Porsche Car Insurance
Insuring the beautiful Porsche in the UK
Every single person in the world is aware of what a Porsche is. To put it simply, cars made by Porsche are some seriously high-performing sports vehicles. Specs of the cars made by Porsche are so remarkable that car enthusiasts all over the world are raving to get their hands on one. Of course, they are as expensive as they are genius. Getting around to the right car insurance for Porsche in the UK can be a little pricey. You need to know your way around the common pitfalls and tricks to dropping the cost of your insurance.
Getting familiar with car insurance
In order to getting around to the technicalities of the law of car insurance that is imposed on the population of the UK, it is important to understand what the term ‘car insurance’ means itself. A car insurance is what ensures that financial costs will be covered on your behalf by your insurance company in case of an accident or theft. It is sealed with a contract between both parties, and for their services, they require you to pay a premium. These premium payments can either be annual or semi-annual, depending on the company’s policies.
Its three levels
The levels of insurance, that is, the degree of coverage that your insurance company will offer will be of three kind; one that covers the costs of the other party that you collide with in case of an accident, called a ‘third party’ insurance, one that compensates you if your car is to ever get stolen or get caught in a fire, called a ‘third party fire and theft’ insurance, and the last kind that offers a huge list of benefits such as covering costs related to damages to your car, medical bills and legal assistance, if required. The last kind is called ‘comprehensive’ insurance.
The UK’s law
In the UK, it is necessary by law to have at least a ‘third party’ insurance. If your car is not insured by a third party insurance, then the punishments could range in severity. For instance, you could either be fined a fix sum of money, or in some cases, your car could also be seized and destroyed. Whereas other times, if a case reaches the court, the court imposes a fine on you that you are meant to pay your entire lifetime.
Purchasing a Porsche is obviously extremely expensive, but owning and keeping one is just as costly. It is important for you to determine how to get around car insurance for Porsche, avoiding the common pitfalls and availing the discounts.
Features of the Porsche that make it great for car insurance
Car insurance companies love cars that can make things easier for them. Be it a Porsche Boxster or a 911, each and every Porsche contains some features that make insurance companies love it. These features can also lower your car insurance for Porsche costs! For instance;
- A Porsche is not so easily stolen
Studies conducted on finding theft rate of Porsches show that the theft rate for every thousand Porsche cars was a zero. The security system that this car has built in itself is top-notch. Another feature that makes this car tough for thieves to grab is the flashiness of it. It is an extremely flashy and dazzling car that can be noticed in a crowd of thousands. Therefore, it makes it harder for the car to be stolen. A lower risk of theft equals to a lower premium
for your car insurance for Porsche.
- Porsche’s top of the line safety features
A Porsche guarantees you some great safety and performance features that not just build your trust on it, but they also mean that you have a better insurance rate. Features like anti-lock brakes, stability control, airbags in every direction possible and seatbelt pre-tensioners are what give Porsche an untainted reputation when it comes to safety. Due to these features, your insurance company will face a lower cost of medical processes, which means that you won’t have to pay a premium as high as you would have had to if your car did not already ensure your safety.
Why is a Porsche’s insurance cost so high?
The most popular Porsche cars in the UK are the 911 and the Boxster. When it comes to car insurance for Porsche 911, its higher speed limit and higher cost of purchasing can result in a higher premium price. However, the safety features that come with it do not allow the costs too sky-rocket. Same is the case with a Boxster.
Due to a Porsche’s high purchasing cost, its insurance cost run just as high too. Therefore, it is essential that you purchase for your Porsche a high level of comprehensive coverage. Due to their higher speed limits, there is a very high probability that the driver can over speed, and therefore the car needs to be fully insured.
You should also have a substantial amount of liability coverage. This is because those that own Porsches usually also have assets that need protection. So, in case of an accident, a liability lawsuit can dent your finances heavily. Thus, it is important to have a sufficient amount of liability coverage.
Cutting corners the safe way
While one who can own a Porsche does not really have financial troubles, it is never harmful to lower your cost for car insurance of a Porsche. Here are some simple legal ways of doing so;
- Look for the best deal
It is always good to have a number of different quotes from different companies in order to compare and choose the best one. However, one thing you need to be careful of is to not letting yourself fall for a cheap insurance that does not provide sufficient amount of coverage. Always ensure that the coverage that you’re being provided with is sufficient.
- Stay away from adding everyone on your policy
Do not make the mistake of adding everyone on your policy. Only add those that are regular users of the Porsche.
- Increasing your excess
A voluntary excess is when you agree to contribute towards the costs associated with repairs in case of an accident. An added bonus is that if you are not the one at fault, your excess will be recovered for you.
- Store your car in your garage
One important determinant of the cost of your insurance is where you plan on parking your car overnight. Parking your Porsche in your garage can bring down premium costs, as the risks imposed to it are lower.
A car insurance may seem like a nuisance, but its worth is realized when the unexpected happens. Shielding yourself from high costs associated with either defence bills or repair costs brings with itself no harm whatsoever. Insure your Porsche with a high liability limit.