What affects the price of car insurance?
Car insurance companies base cost on several risk factors, including:
Your age: Older drivers normally have more experience on the road than young drivers. This means they're statistically less likely to be in accidents, so they often benefit from cheaper insurance.
Your occupation: Some occupations are considered risky by insurers. This can be because you spend more time on the road or are likely to park in locations where your car is at risk of damage or theft. It can also be because of the types of people you're likely to associate with.
Your car: Insurers categorise cars into groups from 1-50. The higher the insurance group, the more you'll pay for insurance. Porsches are expensive, powerful cars and it can be costly to repair or replace them. Because of this, models tend to fall into groups 35-50 and cost more to insure. You'll also pay more if your car has any modifications.
Where you live: Living in busy areas with high rates of vehicle theft will mean you'll pay more for car insurance compared to quiet areas with lower risk.
Your driving history: Previous claims and convictions may increase the price you pay.
How can I save money on my Porsche car insurance?
Insurers base their prices on risk. However, this doesn't mean there aren't still ways to save money. There are several things you can do to help get cheaper car insurance:
- Pay annually rather than monthly
- Shop around and compare quotes
- Estimate your mileage accurately
- Increase your voluntary excess
- Improve your car's security
- Build up your no-claims bonus
Pay annually rather than monthly. Insurers add interest and admin fees when you choose to pay monthly. So, by opting to pay annually you could save up to 16%2 on your car insurance.
Shop around and compare quotes. You don't have to accept the renewal price your insurer offers. Opting to shop around instead of auto-renewing is the easiest way to ensure you're getting the best price for your Porsche insurance. The best time to shop around is 26 days2 before your renewal date.
Estimate your mileage accurately. The more miles you drive, the higher your insurance will cost. Having an accurate estimate when getting a quote means you'll only be paying for the miles you actually drive. On average, our customers drive 6,621 miles per year2. If you don't drive many miles, you might benefit from a pay-as-you-go policy.
Increase your voluntary excess. Selecting a higher voluntary excess will mean you may pay less for your car insurance. But you should make sure you set it at a level you can afford if you need to pay. The most popular voluntary excess is £250, with 62%2 of our customers choosing this amount. Don't forget to consider the compulsory excess, as you'll need to pay this too.
Build up your no-claims bonus (NCB). Each year you drive without making a claim, you get a year added to your NCB. The more NCB you've built up, the bigger the discount you could get on your insurance. Some policies allow you to protect your NCB, so you can make a certain number of claims in a year without affecting your discount.
2Based on Confused.com data December 2022 - May 2023
What types of insurance can I get for my Porsche?
Third-party, fire and theft
Third-party, fire and theft covers everything included with third-party insurance, but also includes cover for your Porsche if it's stolen or damaged by fire. The average cost of third-party, fire and theft insurance is £1,009*.
*Based on Confused.com data January - June 2023
Porsche history and facts
Ferdinand Porsche was renowned for innovations in automotive engineering at the beginning of the last century. As well as founding the Porsche AG sport car company, he was also co-founder of Volkswagen. You might say he was ahead of his time considering he built an electric vehicle with wheel hub drive in 1900. In the same year, he provided a template for hybrid vehicles with the development of a gasoline-electric mixed drive – that was more than 120 years ago!
Ferdinand laid the foundations for some of the finest cars ever built. But it was his son Ferry, who, shortly after the Second World War in 1948, unveiled the first car under the Porsche brand – the 356 No.1 Roadster. The Porsche sports car had arrived.
Keeping things in the family, the Porsche 911, the successor to the 356, was designed by Ferry’s son Ferdinand Alexander. The 911 was first presented to the public in 1963 and has now been built more than a million times. And although the car has been continually developed and improved over decades, the essential shape and look haven't changed much.
The Porsche has always exuded ‘cool’, whether on the road or on the race track. And in 1971, it was the Porsche 917K that Hollywood legend and racing fanatic Steve McQueen chose to drive in his film Le Mans. It was never clear who had the top billing in the film, the car or the driver.
Maintaining the brand’s relevance today, Porsche – fittingly, given its founder’s vision – has fully embraced the electric and hybrid future of motoring. The Panamera and Cayenne are available as hybrids, and the Taycan is Porsche's first all-electric car.
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