How to Save on Porsche Cayman Insurance in Baltimore

Insurance for Porsche CaymanAre you doing reasearch to find more affordable Porsche Cayman insurance in Baltimore? Finding better insurance prices for a Porsche Cayman in Maryland can turn out to be a painful process, but you can learn a few tricks and make it easy.

There are both good and bad ways to find auto insurance online and we’ll show you the best way to get price quotes for a new or used Porsche and get the lowest price either online or from Baltimore insurance agents.

You need to compare prices before your next renewal due to the fact that insurance prices are usually higher with each renewal. Just because you found the best rates on Porsche Cayman insurance in Baltimore a year ago there is a good chance you can find better rate quotes now. You can find a lot of information about Cayman insurance on the internet, but by reading this article, you’re going to learn the easiest ways to stop overpaying for insurance in Baltimore.

If you have coverage now or just want to reduce your rates, you can use this information to get lower rates without having to cut coverage. Finding and buying the best protection in Baltimore can be fairly easy. Consumers just have to understand the proper way to quote multiple rates from multiple carriers.

Most of the larger companies make it easy to get insurance quotes on their websites. Comparing prices online for Porsche Cayman insurance in Baltimore is quite simple as you just type in your coverage information into the quote form. Once you submit the form, the system orders your driving record and credit report and returns a price based on these factors.

Quoting online for Porsche Cayman insurance in Baltimore makes it easy to compare insurance prices and it is important to do this in order to get the best rate possible.

If you want to find out what other companies charge, consider comparing rates from the companies shown below. If you have your current policy handy, we recommend that you enter the insurance coverages as close as possible to your current policy. This helps ensure you will be getting rate quotes based on the exact same insurance coverage.

The companies shown below have been selected to offer comparison quotes in Maryland. To locate cheaper car insurance in Baltimore, it’s highly recommended you get price quotes from several of them to get the lowest price.

Porsche Cayman insurance analysis

The premium information displayed next outlines detailed analysis of insurance costs for Porsche Cayman models. Being able to understand how insurance policy premiums are determined is important for drivers to make smart choices when buying a car insurance policy.

Porsche Cayman Insurance Rates in Baltimore, MD
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $244 $470 $418 $24 $126 $1,282 $107
Cayman S 2-Dr Coupe $244 $524 $418 $24 $126 $1,336 $111
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Premium data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Prices do not factor in specific garaging location which can increase or decrease premiums significantly.

Raise deductibles and save

A question often asked by Baltimore drivers is how high should the deductibles for physical damage be. The rates below can help illustrate the difference in cost between low and high physical damage coverage deductibles. The first table uses a $250 physical damage deductible and the second price table uses a $500 deductible.

Porsche Cayman insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $434 $812 $406 $24 $122 $1,823 $152
Cayman S 2-Dr Coupe $434 $906 $406 $24 $122 $1,917 $160
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Porsche Cayman insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $354 $654 $406 $24 $122 $1,560 $130
Cayman S 2-Dr Coupe $354 $730 $406 $24 $122 $1,636 $136
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Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Maryland minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Information does not factor in your specific Baltimore location which can decrease or increase insurance rates greatly.

Using the premium rates above, we can conclude that using a $250 deductible costs roughly $23 more each month or $276 for a full year than quoting the higher $500 deductible. Because you would be required to pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you normally average at a minimum 11 months between claim filings, you would probably be better off if you decide on a higher deductible.

Rate difference between full and liability-only coverage

The chart below shows the difference between Porsche Cayman insurance rates when comparing full coverage to liability only. The price estimates are based on no claims or driving violations, $1,000 deductibles, drivers are single, and no policy discounts are applied.

Should you pay for full coverage?

There is no definitive guideline of when to drop physical damage coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.

For example, let’s assume your Porsche Cayman book value is $7,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $6,000 after the policy deductible has been paid. If premium cost is more than $600 annually for physical damage coverage, then it may be the right time to buy liability only.

There are some scenarios where eliminating full coverage is not recommended. If you haven’t paid off your loan, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not remove full coverage.

