Find Affordable Porsche Cayman Insurance in Newark

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Insurance for Porsche CaymanThe most effective way to get low-cost Porsche Cayman insurance in Newark is to do an annual price comparison from different companies that sell auto insurance in New Jersey. You can compare prices by following these steps.

  1. Try to learn a little about coverages and the things you can change to prevent expensive coverage. Many things that cause rate increases such as at-fault accidents, speeding tickets, and a negative credit score can be remedied by paying attention to minor details.
  2. Request rate estimates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from a single company like Progressive or State Farm, while independent agents can give you price quotes for a wide range of companies. View prices
  3. Compare the new rates to the premium of your current policy to determine if you can save on Cayman insurance. If you find better rates and decide to switch, ensure coverage does not lapse between policies.
  4. Tell your current agent or company to cancel your existing policy and submit payment and a completed application to the new insurer. As soon as coverage is bound, put the new certificate of insurance along with the vehicle's registration papers.

A crucial key to this process is to try to use identical coverages on each quote request and and to get rate quotes from as many companies as feasibly possible. This provides an accurate price comparison and a complete rate analysis.

Unthinkable but true, nearly 70% of consumers have stayed with the same insurance company for over three years, and almost 40% of drivers have never compared rate quotes at all. With the average car insurance premium being $2,000, New Jersey drivers can save hundreds of dollars each year, but they mistakenly think it's difficult to do a rate comparison.

Cheapest Porsche Cayman insurance quotes in Newark

When looking for affordable Newark auto insurance quotes, there are a couple ways to compare rate quotes from different Newark insurance companies. By far the easiest way to find the cheapest Porsche Cayman insurance rates is to jump online and get quotes.

When comparing car insurance rates, know that making a lot of price comparisons increases your odds of finding better pricing.

The companies shown below have been selected to offer quotes in New Jersey. To buy cheaper auto insurance in Newark, we recommend you visit several of them to find the lowest auto insurance rates.

Rates and data analysis

The coverage information shown below showcases a range of insurance costs for Porsche Cayman models. Learning more about how rate quotes are figured is important for making smart choices when comparing insurance rates.

Porsche Cayman Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $448 $974 $462 $28 $138 $2,050 $171
Cayman S 2-Dr Coupe $448 $1088 $462 $28 $138 $2,164 $180
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Premium data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Price estimates do not factor in specific location which can affect prices greatly.

Should you raise deductibles?

One common question asked by Newark drivers is which deductible level should you buy. The figures shown below approximate how much more rates are when you buy lower versus higher deductibles. The first rate table uses a $100 deductible for comprehensive and collision coverage and the second price grid uses a $500 deductible.

Porsche Cayman insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $574 $1146 $480 $28 $144 $2,397 $200
Cayman S 2-Dr Coupe $574 $1280 $480 $28 $144 $2,531 $211
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Porsche Cayman insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $418 $774 $480 $28 $144 $1,844 $154
Cayman S 2-Dr Coupe $418 $864 $480 $28 $144 $1,934 $161
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Price information does not factor in Newark location which can change coverage rates considerably.

Based on this data, using a $100 deductible costs roughly $48 more each month or $576 every year than quoting the higher $500 deductible. Since the policyholder would be required to pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you go at a minimum 8 months between claims, you would save more money if you decide on a higher deductible.

The example below highlights how deductible selection and can raise or lower Porsche Cayman yearly insurance costs for each different age category. Data assumes a single female driver, comprehensive and collision coverage, and no discounts are applied.

Comparison of car insurance rates by gender

The information below illustrates the comparison of Porsche Cayman premium costs for male and female drivers. The prices are based on no violations or claims, comp and collision included, $500 deductibles, drivers are single, and no discounts are applied.

Should you buy full coverage?

The diagram below shows the comparison of Porsche Cayman auto insurance costs with and without full coverage. The price estimates are based on no violations or accidents, $500 deductibles, marital status is single, and no policy discounts are applied.

When to drop comprehensive and collision coverage

There is no set rule for eliminating comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of your full coverage insurance is about 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.

For example, let's say your Porsche Cayman book value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would receive is $6,000 after paying your deductible. If you are paying more than $600 annually for comprehensive and collision coverage, then it's probably a good time to buy liability coverage only.

There are some conditions where only buying liability is not a good idea. If you have an outstanding loan on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not eliminate full coverage.

Discounts mean cheaper rates for Porsche Cayman insurance in Newark

Auto insurance companies do not advertise every discount available very well, so the below list has both well-publicized as well as some of the hidden ways to save on auto insurance.Save money with discounts

  • Discounts for Good Drivers - Insureds without accidents may receive a discount up to 45% than drivers with accidents.
  • Newark Homeowners Pay Less - Owning your own home or condo can save you money since home ownership is proof that your finances are in order.
  • Early Switch Discount - A few auto insurance companies allow discounts for switching policies before your current Cayman insurance policy expires. You could save around 10% when you buy Newark auto insurance online.
  • Discounts for New Vehicles - Putting insurance coverage on a new Cayman can be considerably cheaper because newer vehicles have to meet stringent safety requirements.
  • Student Driver Training - Cut your cost by having your teen driver successfully take a driver's education course if it's offered in school.
  • Defensive Driver - Taking a defensive driving course may get you a small discount depending on where you live.

We need to note that some credits don't apply to your bottom line cost. Most only reduce individual premiums such as collision or personal injury protection. So when it seems like you can get free auto insurance, you won't be that lucky.

