Affordable Porsche Cayenne Insurance in Memphis

It’s an obvious conclusion that insurance companies want to keep you from comparing prices. Insureds who shop around for a cheaper policy will presumably buy a new policy because there is a high probability of finding a lower-priced company. A study showed that consumers who regularly compared price quotes saved $865 annually as compared to drivers who never compared prices.

If finding the best rates on Porsche Cayenne insurance is your goal, then knowing how to quote and compare insurance coverage can make it easier to shop your coverage around.

If you want to save the most money, the best way to get budget Porsche Cayenne insurance in Memphis is to regularly compare prices from insurance carriers who can sell car insurance in Tennessee. You can compare prices by following these steps.

First, learn about how your policy works and the things you can control to prevent expensive coverage. Many risk factors that drive up the price like traffic violations and a negative credit score can be eliminated by making small lifestyle or driving habit changes. This article gives more information to get low prices and find additional discounts.

Second, obtain price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can give quotes from one company like GEICO or Allstate, while independent agencies can provide price quotes from multiple companies.

Third, compare the new rates to the premium of your current policy and see if you can save money. If you can save money and switch companies, ensure there is no coverage lapse between policies.

The key thing to know about shopping around is to make sure you’re comparing the same physical damage deductibles and liability limits on each quote and and to compare as many companies as feasibly possible. This guarantees a fair rate comparison and a better comparison of the market.

How Insurance Providers Determine Porsche Cayenne Insurance Rates

A large part of saving on insurance is knowing the rating factors that come into play when calculating the rates you pay for insurance. When consumers understand what positively or negatively impacts your premiums, this empowers consumers to make smart changes that can earn you much lower annual insurance costs.

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

• Prevent theft and save – Buying a car with an alarm system can save you a little every year. Theft prevention devices like GM’s OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping auto theft and help lower rates.
• Where you live factors in – Having an address in a rural area can save you money when trying to find low car insurance rates. Fewer drivers translates into fewer accident claims and lower theft and vandalism rates. People in densely populated areas tend to have more road rage incidents and more time behind the wheel. Spending more time driving means higher likelihood of an accident.

• Traffic violations hurt – Having a single speeding ticket or other violation can increase rates by as much as thirty percent. Good drivers tend to pay less for car insurance than bad drivers. Drivers who get flagrant violations like reckless driving, hit and run or driving under the influence may find that they have to to file a proof of financial responsibility form (SR-22) with their state DMV in order to legally drive a vehicle.

  The example below illustrates how speeding tickets and at-fault fender-benders can impact Porsche Cayenne car insurance costs for each age group. The data is based on a single female driver, full coverage, $1,000 deductibles, and no other discounts are factored in.

• Pleasure use saves money – Driving a lot of miles in a year’s time the more you’ll pay to insure it. A lot of insurance companies calculate prices determined by how the vehicle is used. Cars and trucks not used for work or commuting qualify for better rates compared to those used for work or business. Double check that your insurance policy properly reflects the correct usage for each vehicle, because it can save money. Having an incorrect usage rating on your Cayenne can result in significantly higher rates.

• Porsche Cayenne claim statistics – Insurance companies use statistical claims data as a tool for profitable underwriting. Models that statistically have higher losses will cost more to insure. The table below outlines the collected loss data for Porsche Cayenne vehicles.

  For each coverage type, the claim amount for all vehicles, as an average, is equal to 100. Numbers below 100 imply a favorable loss record, while values over 100 indicate more frequent losses or an increased chance of a larger loss.

  
  

  Porsche Cayenne Insurance Loss Statistics

  Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Porsche Cayenne 4dr 4WD	176	100	138	58	53	77
  Porsche Cayenne Hybrid 4dr 4WD	119

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics from IIHS.org for 2013-2015 Model Years

Rate information and statistics

The rate information displayed below outlines different insurance policy prices for Porsche Cayenne models. Learning a little about how policy rates are established can assist in making smart buying decisions.

Table data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Price estimates do not factor in Memphis location which can increase or decrease insurance rates considerably.

