Auto Insurance Rate Quotes for a Porsche Cayman in Miami

Discount Porsche Cayman insuranceTrying to find more affordable Porsche Cayman insurance in Miami? There isn’t a single person who rejoices having to buy car insurance, in particular when they could lower their rates if they shopped around.

Remarkably, a study showed that over 70% of Florida drivers renewed their policy with the same company for four years or more, and nearly half have never compared rate quotes at all. The average driver in America could save nearly $859 every year just by comparing rates, but most tend to underestimate the big savings they would realize if they moved their coverage to a different company. Drivers have multiple insurance companies to choose from, and though it is a good thing to have a selection, it makes it harder to compare rates and cut insurance costs.

Smart consumers take time to get comparison quotes at least once a year because car insurance prices fluctuate regularly. If you had the best rates on Porsche Cayman insurance in Miami at your last renewal you can probably find a better rate quote now. Forget anything you know (or think you know) about car insurance because I’m going to let you in on the secrets to the best methods to get good coverage on Porsche Cayman insurance in Miami at a lower rate.

Our objective in writing this article is to teach you a little about how car insurance quotes work and some tricks to saving. If you have a current insurance policy, you will definitely be able to find the best rates using the concepts covered in this article. Drivers just need to learn how to compare rates on the web.

The companies shown below have been selected to offer comparison quotes in Miami, FL. To locate the best cheap car insurance in Miami, FL, we suggest you click on several of them to get a more complete price comparison.

Coverage analysis

The coverage table shown below outlines detailed analysis of insurance policy prices for Porsche Cayman models. Being aware of how policy rates are established can help you make decisions on which insurance to purchase.

Porsche Cayman Insurance Rates in Miami, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $216 $446 $400 $24 $120 $1,206 $101
Cayman S 2-Dr Coupe $216 $498 $400 $24 $120 $1,258 $105
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Premium data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Rates do not factor in your specific Miami location which can affect price quotes considerably.

Choosing deductibles

One of the more difficult decisions when buying auto insurance is where to set your physical damage deductibles. The comparisons below illustrate the rate fluctuation when you choose different insurance deductibles. The first table uses a $250 deductible for comprehensive and collision coverage and the second set of rates uses a $1,000 deductible.

Porsche Cayman insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $446 $834 $418 $24 $124 $1,871 $156
Cayman S 2-Dr Coupe $446 $930 $418 $24 $124 $1,967 $164
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Porsche Cayman insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $276 $524 $418 $24 $124 $1,366 $114
Cayman S 2-Dr Coupe $276 $586 $418 $24 $124 $1,428 $119
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Premium amounts do not factor in vehicle location which can change price quotes noticeably.

We can estimate from the data above that using a $250 deductible will cost you roughly $43 more each month or $516 each year across all Porsche Cayman models than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to have more than 17 months between claim filings, you would save money if you choose the higher deductible. The numbers below show a better example of how you can do this calculation yourself.

Average monthly premium for $250 deductibles: $160
Average monthly premium for $1,000 deductibles (subtract): – $117
Monthly savings from raising deductible: $43
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $43
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

One thing to be aware of is that raising deductibles to get cheaper rates results in having to pay to pay more out-of-pocket when you file a claim. That will necessitate some funds available in the event you need to pay the deductible to have repairs made.

Full coverage or liability only

The illustration below visualizes the comparison of Porsche Cayman insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The price estimates are based on a clean driving record, no claims, $500 deductibles, single status, and no policy discounts are applied.

When to drop comprehensive and collision coverage

There is no definitive formula of when to exclude full coverage, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let’s assume your Porsche Cayman settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $3,000 after the deductible is paid. If it’s costing in excess of $300 annually for physical damage coverage, then you might consider buying liability only.

There are some scenarios where dropping full coverage is not in your best interest. If you haven’t satisfied your loan, 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 keep full coverage on your policy.

Lower Your Miami Insurance Premiums

Many different elements are part of the calculation when pricing auto insurance. Some are obvious like a motor vehicle report, although others are more transparent such as whether you are married and annual miles driven.

Here’s why insurance is not optional

Despite the fact that insurance is not cheap in Miami, insurance serves a purpose in several ways.

The benefits of carrying enough insurance are definitely more than the cost, especially when you need to use it. According to a survey of 1,000 drivers, the average driver is wasting up to $700 annually so it’s recommended you shop around every year to make sure the price is not too high.

How to find a good Miami auto insurance company

Choosing the highest-rated auto insurance company can be a challenge considering how many companies are available to choose from in Florida. The ranking information shown below may help you analyze which auto insurers you want to consider comparing rates with.

Top 10 Miami Car Insurance Companies Ranked by Claims Service

  1. Travelers
  2. Nationwide
  3. Allstate
  4. State Farm
  5. Liberty Mutual
  6. GEICO
  7. American Family
  8. Esurance
  9. Titan Insurance
  10. AAA Insurance