Three main reasons to buy auto insurance

Despite the high insurance cost for a Porsche Cayman in Baltimore, auto insurance serves an important purpose.

First, most states have mandatory liability insurance requirements which means you are required to carry a minimum amount of liability coverage in order to license the vehicle. In Maryland these limits are 30/60/15 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.

Second, if you have a lien on your vehicle, more than likely the lender will make it mandatory that you carry insurance to guarantee their interest in the vehicle. If you do not keep the policy in force, the lender may insure your Porsche at a much higher premium rate and force you to pay much more than you were paying before.

Third, auto insurance preserves both your assets and your car. It will also provide coverage for all forms of medical expenses for not only you but also any passengers injured in an accident. As part of your policy, liability insurance also pays for attorney fees and expenses if someone files suit against you as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.

The benefits of having insurance greatly outweigh the cost, specifically if you ever have a liability claim. Today the average American driver overpays as much as $869 every year so shop around each time the policy renews to make sure the price is not too high.

How Insurance Companies Calculate Porsche Cayman Insurance Costs

Smart consumers have a good feel for the factors that help determine your auto insurance rates. When you understand what determines base rates, this enables you to make decisions that can earn you lower rates. Lots of factors are considered when pricing auto insurance. Some are obvious such as your driving record, but others are less apparent such as whether you are married or your commute time.

The itemized list below are some of the most common factors used by companies to determine your rates.

Cheaper rates after marriage – Having a significant other actually saves money on your policy. Marriage means you’re more financially stable and insurance companies like that being married results in fewer claims.

Never let your auto insurance policy expire – Letting your insurance expire will be a sure-fire way to bump up your auto insurance costs. And not only will your rates increase, the inability to provide proof of insurance could result in a license revocation or jail time.

Annual mileage impacts premiums – Driving more miles every year the higher your rates will be. Many insurance companies price each vehicle’s coverage based upon how you use the vehicle. Autos that sit idle most of the time get more affordable rates than cars that get driven a lot. A policy that improperly rates your Cayman may be costing you higher rates. Double check that your declarations sheet properly reflects the proper vehicle usage.

How old are your drivers? – More mature drivers are proven to be safer behind the wheel, are lower risk to insure, and are generally more financially stable. Young drivers are known to be inattentive when at the wheel of a vehicle so auto insurance rates are higher.

The following chart uses these assumptions: single driver, full coverage with $1000 deductibles, and no discounts or violations.

Insurance loss statistics a Porsche Cayman – Companies use historical loss data to help set a rate to offset losses. Vehicles that statistically have a trend towards higher claims will have higher premium rates.

The table shown below demonstrates the insurance loss data used by companies for Porsche Cayman vehicles. For each insurance policy coverage type, the claim amount for all vehicles, regardless of make, model or trim level, is set at 100. Values that are 100 or less indicate better than average losses, while numbers that are greater than 100 indicate more frequent claims or an increased likelihood of larger losses.

Insurance Loss Ratings for Porsche Cayman Vehicles
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Porsche Cayman 2dr 183 40 99 36

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

Take advantage of these rate reducing discounts

Companies offering auto insurance don’t always list the complete list of policy discounts very clearly, so we researched both well-publicized and the more hidden ways to save on auto insurance.Auto insurance discounts

Just know that most of the big mark downs will not be given to the entire policy premium. Most only apply to specific coverage prices like medical payments or collision. So even though they make it sound like you could get a free auto insurance policy, company stockholders wouldn’t be very happy.

The chart below shows the comparison of Porsche Cayman car insurance rates with and without discounts being applied to the rates. The price estimates are based on a male driver, no violations or claims, Maryland state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, multi-car, homeowner, claim-free, safe-driver, and marriage discounts applied.

A few popular companies and a partial list of their discounts can be read below.

Before buying, ask every prospective company how you can save money. Savings might not apply in Baltimore. If you would like to view providers with discount rates in Baltimore, click this link.

How do I know if I need professional advice?

