the lowest cost, but don't skip important coverages to save money.
Steps to finding affordable Porsche 911 insurance in Madison
Really, the only way to get the cheapest Porsche 911 insurance is to start doing an annual price comparison from different companies in Madison. Prices can be compared by completing these steps.
Step 1: Get a basic knowledge of coverages and the factors you can control to lower rates. Many factors that increase rates like tickets, at-fault accidents, and an imperfect credit history can be controlled by paying attention to minor details.
Step 2: Quote rates from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only give prices from a single company like GEICO or State Farm, while agents who are independent can quote prices from multiple companies.
Step 3: Compare the new quotes to your existing policy and see if there is a cheaper rate. If you find better rates and make a switch, make sure there is no coverage gap between policies.
Step 4: Provide proper notification to your current company of your decision to cancel your existing policy. Submit the required down payment along with the signed application to your new agent or company. As soon as you have the new policy, store the proof of insurance certificate along with your vehicle registration.
An important note is that you'll want to compare similar limits and deductibles on each quote and and to get price estimates from every insurance company. Doing this provides an apples-to-apples comparison and maximum price selection.
Additional auto insurance information is located at these links:
- Airbag FAQ (iihs.org)
- Who Has Cheap Car Insurance for Good Students in Madison? (FAQ)
- What Auto Insurance is Cheapest for Nurses in Madison? (FAQ)
- How Much is Madison Car Insurance for a Dodge Ram? (FAQ)
- What Car Insurance is Cheapest for a Toyota 4Runner in Madison? (FAQ)
- Vehicle Insurance (Wikipedia)
- Young Drivers: The High Risk Years Video (iihs.org)
- Eight Auto Insurance Myths (Insurance Information Institute)