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Porsche Insurance-Introduction

Faster and cooler could be used with each new launch from Porsche. The brand has been offering well-built and efficient cars since the time of its inception. It has simplicity while driving but still has the undiluted complexity of a sports car which is a reason for its popularity.

Porsche insurance rates are highly dependent on various driving and non-driving factors, the model and make of the car being the major factors among these. Statefarm, Erie, Amica, and USAA are cheaper companies to insure your Porsche with.

Key Takeaways

  • It is not only the luxury car status of Porsche that is the reason for the higher insurance rates, but also the other factors like driving history, age, and location.
  • The average insurance rate to insure a Porsche would be $2427, but it rises with the upgraded models and the different sports cars in the series.

The History of Porsche

Beginning with the Hesselmann Engine in 1948, the company has relied on and evolved on the spirit of innovation since its inception. The brand, now synonymous with its luxury sports cars, began in 1948. Founded by Ferdinand Porsche, the company began with the launch of the Porsche 356 and 52 in 1949, followed by Spyder 550, the model that gave Porsche worldwide recognition.

Over the years, Porsche has only grown as a brand with its SUVs, crossovers, and sports cars globally.

Porsche Current Market Statistics

Porsche generated total revenue of $16.4 billion globally. The large passenger cars and sports cars, the second largest segment of the brand, accounted for 45% of their revenue in 2020.

How much does it cost to insure a Porsche?

All models of Porsche fall under luxury vehicles. They do have their sports models, but those too are eligible for luxury and sports car insurance. When you shop around for insurance quotes, it shows that Porsche costs $2745 annually on average to insure your Porsche.

Where can I find cheap Porsche insurance?

Since owning a Porsche is definitely more than a commute, it is crucial to protect it the same way you experience it. Though insuring Porsche models can be a costly affair, there are several insurance providers which offer cheap quotes for Porsche models. The prominent among them are State Farm, Erie, and Amica. USAA, even though it gives cheap rates, is available to veterans and active military members.

Cheapest Car Insurance Companies for Porsche

Company Porsche Panamera Porsche Cayenne Porsche 718 Cayman Porsche 718 Boxster
USAA $2705 $1682 $1968 $1815
State Farm $2390 $1902 $1880 $1653
Erie $2228 $1528 $1602 $1783
Amica $2365 $1717 $1577 $1526

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Porsche Car Insurance Cost According to Models

Luxury car insurance frequently costs more than insurance for a regular car. Given that auto insurance is intended to safeguard your car, the high cost of a luxury car unavoidably translates into higher insurance premiums. For the models in our survey, the average yearly insurance premium for Porsche models is more than the cost of insurance for a sedan with a moderate price tag.

Model Average Annual Premium
Porsche Panamera $3227
Porsche Macan $2018
Porsche Cayman $2374
Porsche Cayenne $2237
Porsche Boxster $2427
Porsche 911 $3600

Insurance Cost of Porsche 718 Boxster

The rates to insure the latest models are higher when compared to those from the previous years, even if they are of similar trim levels. If you own a Porsche 718 Boxster, the average rate to insure it for a 30-year-old driver is $3030 and $2807 for a 45-year-old.

Year and Model Annual Average Cost for a 30 -year-old Annual Average Cost for a 45-year-old
2021 $3243 $3005
2020 $3189 $2948
2019 $3132 $2894
2018 $2894 $2680
2017 $2692 $2505

Insurance Cost of Porsche 718 Cayman

The average cost to insure a Porsche 718 Cayman for a 30-year-old would be $3030 and $2807 for a 45-year-old driver.

Year and Model Annual Average Cost for a 30-year-old Annual Average Cost for a 45-year-old
2021 $3243 $3005
2020 $3189 $2948
2019 $3132 $2895
2018 $2895 2680
2017 $2692 $2505

Insurance Cost of Porsche 718 Spyder

Belonging to the famous Spyder model of cars, it is higher for a younger driver when compared to the rates for a 45-year-old.

Year and Model Annual Average Cost for a 30-year-old Annual Average Cost for a 45- year-old
2021 $3224 $2978
2020 $3126 $2885
2019 $3112 $2876
2018 $2868 $2646
2017 $2703 $2506

Insurance Cost of Porsche 911 Carrera

This is one of the most expensive Porsche models to insure. The average annual cost for a 30-year-old driver would be $4027. It is slightly lesser for a 45-year-old amounting to $3743 per year.

Year and Model Annual Average Cost for a 30-year-old Annual Average Cost for a 45-year-old
2021 $4041 $4041
2020 $4943 $4555
2019 $4886 $4505
2018 $4700 $4335
2017 $4435 $4095

Insurance Cost of Porsche 911 Turbo S

It costs $1156 more than an average Porsche to insure a Porsche 911 Turbo S.

