When you own a Porsche, you have selected quality, performance, luxury, and style. You have chosen among the best of the best high-performance vehicles. When it comes to protecting your luxury Porsche, work with an insurance broker who specializes in high-end vehicles and will ensure you and your Porsche receive the best protection.
Porsche insurance is a contract between you and an insurance company to protect you and your luxury vehicle. Porsche insurance provides mandatory coverages required by law, which you can choose to increase, and add additional coverages to protect your lifestyle. An insurance broker will work with you to create a customized insurance plan for your individual needs.
Porsche insurance protects you and your high-performance Porsche in the event of a claim. Porsche insurance provides liability coverage, accident benefits, and property damage coverage in the event of an accident. Without the proper insurance, you will have to pay out of pocket for damage done to your vehicle and others. In Ontario, it is mandatory to have insurance on all vehicles that you drive.
Porsche Insurance coverages include third-party liability coverage, accident benefits, bodily injury coverage, property damage coverage, and uninsured vehicle coverage. There are many additional Porsche insurance coverages available, and there are opportunities to increase coverages on your auto insurance policy. Speak with an experienced insurance agent who will guide you through your insurance options and provide quotes from leading Canadian providers to help you get a customized insurance plan that suits your lifestyle.
Below are additional coverages that can be added to your Porsche auto insurance policy to ensure your high-value Porsche is properly protected.
When working with an insurance broker, you can choose optional coverages you want, compare quotes from dozens of car insurance companies, and choose the best policy for your luxury Porsche at a reasonable price.
Collision or Upset Coverage: This optional additional coverage is for losses caused when an automobile is in a collision with another object or tips over. Objects can include another automobile, any object in or on the ground, a street sign, and others.
Comprehensive Coverage: Comprehensive coverage pays for losses (other than those covered by collision or upset) including perils listed under Specified Perils list, flying or falling objects, and vandalism.
All-Perils Coverage: All-Perils coverage combines collision or upset coverage and comprehensive coverages and provides protection for loss or damage caused if a person who lives in your household steals the insured car.
Loss of Vehicle Use Coverage: This coverage provides for the use of a rental vehicle if you cannot use your car due to an insured physical damage claim.
Liability Coverage for Damage to Non-Owned Automobiles: This coverage will offer protection if you are renting a vehicle and there is damage to the rental car.
Removing Depreciation Deduction Endorsement: This optional coverage waives depreciation if you are the original owner or lessee of the Porsche and loss or damage occurs within a specified period from the purchase/lease date. The length of the coverage is determined by the insurance company. The standard allotted coverage period is 24 months; however, some companies will offer this coverage for up to 5 years.
The cost of Porsche insurance can range between $1,500 and $5,000 annually. Your Porsche insurance premium depends on numerous factors including the drivers age, driving history, insurance history, where the driver lives, the year and model of the Porsche, and much more. It is important to know that most insurance companies require a higher deductible, such as $2,500, due to the higher value of a Porsche. A higher deductible can help reduce the premium.
Below are some examples of quotes for Porsche auto insurance rates. Premium prices will vary depending on your circumstances. An insurance broker will help you get a variety of competitive quotes based on your specific situation and add all eligible discounts.
|VEHICLE||APPROX PRICE (per year)|
|Porsche Panamera||$1,800 - $5,000|
|Porsche Macan||$1,500 - $4,000|
|Porsche Cayenne||$1,700 - $4,000|
|Porsche Taycan||$2,000 - $5,000|
*The prices above were provided with the assumption that the driver had a good driving record (no previous tickets or accidents).
Porsches are high-value vehicles built with high-tech features which can result in higher insurance rates. The Porsche’s value, its repair costs, and claims costs are all factors that determine the insurance cost. Other factors that are driver-specific, such as the driver's claims history and driving record, will also affect your insurance premium.
Speak with an insurance broker who will help you get multiple Porsche insurance quotes to create an insurance plan that ensures you have the best insurance coverage at the right price.
There are many car insurance discounts that Porsche owners can add to their insurance policy. Some of the most popular discounts include multi-vehicle discount, claims-free discount, and retiree discount. Below are other popular ways to save on the insurance costs for your Porsche:
You can buy Porsche auto insurance from Morison Insurance. We are Porsche insurance experts and will shop at top Canadian insurance companies for several competitive quotes. We review coverages and premiums with you so you can select the Porsche insurance that meets your needs and ensure you get the best protection. Get started on your insurance today by calling 1-800-463-8074 or submitting the form on our website.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.