Porsche Car Insurance Prospectus
Porsche AG is a German automobile company owned by Volkswagen AG. The name Porsche came from its founder Ferdinand Porsche 1931 and has headquarters in Stuttgart, Germany. Porsche manufactures SUV, sedans and sports cars. Some of their popular models include Panamera (sedan), Macan (SUV), 911 Cayenne (coupe) and 718 Boxster (sports car).
Porsche Car Insurance Impact
Porsche cars are famous for speed, high performance, and prestige. This may be a reason for the rarity of Porsche cars on Canadian roads. The parts and craftsmanship that go into the making of a Porsche car make it exotic and expensive to replace or repair in case of a crash. There are many insurance companies that insure Porsche cars and premiums are calculated based on many factors. To offset the higher premium rates, it is often advised to choose a higher deductible that may decrease the rates to an extent. Another way of reducing the insurance cost would be to use the car as a hobby vehicle and having a restricted mileage on it.
With lesser chances of the Porsche being on the road, the collision and other perils are less likely. This would also help in decreasing insurance rates. It is not a good idea to falsify information regarding any vehicle modifications or driver traffic violations to decrease premiums. In the case of a crash, any non-disclosure may negatively impact the claims outcome.
Porsche Accident Benefit Performance
The number of owners driving a Porsche car on a daily basis is not common. Hence the numbers for statistics involving these cars are hard to find too. When Insurance Bureau of Canada does not have enough data on collision statistics for a car then that would affect the rates for that car. Insurance companies look at risk criteria among other factors while calculating premiums and there is not much data about Porsche car risk scores. No data would mean that these cars get classed as a high-risk category and hence higher premium rates.
Back in the 80’s, Porsche had defined safety features such as anti-lock brakes and frontal airbags as a standard requirement. Since then Porsche had mechanisms to protect occupants of their cars and improve safety. Another important factor to be considered is that most vehicles are tested for crash safety by 2 major groups. The Insurance Institute for Highway Safety and the National Highway Traffic Safety Administration gives safety ratings only to cars sold in high volumes. Porsche cars do not make up a huge volume and hence rarely get tested for crash performance. Cars are bought by these 2 groups to test safety and Porsche cars are so expensive that the whole exercise is not worth the tag.
Collision And Comprehensive Claim Costs For Porsche
As per studies conducted by the Highway Loss Data Institute, sports cars have higher collision losses compared to passenger cars and station wagons. The Porsche 911 convertible sports cars (1995-1997) have high collision loss payments on an average as per their statistics. Porsche car parts and transmission are expensive. Labor costs are higher due to limited availability of labor experienced in Porsche repair. So, optional coverage costs are also higher.