Surprisingly, a recent survey revealed that a large majority of car insurance policyholders in Kentucky have remained with the same car insurance company for well over three years, and nearly half have never compared quotes from other companies. U.S. consumers could cut their rates by 47% a year by just comparing rate quotes, but they don’t know how much they could save if they switched to a more affordable policy.
The best way we recommend to find the cheapest price for Porsche Panamera insurance is to compare quotes annually from different companies who can sell car insurance in Lexington. Rate comparisons can be done by following these guidelines.
First, read about how auto insurance works and the modifications you can make to lower rates. Many policy risk factors that cause rate increases like traffic citations and an unacceptable credit rating can be rectified by making small lifestyle or driving habit changes. Read the full article for the details to get lower rates and get discounts that may be overlooked.
Second, request price quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can provide rates from a single company like Progressive or Allstate, while independent agencies can provide price quotes for many different companies. View companies
Third, compare the quotes to the premium of your current policy and see if you can save money. If you can save money and make a switch, make sure there is no coverage gap between policies.
A good piece of advice is to use the same liability limits and deductibles on every quote request and and to analyze as many different insurance providers as possible. This enables a fair price comparison and a better comparison of the market.
Buying the cheapest insurance in Lexington can really be easy if you know what you’re doing. If you already have coverage or just want to save money, use these cost-cutting techniques to cut your premiums and possibly find even better coverage. Comparison shoppers only need to know the tricks to compare rate quotes on the web.
Companies offering Porsche Panamera insurance in Kentucky
The car insurance companies shown below are ready to provide free quotes in Kentucky. If your goal is to find cheaper auto insurance in Lexington, we recommend you compare several of them to get the lowest price.
Porsche Panamera coverage statistics
The coverage information shown next highlights different policy rates for Porsche Panamera models. Understanding more about how insurance rates are figured is important to be able to make smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $484 | $940 | $334 | $20 | $100 | $1,878 | $157 |
| Panamera 4S AWD 4-Dr Hatchback | $484 | $1030 | $334 | $20 | $100 | $1,968 | $164 |
| Panamera Turbo AWD 4-Dr Hatchback | $554 | $1206 | $334 | $20 | $100 | $2,214 | $185 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Price estimates do not factor in specific Lexington garaging location which can impact prices greatly.
Deductible comparison
When comparing auto insurance rates, the most common question is how high should the physical damage coverage deductibles be. The following tables can help show the costs and benefits between low and high coverage deductibles. The first rate table uses a $100 deductible for comprehensive and collision coverage and the second pricing table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $498 | $960 | $326 | $20 | $98 | $1,927 | $161 |
| Panamera 4S AWD 4-Dr Hatchback | $498 | $1050 | $326 | $20 | $98 | $2,017 | $168 |
| Panamera Turbo AWD 4-Dr Hatchback | $570 | $1232 | $326 | $20 | $98 | $2,271 | $189 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $364 | $648 | $326 | $20 | $98 | $1,456 | $121 |
| Panamera 4S AWD 4-Dr Hatchback | $364 | $710 | $326 | $20 | $98 | $1,518 | $127 |
| Panamera Turbo AWD 4-Dr Hatchback | $416 | $832 | $326 | $20 | $98 | $1,692 | $141 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Rates do not factor in the specific area where the vehicle is garaged which can influence premiums noticeably.
Based on the data above, we can derive that using a $100 deductible will cost you approximately $43 more each month or $516 a year than quoting the higher $500 deductible. Because you would be required to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you normally average more than 9 months between claims, you would more than likely save some money going with the higher deductible.
How to calculate deductible break even point
| Average monthly premium for $100 deductibles: | $173 |
| Average monthly premium for $500 deductibles (subtract): | – $130 |
| Monthly savings from raising deductible: | $43 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $43 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 9 months |
How accidents and tickets impact rates
The diagram below illustrates how speeding tickets and accident claims can influence Porsche Panamera yearly insurance costs for different categories of driver ages. The price estimates are based on a single male driver, full coverage, $1,000 deductibles, and no discounts are applied.
Premiums by gender and age
The illustration below visualizes the comparison of Porsche Panamera auto insurance costs for male and female drivers. The costs are based on no tickets, no at-fault accidents, full physical damage coverage, $100 deductibles, drivers are not married, and no other discounts are factored in.