Year and Model Annual Average Cost for a 30 -year-old Annual Average Cost for a 45-year-old
2021 $4311 $4311
2020 $4943 $4555
2019 $4886 $4505
2018 $4705 $4335
2017 $4435 $4095

Insurance Cost of Porsche Cayenne

One among the cheapest models from Porsche, it costs $2796 annually on average to insure this model.

Year and Model Annual Average Cost for a 30 -year-old Annual Average Cost for a 45-year-old
2021 $3123 $2991
2020 $2966 $2749
2019 $3154 $2920
2018 $2013 $2516
2017 $2551 $2368

Insurance Cost of Porsche Macan

This belongs to the slightly affordable models of Porsche to insure. The average annual rate attributed to a 30-year-old driver is $2369 and while a 45-year-old owner has to pay $2201.

Year and Model Annual Average Cost for a 30-year-old Annual Average Cost for a 45-year-old
2021 $2537 $2361
2020 $2456 $2884
2019 $2344 $2177
2018 $2297 $2134
2017 $2208 $2052

Insurance Cost of Porsche Panamera

Porsche Panamera is a four-seater sedan and is another expensive model to insure.

Year and Model Annual Average Cost for a 30-year-old Annual Average Cost for a 45-year-old
2021 $3663 $3461
2020 $3966 $3651
2019 $3878 $3668
2018 $3769 $3469
2017 $3685 $3397

Insurance Cost of Porsche Taycan Turbo

This sports sedan from Taycan is costlier than an average Porsche. The annual average cost for a 45-year-old driver would be $3474, while it costs $3755 for a younger driver.

Year and Model Annual Average Cost for a 30-year-old Annual Average Cost for a 45-year-old
2021 $5491 $4994
2020 $5420 $4922
2019 $2799 $2659
2018 $2650 $2512
2017 $2415 $2282

Porsche Insurance Cost According to Coverage

A luxury car may be more expensive to insure, but it is crucial to carefully consider your options considering the higher risks involved. Therefore, even if your state just requires liability coverage, it is a good idea to insure it with other available optional coverage alternatives.

Coverage Coverage Type What does it do?
Bodily Injury Liability Minimum Coverage This minimum liability coverage will cover the damage associated with the injuries caused to a third party.
Property Damage Liability Minimum Coverage The expense of the damages and the repair you are accountable for in an accident.
Uninsured and underinsured motorist coverage Minimum Coverage This proves to be useful in an accident involving an uninsured motorist.
Personal Injury Protection Minimum Coverage An optional butsignificant coverage for luxury car owners, which covers you and your passengers' medical bills in the event of an accident, given the increased risk of injury from a car crash that comes with high-powered vehicles.
Comprehensive Coverage Full Coverage This covers the expenses of repair from accidents regardless of who is at fault.
Collision Coverage Full Coverage This will cover the expense of repair or replacement for damage caused by fire, weather, vandalism, or even theft.

Porsche Insurance Cost According to Coverage Type

Model Minimum Coverage Full Coverage
Porsche 718 Boxster $422 $2313
Porsche 718 Cayman $433 $2387
Porsche Cayenne $495 $2369
Porsche Panamera $482 $3308

Other Car Insurance Coverage for Porsche

Owning a luxury sports car with the specs offered by Porsche is less risky when you opt for additional coverage options like GAP Insurance and new car replacement, to mention a few.

Coverage What does it do?
GAP Insurance In the case of a damaged or stolen car, this can pay the outstanding amount.
OEM Replacement Parts When under repair after an accident, this will ensure that the replacement is done with original parts.
Roadside Assistance Coverage An optional option by many insurance providers, this will assist you with towing or battery replacement in an emergency.
New Car Replacement Coverage Recent models which are insured under this are eligible for the payment of a new car if your car is stolen or totaled within a timeframe.

Cost of Insuring Your Porsche Based on Driving Record and Age

No matter which car you own, insurance quotes largely depend on your driving history and age. Porsche being a luxury car brand, the rates tend to spike up for teenage drivers than a middle-aged owners of the same model.

Age Speeding Ticket Clean Record
18-20 $2339 NA
21-24 $2384 $2683
25-34 $2751 $1671
35-44 $2477 $1410
45-54 $3403 $1788
55-64 $2274 NA

Porsche Insurance Rates by State

Traffic levels, crash rates, and crime rates of the place you live in can influence insurance premiums.

