uniqueMR

What do we pay for insurance for our 992?

2020 992
Chicago, Illinois
33 of age

$1895 per year
$100k/$300k/$100k limits
$2500 deductible
Farmers Insurance

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PJSD

A lot of what someone pays for insurance will depend on coverage, so it's not really apples to apples, not to complicate a simple question (sorry). Meaning a bodily injury liability coverage of $25,000 0r $100,000/$300,000 policy will be less than a $1,000,000 liability coverage, plus uninsured/underinsured, deductibles..

You should have a minimum $1,000,000 liability coverage. plus $1,000,000 Uninsured/underinsured (i.e., someone hits you and has low or no insurance, your own insurance carrier will provide "uninsured/underinsured" coverage). Usually you can't get a higher limit UIM than you have bodily injury, at least in CA. I practice law in this area, I'll spare you all my reasons for this recommendation, just trust me... I see it all the time - someone gets hurt real bad in a crash that isn't their fault, the at fault person has ****ty or minimal insurance, and you're left holding the bag for medical bills, lost income etc. Get the uninsured/underinsured coverage, even if you have to get more liability coverage than you really need! Also get an umbrella policy if you can afford it, its' a couple hundred bucks a year, the cost of a nice dinner. I assume someone who drives a 992 has some assets to protect, and if injured themselves by an uninsured/underinsured negligent driver will want sufficient coverage to get compensated for their injuries/lost income etc. If these assumptions are inaccurate, go get the minimal policy I''m making generalizations here, not talking about specific circumstances!

If you want to save on premiums, get higher deductibles. If **** hits the fan, you can afford a higher deductible on the off chance something happens, but you'll be safer with the higher coverages. Your risk is lets say $1,000 deductible, if you can afford a 992 you probably can afford a higher deductible and save money that way with higher limits.

A $1,000,000 liability/UIM with comprehensive coverage, in California is around $2,000/per year, you may be driving less miles these days, so maybe even cheaper. Don't get GEICO, progressive, mercury, e-surance, 21st Century, Wawanesa, or some other cheap insurance you will regret it if there's a claim, again, just trust me. I've been an injury trial lawyer for 17 years dealing with insurance companies in every respect. I would recommend Farmers, AIG, State Farm, AAA, Liberty Mutual, USAA, AMICA, and some others. All State is OK, but I don't like fighting them and think they are cheap - I'd stay away from them, but they're ok in comparison to some others. These are my personal opinions based on experience, sorry to be long winded hope it helps!

Cheshi143

2020 992
Honolulu, HI
38 of age

$542.60 6mo premium
$100K property damage, $300K bodily injury, $300K uninsured/underinsured motorist (stacked to $600K)
$500 deductible
GEICO

$2MM umbrella

AKSteve

I'm going to ask a dumb question, because I honestly don't understand auto insurance... If you have $100k/$300k/$100k insurance and your $150k car gets totalled, what happens?

Cheshi143

$100K liability for me is what they pay if I damage somebody else's property. This is the maximum they offer in my state. It is not acceptable to me so I carry a $2MM umbrella to try to cover any and/or all potential losses.

If my car is totaled by somebody other than me, in my state you can stack the uninsured/underinsured policies for two vehicles on the same policy to combine. In that case I am covered for $600K for my own personal injury and/or property loss.

PJSD

The other guys who is at fault has to cover it, but most people only carry a small amount of "property damage" coverage, like 25k or 50k. So if they total your $150k Porsche the other guys insurance will pay whatever his limit is, say $25k, the other $125k comes from you or your insurance! In other words, he rest you have to come up with (the difference) so be sure to get comprehensive collision coverage, so your car will be covered. Get a higher deductible in the off chance this crappy scenario occurs, at most it costs you $1,000 or $2,000 out of pocket for deductible. Not a big deal in grand scheme.

It's kind of the same theory as UIM, the other guy at fault causes you to be paralyzed (God forbid), and has $15k coverage, guess what you only get $15k for horrible injuries! That is why I recommend as much UIM coverage as you can afford from your own insurance carrier, that way you are insuring against the negligence of someone you've never met, that may have crappy low insurance that causes you or your loved ones horrible harm. So if the other guy has $15k insurance and you have $1,000,000 UIM, you can get up to $1,000,000 for your harms/losses, even though other negligent guy has $15k insurance. Get high limit UIM so you are covered for that. Do not rely on some stranger to have good insurance.

slwong23

Well this thread is making me want to adjust my coverage even though I haven't filed a claim since I was in high school.

100/300/100, 100/300 UIM, 500/1000 deductible, $2,413/yr through AAA in LA. I'm 46. It was a lot more than I expected.

Outlaw

For those who have let go health insurance during these times Get 50 k Med pay, it will be primary no matter at fault. Cheapest medical insurance in the world and when you’ll most likely need it during an auto accident.

For those who are interested in umbrellas, you need to understand that they are not at all the same. The $200 umbrella is worth nothing, because it does not cover if someone else is at fault so you need an uninsured underinsured endorsement on the umbrella. Usually that is three times the annual fee which is nothing. The problem is is that most insurance companies will not offer this at all which tells you that it’s very valuable.

run from Allstate, State Farm, progressive,

AMICA, CINCINNATI GREAT.

