Choosing your Porsche Insurance
Every year it seems like a nightmare when the insurance renewal for your Porsche comes through the door. Many Porsche owners spend what seems like an eternity trying to get the best deal. But remember, the cheapest insurance policy is not always the best.
Porsche owners spend thousands buying their Porsche and a lot of their hard earned money looking after it. So why then do so many owners just opt for the cheapest possible insurance premium. This is counter intuitive and potentially financially devastating.
If the unthinkable happens and your Porsche is stolen or damaged beyond repair you need your insurance company to payout compensation based on a fair valuation of your car. Quite often though, what you paid for your Porsche is far greater than the amount offered by the insurer in the event of such a catastrophe.
There are a few essential elements to look out for when choosing the 'best' insurance policy to suit your needs. Here are a few you might look out for:
Agreed Value Policy
This might feature near the top of your priority list. Don't wait to find out what your insurer thinks your Porsche is worth when it's time to make a claim. Get this agreed and document upfront. It will probably mean tat you have to supply your insurer with photographs and perhaps an independent valuation from a recognised Porsche specialist, but its worth it;
Right of Salvage
You need to make sure that in the event your Porsche is damaged beyond economic repair, that you have first right to salvage. Economic repair is a relative thing. If you're the owner of a classic you value both financially as well as sentimentally, then what you consider might be worth repairing may well be different from that of your insurer. Get this into your policy and you at least have the option to make the decision;
The excess is the amount you pay towards costs in the event of a claim. These can range drastically and can include both a compulsory and voluntary element. The more you volunteer the price of the policy usually falls. You don't want to be lumbered with a massive bill when you need to make a claim so choose this wisely. If you have a classic Porsche and drive it only occasionally then you might decide the probability of making a claim is low, so perhaps accepting a higher voluntary component is worth the risk, while bringing your insurance policy down;
Free winsdscreen repair
Chips can be nasty, and you want them fixed quickly and preferably for free. Most insurance providers will now fix a stone chip for free or a small nominal fee. Make sure it's in your policy;
If you looking to go out of the country for a driving holiday or a road trip with your buddies, then this is expensive to get later. Have a discussion with your providers both about the cost of inclusion and if the terms of insurance materially change when you are out of your home country;
Porsche are incredibly reliable, but if you break down then you want to know that you can get the car transported back home or to your nearest Porsche center for further investigation;
An absolute must. If you get into a long protracted claim over accident liability then you need to know that your covered;
Contents cover, including stereo etc
You shouldn't really be leaving your valuables on display, but this is a nice feature to have. Let's face it, mobile phones, sat nav's, cameras and laptops are tempting booty.
If your partial to using your Porsche on track, then you should absolutely insure yourself . I have seen a few fellow Porsche drivers make a mistake on track and then have to foot the bill themselves because they didn't have trackday coverage. Some insurers include cover for a defined number of events a year while others won't cover you at all. The whole concept of a Porsche is it's use on track, so this might be something you want to explore.
So, once you have decided the most important features of your Porsche insurance policy you need to start the process of searching out the best overall deal. Ask you fellow Porsche owners and enthusiasts who they use and why. Also start searching online for insurers and get as many quotes as you dare.
Check out the Channel P101tv Porsche Folio for a list of insurers near you.
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