State Average Annual Rate
Arizona $2008
California $3468
Colorado $3159
Connecticut $1686
Florida $3731
Georgia $2481
Illinois $1146
Maine $2646
Minnesota $1142
Nebraska $3113
New Jersey $3603
New York $3701
North Carolina $2209
Oklahoma $1086
Oregon $1086
Pennsylvania $3166
Rhode Island $5766
South Carolina $2310
Tennessee $1686
Texas $3289
Virginia $2396
Washington, D.C. $1836
Wisconsin $5430

What impacts the insurance costs of your Porsche?

The high insurance prices relative to other models are mainly due to the features found in high-end luxury cars. However, due to the safety features it has, the insurance costs for Porsche models can be moderated. Along with the safety features, these are the factors that have an impact on the insurance cost of your Porsche.

Safety Features

  ●  Air Bags

The greater number of airbags a car has, the lower the insurance rates can be. This is because airbags ensure the safety of the passengers in case of a collision.

  ●  Stability Control

This safety element is found on some Porsche vehicles. If the car loses traction, stability control immediately engages and decreases the chance of accidents.

  ●  Lane keep Assist

On Porsche Cayenne and Panamera, the lane keep assist feature warns the driver if the vehicle is drifting from its lane. This feature may contribute to fewer accidents, which could result in cheaper insurance costs.

Model and Make of your Porsche

In the case of Porsche, the insurance rates are lesser if you drive an older model. For example, in the case of the Porsche 718 Spyder, the cost of insuring a 2020 model is $3224, while it is $2703 for the 2017 variant.

Crash Rate Stats

This varies depending on the models and the traffic situations. However, because of the nature of these models, there is a greater chance of speeding, which can also result in higher accident rates, thereby higher premium rates.

Age, Driving Record, and Place of Residence

Regardless of the model you own, these are factors that are crucial for any insurance provider to calculate your insurance rates.

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Is it expensive to buy insurance for a Porsche?

Being the luxury brand it is, Porsche is an expensive option when it comes to spending on its annual insurance. However, the average insurance rates are almost similar to many of the popular car brands. But this stands true only for its older models. Insuring the newer models and sports cars from Porsche like Taycan Turbo and Panamera can cost anywhere between $3600 and $5500.

Insurance Rates of Porsche v/s Other Luxury Car Brands

Name of the Brand Average Insurance Cost
Lexus $4656
Cadillac $2091
BMW $4055
Audi $3417
Mercedes $4207
Porsche $2745

Insurance Rates of Porsche v/s Other Popular Car Brands

Name of the Brand Average Insurance Cost
Chevrolet $2618
Dodge $2972
Ford $2093
GMC $3616
Honda $2157
Hyundai $1999
Jaguar $3016
Jeep $1863
Kia $2643
Land Rover $3514
Lexus $3623
Mazda $3101
Nissan $3671
Subaru $3290
Tesla $3953
Toyota $2138
Volkswagen $2350
Mercedes $4207
Porsche $2745

Which are the cheapest Porsche models to insure?

There are a few affordable models among the luxury lineup of Porsche models like the Porsche Macan, Cayman, Cayenne, and Boxster.

Cheapest Porsche Models to Insure for 2022

Model Average Annual Rate
Porsche Macan $2018
Porsche Cayman $2374
Porsche Cayenne $2237
Porsche Boxster $2427

Which are the expensive Porsche models to insure?

Among the popular Porsche models, the most expensive ones to insure are as follows.

Expensive Porsche Models to Insure for 2022

Model Average Annual Rate
Porsche 911 $3600
Porsche Panamera $3227
Porsche 911 Carera $4696
Porsche 911 Turbo S $4749

How to get Porsche Insurance with Way.com

As most insurance companies provide their quotes online, it is advisable to do your research before finalizing your insurance provider. Luxury and sports car insurance can be reduced considering the different discounts and coverages the companies provide which suit your needs. It can be time-consuming, but you'll be rewarded with better coverage at a lower price.

Way.com gives you a head start with the analysis of the best car insurance companies for insuring your Porsche based on criteria that will surely influence your insurance coverage experience, financial strength, customer service, protection, and price.

Auto Insurance Data Methodology

The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.

Quotes are typically based on a full coverage policy average unless otherwise noted within the content.

These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com

Frequently Asked Questions

How much is insurance on a Porsche 911?

One among the costliest to insure, the Porsche 911 costs $3560 on average annually. This can again differ based on the trim level of your Porsche 911.

How much is insurance for a Porsche Boxster?

This model can be insured at an affordable annual average of $2427.

How much does it cost to insure an old Porsche?

The car insurance rates of all the models of Porsche are dependent on the year of its make. Newer models are more expensive to insure than older ones of the same kind.

Is it expensive to insure a Porsche Macan?

Though the insurance rates can vary according to the location, driving history, and the discounts availed, it will cost around $2018 to insure a Porsche Macan annually.

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