Car Insurance Quotes for a Porsche Boxster in Minneapolis

It’s safe to conclude that auto insurance companies want to keep your business as long as possible. People who get price quotes annually will most likely buy a different policy because there is a good probability of finding a policy with better rates. A survey found that people who regularly compared price quotes saved over $3,400 over four years as compared to drivers who don’t make a habit of comparing rates.

If finding budget-friendly car insurance is your ultimate objective, then having a good understanding how to find companies and compare car insurance can make the process less intimidating.

If you want to find the absolute lowest rates, then the best way to find affordable quotes for Porsche Boxster insurance in Minneapolis is to compare prices once a year from companies in Minnesota.

• First, gain an understanding of coverages and the modifications you can make to keep rates low. Many risk factors that increase rates such as high-risk driving behaviors and a low credit score can be eliminated by paying attention to minor details.
• Second, obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only quote rates from a single company like Progressive and State Farm, while independent agencies can provide price quotes from multiple companies. View rates
• Third, compare the new rates to your existing policy and determine if cheaper Boxster coverage is available in Minneapolis. If you find a lower rate quote and make a switch, ensure there is no coverage lapse between policies.
• Fourth, provide written notification to your current company of your intent to cancel the current policy and submit the completed application along with a down payment to your new insurance company. Immediately upon receiving it, safely store the certificate of insurance along with the vehicle’s registration papers.

A good tip to remember is to compare the same coverage limits and deductibles on each quote and to quote with as many companies as possible. Doing this helps ensure a level playing field and a complete price analysis.

If you are paying for car insurance now, you will most likely be able to find the best rates using the concepts covered in this article. This article’s goal is to familiarize you with the most effective way to quote insurance and some tips to save money. But Minnesota consumers can benefit from knowing the methods companies use to determine what you pay because rates are impacted by many factors.

Why Smart Buyers Pay Less for Porsche Boxster Insurance

A large part of saving on auto insurance is knowing the rating factors that are used to determine the level of your policy premiums. When consumers understand what determines premiums, this allows you to make educated decisions that will entitle you to cheaper rates. Lots of factors are part of the calculation when you get a price on insurance. Some are obvious such as your driving record, but other factors are less obvious such as your marital status and annual miles driven.

• Policy add-ons can waste money – There are many additional coverages that sound like a good idea at the time if you aren’t careful. Add-on coverages like vanishing deductibles, high-cost glass coverage, and extra life insurance coverage may be costing you every month. The coverages may be enticing when you first buy your policy, but if you have no use for them eliminate them to save money.
• Rate your vehicle for proper use – Driving more miles annually the higher your rate. A lot of insurance companies price each vehicle’s coverage partially by how you use the vehicle. Autos that do not get driven very much get more affordable rates than vehicles that are driven to work every day. It’s a smart idea to ensure your auto insurance declarations sheet properly reflects the proper vehicle usage. Incorrect rating for your Boxster may be costing you.

• Obey driving laws and save – Careful drivers get better rates compared to bad drivers. Getting just one speeding ticket could increase your next policy renewal by as much as twenty percent. Drivers who have received serious citations like DUI or reckless driving may be required to prove financial responsibility with their state DMV in order to prevent their license from being revoked.

  The diagram below illustrates how speeding tickets and at-fault accidents can influence Porsche Boxster premium costs for different age groups. The costs are based on a single female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are taken into consideration.

• Companies want multiple policies – Lots of insurers give a discount to customers who buy several policies from them such as combining an auto and homeowners policy. The discount can be anywhere from five to ten percent in most cases. Even with this discount, it’s still a good idea to check prices from other companies to ensure the best deal.
• Filing auto insurance claims can cost you – Companies in Minnesota give the best rates to insureds who file claims infrequently. If you file claims often, you can expect higher rates. Your insurance policy is intended to be relied upon for claims that pose a financial burden.

• Your gender affects rates – Statistics demonstrate that females tend to be a little less risky than males. It does not mean females are better drivers. Men and women have auto accidents at a similar rate, but the men have costlier accidents. Men also get ticketed for serious violations like DUI and reckless driving.

  The information below shows the comparison of Porsche Boxster insurance rates for male and female drivers. The rate quotes are based on no driving violations, no at-fault accidents, comp and collision included, $500 deductibles, single marital status, and no discounts are applied to the premium.

• Insurance losses for a Porsche Boxster – Car insurance companies use historical loss data to help set a rate to offset losses. Models that the statistics show to have higher losses will have increased rates. The next table illustrates the historical insurance loss data for Porsche Boxster vehicles.

  For each insurance policy coverage type, the claim probability for all vehicles, regardless of manufacturer or model, is a value of 100. Values that are below 100 suggest losses that are better than average, while values over 100 indicate frequent claims or larger claims.

  
  

  Porsche Boxster Insurance Loss Statistics

  Vehicle Make and 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
  Statistics from IIHS.org for 2013-2015 Model Years

Porsche Boxster insurance analysis

The price information below outlines detailed analysis of insurance premium costs for Porsche Boxster models. Having a better understanding of how auto insurance policy rates are calculated can assist in making informed coverage decisions.

Table data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Rates do not factor in zip code location which can impact insurance rates substantially.

Where to set your deductibles

One frequently asked question is where to set your physical damage deductibles. The rates below may help you to understand the rate fluctuation between low and high deductibles. The first data set uses a $100 deductible and the second price grid uses a $500 deductible.