Raise deductibles and save

One of the more difficult decisions when buying auto insurance is how high should your deductibles be. The following tables may help you to understand the premium difference when you buy lower versus higher physical damage coverage deductibles. The first set of prices uses a $250 deductible for comp and collision and the second rate table uses a $500 deductible.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Prices do not factor in specific Memphis garaging location which can affect auto insurance rates noticeably.

Based on the data above, we can derive that using a $250 deductible costs an average of $18 more each month or $216 for a full year than buying the higher $500 deductible. Since the policyholder would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you usually have more than 14 months between claim filings, you would probably be better off by going with a higher deductible.

The example below shows how choosing a deductible and can impact Porsche Cayenne annual premium costs for different insured age categories. Data assumes a married female driver, comprehensive and collision coverage, and no discounts are factored in.

Full coverage versus liability-only in Memphis

The example below compares Porsche Cayenne auto insurance costs with and without physical damage coverage. The premium estimates are based on no claims or driving violations, $250 deductibles, single status, and no discounts are taken into consideration.

Deciding between full coverage and liability only

There is no definitive formula to stop buying full coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is more than about 10% of the replacement cost minus the deductible, then you might consider buying liability only.

For example, let’s say your Porsche Cayenne settlement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $7,000 after paying your policy deductible. If you are currently paying more than $700 annually for your policy with full coverage, then you might want to think about dropping full coverage.

There are some cases where dropping physical damage coverage is not advised. If you haven’t paid off your loan, you have to maintain full coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should keep full coverage.

Take policy discounts and save on Porsche Cayenne insurance in Memphis

Car insurance is not cheap, but you might be missing out on some discounts that you may not know about. Some discounts apply automatically when you complete an application, but some need to be specially asked for before you get the savings.

• No Claim Discounts – Drivers with accident-free driving histories have much lower rates compared to insureds who have frequent claims or accidents.
• Low Miles Discount – Driving fewer miles could be rewarded with lower premium rates due to less chance of an accident.
• Auto/Life Discount – Larger insurance companies have lower auto insurance rates if you buy some life insurance too.
• Renewal Discounts – Some auto insurance companies reward drivers for buying a new policy prior to the expiration date on your current Cayenne insurance policy. It could save around 10% when you buy Memphis car insurance online.
• Full Payment Discount – By paying your entire bill at once rather than paying in monthly installments you could save 5% or more.
• Defensive Driver – Passing a course that instructs on driving safety could earn you a small percentage discount depending on where you live.

A quick disclaimer, many deductions do not apply to the entire cost. Most only apply to the price of certain insurance coverages like collision or personal injury protection. Just because you may think all the discounts add up to a free policy, insurance companies wouldn’t stay in business.

The illustration below illustrates the difference between Porsche Cayenne insurance rates with and without discounts. The data assumes a female driver, no claims, a clean driving record, Tennessee state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-car, marriage, claim-free, multi-policy, and safe-driver discounts applied.

Some of the larger companies that may offer quotes with most of these discounts are:

• American Family
• Nationwide
• MetLife
• 21st Century
• Farmers Insurance
• Allstate

If you want low cost Memphis car insurance quotes, ask each company or agent which discounts you qualify for. A few discounts may not apply to policyholders in Memphis. To find insurers that offer many of these discounts in Tennessee, click here to view.

More comparisons equals cheap rates

We just presented many tips how you can get a better price on Porsche Cayenne insurance in Memphis. The most important thing to understand is the more times you quote, the better your chances of lowering your premium rates. You may even discover the lowest car insurance rates are with the smaller companies. These smaller insurers may cover specific market segments cheaper than their larger competitors like Allstate or State Farm.

Budget-friendly insurance in Memphis is possible online and from local agencies, so get free Memphis car insurance quotes from both of them in order to have the best chance of saving money. Some companies do not offer online price quotes and many times these regional carriers prefer to sell through independent agents.

For more information, take a look at the resources below:

• Prom Night Tips for Teen Drivers (State Farm)
• Who Has Affordable Car Insurance Quotes for Used Cars in Memphis? (FAQ)
• Young Drivers: The High Risk Years Video (iihs.org)
• When is the Right Time to Switch Car Insurance Companies? (Allstate)
• Speed and Speed Limit FAQ (iihs.org)
• Vehicle Insurance (Wikipedia)