Always keep in mind that when comparing proper insurance coverage, there really is not a one size fits all plan. Your needs are unique to you and your car insurance should be unique as well.Safe vehicles cost less to insure
For instance, these questions can aid in determining if you may require specific advice.

If you don’t know the answers to these questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. If you don’t have a local agent, complete this form or you can go here for a list of companies in your area. It only takes a few minutes and can help protect your family.

What if I want to buy from local Baltimore insurance agencies?

Some people still prefer to get advice from a local agent and that is recommended in a lot of cases Experienced insurance agents can help determine the best coverages and help submit paperwork. The biggest benefit of getting free rate quotes online is the fact that drivers can get the best rates and still have a local agent. And buying from local insurance agencies is important particularly in Baltimore.

Insurance agency in BaltimoreAfter filling out this form (opens in new window), the coverage information gets sent to agents in your area who can give free rate quotes for your auto insurance coverage. There is no need to do any legwork since price quotes are sent directly to your email. If you want to get a comparison quote from a particular provider, you would need to navigate to their website to submit a rate quote request.

If you want to buy auto insurance from a local insurance agency, it’s important to understand the types of agencies that differ in how they can insure your vehicles. Auto insurance agents in Baltimore are either exclusive or independent agents depending on their company appointments. Both types of agents can write policy coverage, but it’s important to know the difference in the companies they write for since it can affect your selection of an agent.

Independent Auto Insurance Agencies or Brokers

Agents that choose to be independent are appointed with more than one company and that is an advantage because they can write policies through many different auto insurance companies depending on which coverage is best. If they find a lower price, they simply switch companies in-house and you stay with the same agent. If you are comparing rate quotes, you will want to include rate quotes from a few independent agents to ensure the widest selection of prices. They also have the ability to place coverage with small mutual carriers that may provide cheaper auto insurance rates.

Below are Baltimore independent agencies who can help you get pricing information.

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Exclusive Agents

Exclusive agents generally can only insure with one company like Farmers Insurance, State Farm, Allstate, and AAA. Exclusive agents cannot provide rate quotes from other companies so if the price isn’t competitive there isn’t much they can do. Exclusive agents receive extensive training on sales techniques and that can be a competitive advantage. Many people choose to use an exclusive agent mainly due to the prominence of the brand rather than having the cheapest rates.

Listed below is a short list of exclusive agencies in Baltimore that are able to give price quote information.

More insurance agents

Picking an car insurance agent requires more thought than just a cheap price quote. Any agent in Baltimore should be willing to answer these questions.

Persistent drivers can save

You just read some good ideas how you can find affordable Porsche Cayman insurance in Baltimore. It’s most important to understand that the more price quotes you have, the more likely it is that you will get a better rate. You may even find the lowest priced auto insurance comes from some of the smallest insurance companies. These companies may cover specific market segments cheaper compared to the large companies like Progressive and GEICO.

As you restructure your insurance plan, make sure you don’t buy less coverage just to save a little money. Too many times, an insured cut comprehensive coverage or liability limits and learned later that their decision to reduce coverage ended up costing them more. Your aim should be to find the BEST coverage at the best cost, but do not sacrifice coverage to save money.

Steps to buying affordable Porsche Cayman insurance in Baltimore

Really, the only way to find cheaper quotes for Porsche Cayman insurance in Baltimore is to annually compare prices from insurers in Maryland. You can shop around by completing these steps.

Step 1: It will benefit you to learn about what coverages are included in your policy and the things you can change to prevent expensive coverage. Many policy risk factors that increase rates such as traffic citations and a not-so-good credit score can be controlled by improving your driving habits or financial responsibility.

Step 2: Compare price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only give prices from a single company like GEICO or Farmers Insurance, while independent agencies can quote rates from multiple sources. Get quotes now

Step 3: Compare the new rate quotes to your current policy to see if cheaper Cayman coverage is available. If you can save some money and make a switch, ensure there is no coverage lapse between policies.

An important part of this process is to use the same coverage limits and deductibles on every quote request and to quote with as many auto insurance providers as possible. Doing this helps ensure an apples-to-apples comparison and the best price selection.

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