The chart below shows the comparison of Porsche Cayman auto insurance rates with and without discounts. The premium estimates are based on a male driver, no violations or claims, New Jersey state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, safe-driver, claim-free, marriage, and multi-car discounts applied.

Companies and a selection of discounts can be read below.

  • State Farm has savings for Drive Safe & Save, Steer Clear safe driver discount, student away at school, passive restraint, multiple autos, and driver's education.
  • GEICO may offer discounts for daytime running lights, driver training, good student, defensive driver, and air bags.
  • Progressive offers discounts including continuous coverage, online quote discount, online signing, multi-policy, multi-vehicle, and good student.
  • 21st Century may have discounts that include good student, student driver, homeowners, anti-lock brakes, and driver training.
  • American Family discounts include good driver, Steer into Savings, accident-free, TimeAway discount, early bird, air bags, and good student.
  • The Hartford may include discounts for air bag, driver training, anti-theft, bundle, defensive driver, and good student.
  • AAA includes discounts for multi-car, multi-policy, good student, anti-theft, AAA membership discount, and pay-in-full.

Double check with each company which discounts you may be entitled to. Depending on the company, some discounts might not apply in your state. To see a list of insurance companies that offer some of these discounts in Newark, follow this link.

Why do I need car insurance?

Even though it's not necessarily cheap to insure a Porsche in Newark, insuring your vehicle is mandatory in New Jersey but it also protects more than you think.

  • Most states have mandatory insurance requirements which means the state requires specific minimum amounts of liability if you drive a vehicle. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
  • If you took out a loan on your Cayman, most banks will make it a condition of the loan that you have insurance to ensure loan repayment if the vehicle is totaled. If you let the policy lapse, the bank or lender will purchase a policy for your Porsche at a much higher premium rate and make you pay a much higher amount than you were paying before.
  • Insurance preserves both your assets and your Porsche. It will also reimburse you for most medical and hospital costs for you, any passengers, and anyone injured in an accident. Liability insurance also pays expenses related to your legal defense if you cause an accident and are sued. If you have damage to your Porsche as the result of the weather or an accident, comprehensive and/or collision insurance will pay to repair the damage minus the deductible amount.

The benefits of carrying enough insurance definitely exceed the price paid, especially when you need to use it. An average driver in America is overpaying over $865 each year so it's important to compare rates at every policy renewal to ensure rates are inline.

Best car insurance company in New Jersey

Finding a highly-rated insurer can be difficult considering how many choices you have in Newark. The rank data shown below can help you decide which auto insurers to look at comparing prices from.

Top 10 Newark Car Insurance Companies Ranked by Customer Satisfaction

  1. The Hartford - 93%
  2. Progressive - 90%
  3. 21st Century - 89%
  4. USAA - 87%
  5. Mercury Insurance - 87%
  6. State Farm - 87%
  7. Travelers - 87%
  8. Safeco Insurance - 86%
  9. AAA Insurance - 86%
  10. American Family - 85%

Top 10 Newark Car Insurance Companies by A.M. Best Rank

  1. GEICO - A++
  2. Travelers - A++
  3. State Farm - A++
  4. USAA - A++
  5. Allstate - A+
  6. Nationwide - A+
  7. Mercury Insurance - A+
  8. Progressive - A+
  9. The Hartford - A+
  10. Esurance - A+

Independent versus exclusive auto insurance agents

Many drivers would prefer to go talk to an agent and doing so can bring peace of mind The best thing about comparing rates online is the fact that drivers can get lower rates and still have a local agent.

Newark insurance agentsOnce you complete this simple form, your coverage information is sent to local insurance agents in Newark who will give you quotes for your business. There is no reason to contact any insurance agencies since rate quotes are delivered immediately to your email address. You can find better rates and a licensed agent to talk to. If you want to quote rates from a specific car insurance provider, feel free to find their quoting web page and give them your coverage information.

Choosing a insurer needs to be determined by more than just the price. These questions are important to ask:

  • What is the financial rating for the quoted company?
  • Do they offer accident forgiveness?
  • When do they do policy reviews?
  • What insurance companies do they recommend if they are an independent agent?
  • Which family members are covered?
  • Is auto insurance their primary focus in Newark?

If you need to find a good Newark insurance agent, you should know the types of agencies and how they differ in how they can insure your vehicles. Agencies in Newark may be either independent or exclusive.

Exclusive Insurance Agents

Agents that elect to be exclusive can only provide pricing for a single company and examples are Allstate, Farmers Insurance, State Farm, and AAA. They are unable to place coverage with different providers so they have no alternatives for high prices. Exclusive insurance agents receive a lot of sales training on their products and sales techniques which can be an advantage. Drivers often buy from exclusive agents mostly because of high brand loyalty and strong financial ratings.

Shown below are Newark exclusive insurance agencies who may provide you with rate quotes.

More Newark agents

Independent Insurance Agents

Agents of this type are appointed with more than one company so they can quote policies with any number of different companies and get you the best rates possible. If you want to switch companies, they simply move the coverage in-house and you won't have to switch agencies.

When comparing car insurance prices, it's a good idea to contact several independent insurance agents in order to have the best price comparison. Many write coverage with additional companies that you may not be familiar with which can save you money.

The following is a short list of independent insurance agents in Newark that are able to give price quote information.

More Newark agents

After receiving acceptable answers to your questions as well as an affordable premium quote, you may have just found an insurance agency that will properly service your car insurance policy.