krabman

I picked up my car a week ago and just got to switching over my insurance today. Turns out Allstate wants 2400 a year for a 131 msrp Panamera. That would be new replacement for 3 years and I'm afraid I don't know the breakdown for the individual stuff, still waiting for the new documentation to get emailed over to me. I don't have any tickets or accidents. Sound competitive? I'm thinking I might need to shop it around.

DerekS

Allstate is killing me as well for roughly the same amount. Clean record, no claims or tickets.

I am looking at going to Progressive which (unless there is a catch I haven't found) is less than half the cost of Allstate.

user 8298308

Shop around, definitely. There are so many factors impacting a quote that shopping around is a great option.

Outlaw

Your paying insurance for an amount of coverage. A premium alone says nothing.

Most insurance companies cap at 500k, but most of you are probably 100/300.

GoBlue!

quoted 2800 for 2019 Turbo S (higher MSRP) via Amica. Good coverage limits, multiple discounts.

Hard to apples-to-apples and i haven't shopped the above quote around.

pokingaround

My advice: get Chubb, with Specified Value.

Chubb is the only insurance company in the business of writing checks and taking care of customers. The rest suck, will fight you tooth and nail, make life difficult, do everything in their power to avoid or lower payout.

Chubb. With Agreed Value.

It's more expensive. It's worth every penny.

GoBlue!

thanks pokingaround. I'll look into Chubb. I'd also offer a plug for Amica. Couldn't be happier with service. They pay and have never fought me on anything.

Outlaw

So I’ve made out a lot of claims over a lot of years against a lot of insurance companies and I can confirm Amica, Chubb are some of the best. I currently have Cincinnati after having Chubb. Cincinnati was a lot less to add Panny.

So I just want to clarify when you’re working with an insurance company on guaranteeing an exact value of property damage you need to use “agreed” value. Stated value is the other option and all that is is just a dollar value that’s shopped at the time of the loss, like any other company.

pokingaround

In fairness Amica is one of the few I've not had direct experience with - glad to hear people are happy with them.

Sorry yes - this is what I meant. Got my terminology confused. Going to edit my post...

krabman

I've got new car replacement so that adds a few pennies for sure, would probably go for value if I kept the car after that expires in 3 years but I'm not planning on it. Usually Allstate comes in about 1% of MSRP or a little more for sports cars.

brakedust

my feeling is that because insurance companies are in the business of making a profit (sometimes underwriting, mostly on float), one can lower their cost of coverage by paying only for mandated, minimum coverage, and self-insuring the risk beyond that. this is especially relevant when an information asymmetry exists where you believe the insurer is pricing the coverage too high, based on their assessment of the risk of loss compared with yours (i.e. you're a safer driver than your actuarial risk classification would indicate; another is consumer goods policies like $50 for an extended warranty on a tv). importantly, do this only for assets for which you are comfortable covering the maximum loss yourself (so health coverage, probably home, still should be covered, though minimally through only catastrophic policy). you can significantly reduce or eliminate premia, literally (or mentally) invest the savings, and will very likely end up well ahead. also very important- this is a strategy for the long run- you can't worry if one of your "bets" goes wrong early (you have an at-fault accident with no collision coverage and you have to pay $10,000 for repairs) and your savings goes negative for a time. with enough different assets being covered, you'll have a diversified portfolio of risks and a growing pool of savings to cover losses. for residential property, i have minimum deductibles of $100,000; for cars, i never get collision coverage (unless mandated, i.e. for my kids) and have high deductible comprehensive to cover theft, over which i have less control. here's my 6-month premium schedule for my cars. my '19 panamera 6-month premium would be ~$1,000 with "standard coverage." the annual savings using minimum coverage for all cars is ~$7,500. that builds pretty quickly into a good size reserve against losses.

separately, i've found geico to be super easy to manage, with competitive rates. i can log in and change coverage any time, add or remove vehicles, etc. (in fairness i haven't had any claims so unsure about their reimbursement ease and promptness.) completely separately, for personal residences and related, i used chubb for many years, switched to aig when chubb became too sure i wouldn't switch, then switched to pure last year after too many years of aig rate hikes. premia dropped by ~40%.

Outlaw

IMO this has to be the most specious statement I’ve ever heard on this subject.

A couple of points. First, Your insurance has nothing to do with your driving record, it has everything to do with drivers who have no insurance that crash into You and change your life. How do you self insure a crushed pelvis?

Secondly, This could apply to anyone in your family and cover any vicarious liability as a result of their actions. I have a retired client who’s child put two in the hospital while she was on phone. He lost his house and he’s renting an apartment for the rest of his life. Do you have a separate fund for another house?

And to all of those who think you’re cheap 1 million umbrella has you covered for $350 a year think again. It only covers if you’re at fault and as we know that’s not likely to happen.

If I sound too emphatic, it’s because there are valid reasons.

njitaln

FL 2015 Turbo S 500/500/150 $2,594 a year with Amica (No accidents, tickets etc)

brakedust

"importantly, do this only for assets for which you are comfortable covering the maximum loss yourself (so health coverage, probably home, still should be covered, though minimally through only catastrophic policy)."

the example of your client having a child responsible for medical coverage has nothing to do with the collision and comprehensive coverage i suggested minimizing. that liability is covered by mandatory insurance to some minimum level.

btw, i don't think "vicarious" is what you mean; i think you mean to say "indirect." (in fairness, you actually don't want any modifier for liability- a liability of your child is a liability of yours.) might you be in the insurance field?

user 8298308

Let's not lose sight of the fact that for many, the scenario brakedust outlines isn't within reach or practical. The argument is built on a premise of a sustainable income at a certain level. An unexpected bill - say, a medical expense - of $2,000 is enough to send the majority of American households into a financial freefall from which they may never recover.

Whether or not people who meet that criteria should be purchasing a Porsche is a different question.