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Price information does not factor in vehicle garaging location which can raise or lower coverage rates considerably.

Based on the figures above, using a $100 deductible costs about $29 more each month or $348 each year than selecting the higher $500 deductible. Since you would pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you go more than 14 months between claims, you would probably be better off if you choose a higher deductible. The illustration below shows the way you can do this calculation yourself.

One big caveat is that increasing deductibles to lower your rates results in a higher out-of-pocket expense when you do file a claim. You must have enough disposable savings in the event you have to pay the deductible to have repairs made.

The information below illustrates how choosing a deductible and can change Porsche Boxster insurance prices for different age categories. The costs are based on a married female driver, comp and collision included, and no other discounts are factored in.

Difference between liability only and full coverage rates

The example below shows the difference between Porsche Boxster insurance premiums with full coverage and liability only. The rates are based on no violations or claims, $1,000 deductibles, single status, and no additional discounts are factored in.

When to stop buying comprehensive and collision coverage

There is no set guideline to drop full coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.

For example, let’s assume your Porsche Boxster claim settlement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $5,000 after paying your deductible. If premiums are more than $500 annually for physical damage coverage, then it might be time to buy liability only.

There are a few situations where only buying liability is not in your best interest. If you have an outstanding loan on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should not consider dropping full coverage.

You may qualify for discounts for Porsche Boxster insurance in Minneapolis

Some companies don’t list all available discounts very well, so the list below gives a summary of some of the best known and also the lesser-known auto insurance savings. If you aren’t receiving every discount possible, you are just wasting money.

• Theft Deterrent System – Cars and trucks equipped with anti-theft or alarm systems are stolen with less frequency and therefore earn up to a 10% discount.
• Low Miles Discount – Driving less can earn better auto insurance rates on cars that stay parked.
• Claim Free – Drivers who don’t have accidents can save substantially when compared to accident-prone drivers.
• Buy New and Save – Buying a new car instead of a used Boxster is cheaper because new model year vehicles have to meet stringent safety requirements.
• Seat Belt Discounts – Requiring all passengers to fasten their seat belts can save 10% or more on the premium charged for medical payments and/or PIP.
• Military Rewards – Having a family member in the military could mean lower premium rates.

Policy discounts save money, but some credits don’t apply to the overall cost of the policy. Some only apply to the cost of specific coverages such as liability, collision or medical payments. Even though it may seem like having all the discounts means you get insurance for free, nobody gets a free ride.

The chart below illustrates the difference between Porsche Boxster insurance rates with and without discounts applied to the policy premium. The data is based on a male driver, no accidents, no driving violations, Minnesota state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, multi-policy, homeowner, claim-free, and multi-car discounts applied.

A few popular companies and some of the premium reductions they offer include:

• State Farm may have discounts that include student away at school, good driver, passive restraint, defensive driving training, and accident-free.
• Nationwide has savings for anti-theft, family plan, defensive driving, multi-policy, and easy pay.
• GEICO offers premium reductions for good student, defensive driver, federal employee, anti-theft, five-year accident-free, and anti-lock brakes.
• AAA discounts include multi-policy, multi-car, AAA membership discount, good student, and pay-in-full.
• 21st Century may include discounts for anti-lock brakes, student driver, air bags, automatic seat belts, theft prevention, and teen driver.
• The Hartford includes discounts for bundle, good student, anti-theft, driver training, and air bag.

If you are trying to find affordable Porsche Boxster insurance quotes, ask each company or agent which credits you are entitled to. A few discounts may not be offered in every state. To see a list of providers that provide some of the discounts listed above in Minnesota, follow this link.

Ratings for Minnesota auto insurance companies

Choosing the right car insurance company can be rather challenging considering how many different companies there are to choose from in Minneapolis. The company information shown below can help you analyze which auto insurers you want to consider to insure your vehicles.

Top 10 Minneapolis Car Insurance Companies Ranked by Claims Service

1. Progressive
2. Travelers
3. Liberty Mutual
4. Nationwide
5. USAA
6. AAA Insurance
7. GEICO
8. Safeco Insurance
9. Mercury Insurance
10. Esurance

Shop smart and save

More affordable auto insurance in Minneapolis is attainable from both online companies as well as from insurance agents, and you need to comparison shop both so you have a total pricing picture. A few companies do not provide rates over the internet and many times these smaller companies only sell through independent agencies.

You just read some good ideas how you can save on Porsche Boxster insurance in Minneapolis. The key concept to understand is the more rate comparisons you have, the higher the chance of saving money. You may even be surprised to find that the lowest premium rates are with a company that doesn’t do a lot of advertising.

Insureds who switch companies do it for a number of reasons such as delays in responding to claim requests, policy cancellation, denial of a claim and high prices. No matter why you want to switch, finding a new company can be easier than you think.

Helpful learning opportunities

• Prepare your Teens for Safe Driving (InsureUonline.org)
• What Car Insurance is Cheapest for a Ford Escape in Minneapolis? (FAQ)
• Who Has Affordable Auto Insurance for a Ford F-150 in Minneapolis? (FAQ)
• How Much are Car Insurance Rates for Active Military in Minneapolis? (FAQ)
• Five Mistakes to Avoid (Insurance Information Institute)
• How Much Auto Coverage do I Need? (Insurance Information Institute)
• Auto Insurance Learning Center (State Farm)
• Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)