Richard_Wallace

Unless you have a record (multiple tickets, etc.) this is way way off (High) - but maybe LA is ridiculous which it could be.

My best advice would be, with this kind of car, and the liability that goes with owning a higher end car(s), homes, etc. I always recommend going with companies like Chubb, Firemans Fund, etc. High end insurance, where all your assets are protected with one or maybe 2 high end carriers. With high umbrella, high UIM, etc. I end up paying around 1400 per year for my 992 which is denoted as a Daily driver not a collectable under 5K miles per year or less. I carry a (2500 deductible which is my tolerance for out of pocket), but I also have all my cars, homes, etc. with 2 carriers (Firemans would not do a few things due to location of a property, so using Chubb on a few items and fireman's on the other).

Someone said in above post with some of the discount insurance companies to avoid if possible (most buying a porsche can), the hassle (god forbid) if you ever have to use it, paying a little bit more for a top notch company like Chubb or Firemans fund, Pure, etc. will pay for itself in one claim.

The other thing to consider if your policy does not have Agreed or Replacement value, you might want to look into that. I do Agreed upon value on all my exotics/sports cars. What this allows (in simple terms) if you were to total your car or it is stolen, damaged bad enough to diminish value, etc. (specifically in the first 3 years of ownership, reassessed after that) - you get the agreed upon amount for full replacement. Not the market rate for your car at the time. That way you can turn around and get a new model year, and have the same amount available to do that. This does cost more, and I do not do it for all my cars, but for the higher end cars can be helpful. They do have to apprise your car, and agree on the Agreed value, but for collectors or exotics this is something to look into.

With that said on high end insurance companies - I have never had a claim on any of my cars (knocking on wood), but have on a house that had lighting damage. The coverage from the high-end insurance company was so complete with everything done to make it perfect, used my builders - not quotes from 3 cheapies, products that I wanted, etc. - blew my mind. Had a friend that had a similar situation with coverage national name brand discount provider - was just the opposite and fixed amounts for things, and a lot of out of pocket that would have been easily covered by paying a bit more for higher end coverage.

Insurance is one of those waste of money things - until you need it, and then you really need it or wish you had done it better.

slwong23

Thanks for all that, @Richard_Wallace. I have a clean driving record and am rated based on low miles since my commute to work is very short. When I initially saw the premium on my 992, I shopped the same coverage with State Farm and Ameriprise and both came back 10-15% higher. I should mention that my wife’s car is $1700 and with our discount (home owners is also with AAA), the annual for both cars is just under $3800 - she’s 42, clean record, no claims, and drives a 2019 X3. I just chalked it up to the area we live, but perhaps I’ll shop around more.

In any case, thanks to @PJSDs comments, I increased coverage to 250/500 all around, bumped our deductibles to 1000/1500 and will get a small refund. Like you said, insurance is a waste until you need it and I feel better now that I have a little more coverage. Next step, research an umbrella policy.

leaf345

It always amazes me how little insurance many Americans carry on their cars. Here in Canada, I’ve always carried at least 3 million in third party liability coverage and the maximum underinsured motorist protection (the legal minimum in my province is 1 million - you can’t drive without it).

Outlaw

Agreed 25 k minimum here really a joke. Is It all of Canada or which province. ?

PBM

Too it amazes me hearing these coverage number. In Uk , and believe me this place as WAY less litigious in every respect compared to north america, our policies for the 3rd party aspect of cover ( you hurt/destroy property or other persons part of policy) is usually 5 to 10 MM GBP ( x 1.25 to USD at today's low rates) . Nearly kill someone even in this country and your insurance could be easily looking in 3 to 5 MM claim and this is considered here as only actual current and future loss as we don't have punitive claims
Under insured here ? that is no big deal if you are poor ( and presumably not driving such a car ) ..you will be taken for absolutely everything you have in any form of cash or asset until your debt is deemed by the court and lawyers to meet the agreed demand ( and you will be an unwilling passenger in that )
I know, and thankfully I was not directly involved, rather someone very close to me. It was a frightening financial situation and that with a properly insured driver . Here lawyer etc are definitely cheaper than USA , but I assure you the legal bill alone would not be covered bu the numbers posted above. That army or legal specialists, their experts and the courts representation who emerge in a decent ONE person in just case is as impressive as worrying . One person....yes, try imagine a mistake that injured several people.

leaf345

This is B.C. Most provinces have their own minimums, but I know of very few people who take out just the minimum coverage since the cost of increasing coverage is minimal. If people skimp, they skimp on comprehensive coverage.

Things might be different in Quebec because...well, its Quebec.

iliveoncaffiene

These never end up being good comparisons, other than to learn that people who live in cities pay a lot for car insurance.
Bought a brand new 2020 GT4 - insurance is $800/y with all of the same high coverages mentioned above. It's so low simply because I live in a pretty rural area around Cleveland, OH as compared to downtown, or in a bigger city.

Location makes a huge difference on insurance rates. So it's no use comparing outside of your location unless you just want to see the differences.