Matjaz

Getting ready to get our Cayenne Turbo e-hybrid and got a interesting surprise from Progressive that their limit is $150k and they won't insure our new Cayenne which is more than that. Interestingly two years back they did insure my 911 that was over $150k so it must be a recent change.

Anyone from Washington state that uses another insurance company to insure their cars above $150k. I'm thinking of just moving Porsches off current insurance and move them to another insurer. I heard some people use Hagarty for high value cars.

blackpearl2015

This appears to potentially be a growing issue. Liberty Mutual would not insure our Panamera Turbo S and I had to change to Geico. They did with no problem. I am not in Washington State however.

ThomasWShea

if you hold the title, you can simply register the car in MT, and still reside in WA. it is legal. I live in WA. you see a lot of MT plates on nicer cars. Find an agent that is register in WA and MT. my agent is, i have had him for almost 20 years and followed him from liberty mutual to metlife and now farmers. if you want his info i am happy to provide it to you.

also, porsche has their own ins. company. i can’t imagine they would not cover one of their cars. so if ur ins denies coverage, just ask porsche for a quote.

Ironman88

Will this become a trend with other States??
https://www.sportscarmarket.com/colu...n-montana-llcs

TXSchnee

State Farm had zero issues insuring my $165,000 BMW XM, and I know they were insuring some of the XM Labels as well (starting price of $190,000). Definitely give them a call with your VIN and get a quote.

ThomasWShea

i don’t think it is just the ins. company, it is also a related to where the car resides right? so state farm my insure that car in one location, but not in another.

TXSchnee

Location is a factor in underwriting, not a limiting one though. I insured the XM in both Texas and Wisconsin, zero issues. Vehicle was three months old when I moved so value was still high, and lack of sales volume means it would always be getting OEM parts. Unless State Farm has changed coverage policy since July, it shouldn't be an issue (former auto claims adjuster, lots of useless insurance knowledge).

Mdoots

Canadian here. I recently changed my insurance company last year due to an outrageous increase from my provider of 15 years (TD insurance). TD for years was great, they had my cars and home insurance. I was driving a 2023 base cayenne (~120k Cdn) and it was about 1800Cdn / year. We purchased a new 2024 base cayenne for my wife (~125k Cdn) and her insurance quote from TD was $3900.00 a year?! Same coverage but she drives way less than me and also accident free for 30 years. Long story short, I called around and switched over to Cooperators. I am now paying $5000 a year for the following:
- 2022 Cayenne TGT
- 2024 Cayenne (Base)
- 2017 991.2 C4S
They all have 2 million coverage, fire/theft and a $1500 deductible. Cooperators, however, does not offer glass coverage ($3000 windshield replacements...) but we have glass coverage through Porsche. I also have my home insurance with them now too (bundle savings prince)

Insurance rates are going up worldwide everywhere. Wild fires, floods, stolen cars and massive repair bills for even the smallest fender bender (sensors, cameras etc.). It took a big punch in the nose from my old provider to get me to shop around but it was well worth it.

ThomasWShea

it has to be a limiting factor in some cases how else do you explain ins. companies not opening any new policies in CA, and ins. companies pulling out of markets? all the stories i have read pertain to the west coast, but i am sure it is happening in other markets as well.

TXSchnee

Putting an upper value limit, and leaving a market entirely are two different things. The upper value limit allows a company to mitigate high dollar losses, as it changes their underwriting formula. Average vehicle transaction price is around $49,000 so limiting to a value of $150,000 reduces the risk to the company. Non-renewals and refusal to write new policies is just that, companies in CA aren’t writing policies for a Honda Civic and denying a Cayenne, they deny all new policies. This turns into automatic non-renewal and leaving a state entirely, look at Florida. Basically what an insurance company terms a catastrophe (wildfire, hurricane, extreme hail, tornado) caused huge losses to reserves they are required to fund, per state, to cover losses. States also limit the percentage companies can raise premiums, and this leads to a company leaving a market.

On_Your_Left

I moved out of WA several years ago, but used Pemco with no issues during my time there.

ThomasWShea

i agree it is two different things. the result however is the same. you are left with an item you need to find coverage for. even 5 years ago this wasn’t as common as it is now.

JTG13

Ouch - that depreciation must hurt!!

On_Your_Left

Underwriter saw the policy come across and said "ah this will be worth $80K in 20 mins, we're good to approve"

SBTT

I have all 3 of my Porsches insured with State Farm in CA. No limit on cost. Have friends with Lambo's, Rolls, & Bentley's all insured with State Farm.