Difference between full coverage and liability only rates
The diagram below compares Porsche Panamera annual premium costs when comparing full coverage to state minimum liability only. The premium estimates are based on a clean driving record, no at-fault accidents, $1,000 deductibles, single status, and no discounts are factored in.
When to stop buying full coverage
There is no definitive rule for phasing out comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.
For example, let’s say your Porsche Panamera replacement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $6,000 after paying your deductible. If it’s costing you more than $600 annually for physical damage coverage, then you may need to consider dropping full coverage.
There are some scenarios where removing full coverage is not a good plan. If you haven’t satisfied your loan, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not buy liability only.
Find More Affordable Auto Insurance with These Tips
Smart consumers have a good feel for some of the things that go into determining your premiums. If you have some idea of what determines premiums, this allows you to make educated decisions that will entitle you to better auto insurance rates. Multiple criteria are part of the calculation when you quote your car insurance policy. Some factors are common sense like your driving record, but others are less obvious like where you live and annual miles driven.
Discounts for alarm systems – Selecting a car model with an alarm system can help bring down rates. Theft prevention devices like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart auto theft.
Where you live factors in – Choosing to live in less populated areas has it’s advantages if you are looking for the lowest rates. Drivers in populated areas have to deal with more traffic problems and longer commutes to work. Less people living in that area translates into fewer accidents and a lower car theft rate.
Be proud to be claim-free – If you are a frequent claim filer, you should expect either higher rates or even cancellation. Companies in Kentucky generally give the lowest premiums to people who do not rely on their insurance for small claims. Your car insurance is designed for the large, substantial claims.
Where do you drive? – The higher the miles on your Porsche annually the higher your rates will be. A lot of companies price each vehicle’s coverage based on their usage. Autos left parked in the garage receive lower rates than vehicles that have high annual mileage. Having the wrong rating on your Panamera is just wasting money. It’s a good idea to make sure your declarations sheet reflects the right rating data.
Know your credit rating – An insured’s credit rating can be an important factor in calculating your auto insurance rates. Insureds that have high credit ratings tend to file fewer claims than drivers with bad credit. If your credit is not that good, you could potentially save money when insuring your Porsche Panamera by repairing your credit.
Insurance losses for a Porsche Panamera – Insurers analyze the history of losses as a tool for profitable underwriting. Models that tend to have a higher amount or frequency of claims will cost more to insure. The table shown below demonstrates the historical loss data for Porsche Panamera vehicles.
For each policy coverage type, the claim probability for all vehicles, as an average, is set at 100. Numbers below 100 represent a good loss history, while numbers above 100 indicate a higher chance of having a claim or tendency to have larger claims.
| Specific Porsche Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Porsche Panamera 4dr | 236 | 94 | 265 | 57 | ||
| Porsche Panamera GTS 4dr 4WD | 246 | 48 | 467 | |||
| Porsche Panamera Turbo 4dr 4WD | 242 |
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Auto insurance discounts are available for cheaper rates
The cost of insuring your cars can be expensive, but you may qualify for discounts that could help you make your next renewal payment. Some discounts apply automatically at the time of purchase, but a few need to be inquired about before you get the savings. If you don’t get every credit you deserve, you could be paying more than you need to.
- Savings for New Vehicles – Putting auto insurance coverage on a new Panamera can cost up to 25% less because new vehicles have to meet stringent safety requirements.
- Safety Course Discount – Taking a safe driver class is a good idea and can lower rates depending on where you live.
- Save with More Vehicles Insured – Buying a policy with multiple cars on a single policy can reduce the rates for all insured vehicles.
- Club Memberships – Participating in a professional or civic organization is a good way to get lower rates on auto insurance.
- Switch and Save Discount – Some larger companies reward drivers for switching companies prior to your current Panamera insurance policy expiring. This discount can save up to 10%.
- Fewer Miles Equal More Savings – Low mileage vehicles can qualify you for lower prices due to less chance of an accident.
- Life Insurance – Some insurance companies give a small discount if you purchase life insurance.
- One Accident Forgiven – This isn’t a discount exactly, but companies like Progressive and Allstate will turn a blind eye to one accident without getting socked with a rate hike if you are claim-free for a certain period of time.
- Student in College – Children who attend college more than 100 miles from Lexington and won’t have access to an insured vehicle may be able to be covered for less.
- Mature Driver Discount – Seniors may be able to get a slight reduction on a Lexington car insurance quote.
Drivers should understand that most discount credits are not given to your bottom line cost. Some only reduce individual premiums such as physical damage coverage or medical payments. If you do the math and it seems like all those discounts means the company will pay you, insurance companies wouldn’t stay in business.
The example below visualizes the comparison of Porsche Panamera car insurance costs with and without discounts being applied to the rates. The premiums are based on a female driver, no claims or driving citations, Kentucky state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-car, safe-driver, claim-free, multi-policy, and marriage discounts applied.
The best auto insurance companies and their possible discounts are shown below.
- AAA may include discounts for AAA membership discount, pay-in-full, anti-theft, multi-car, multi-policy, and good student.
- Progressive includes discounts for homeowner, multi-vehicle, multi-policy, online signing, and continuous coverage.
- State Farm offers discounts including driver’s education, student away at school, Drive Safe & Save, good student, accident-free, good driver, and anti-theft.
- Esurance offers discounts for online shopper, online quote, safety device, renters, homeowner, anti-lock brakes, and DriveSense.
- Nationwide has savings for good student, anti-theft, multi-policy, family plan, accident-free, Farm Bureau membership, and business or organization.
Before purchasing a policy, check with all companies you are considering which discounts they offer. Some discounts listed above may not apply everywhere.
Compare rate quotes but buy from a local neighborhood Lexington car insurance agent
Some people would prefer to go talk to an agent and that can be a smart move Professional insurance agents are trained risk managers and help file insurance claims. One of the best bonuses of comparing rates online is you may find cheap car insurance rates and still have a local agent.
Upon completion of this quick form, your coverage information is immediately sent to local insurance agents who will give you quotes for your insurance coverage. There is no reason to contact any agents because prices are sent to the email address you provide. If you need to compare rates from a specific company, you can always navigate to their website and submit a quote form there.
Picking the best provider shouldn’t rely on just the quoted price. The following questions are important to ask.
- What will you get paid if your car is a total loss? How is that amount determined?
- How much will you save each year by using a higher deductible?
- Is the coverage adequate for your vehicle?
- Is vehicle damage repaired with OEM or aftermarket parts?
- Are there any extra charges for paying monthly?
- Is vehicle mileage a factor when determining depreciation for repairs?
When narrowing the list to find a local Lexington insurance agent, you need to know there are two types of agencies and how they function. Agencies in Lexington can be classified as either independent (non-exclusive) or exclusive. Either one can write car insurance policies, but it is a good idea to know the difference in the companies they write for because it can influence the selection process.
Exclusive Car Insurance Agents
Agents that elect to be exclusive can usually just insure with one company like AAA, Allstate, and State Farm. They usually cannot shop your coverage around so always compare other rates. Exclusive agents are trained well in insurance sales which helps them sell insurance even at higher premiums. Some insured continue to use the same agent primarily because of the prominence of the brand and the convenience of having a single billing for all their coverages.
The following are Lexington exclusive agencies who can help you get price quotes.
- Jeff Briggs – State Farm Insurance Agent
449 Lewis Hargett Cir #150 – Lexington, KY 40503 – (859) 273-8512 – View Map - Bob Pugh – State Farm Insurance Agent
828 Lane Allen Rd #251 – Lexington, KY 40504 – (859) 276-4421 – View Map - Shelter Insurance – Dawan Hart
2050 Regency Rd – Lexington, KY 40503 – (859) 276-2661 – View Map
Independent Car Insurance Agencies
These agents are normally appointed by many insurers and that allows them to write policies with an assortment of companies and help determine which has the cheapest rates. If your agent finds better pricing, your agent can switch companies and you don’t have to switch agencies.
When comparing rate quotes, you will want to include multiple independent agents in order to have the best price comparison. Most have the option of insuring with different regional companies that can offer cheaper rates than bigger companies.
Shown below is a list of independent insurance agencies in Lexington who can help you get rate quotes.
- Neely Taylor-Wade Insurance
133 Walton Ave – Lexington, KY 40508 – (859) 233-7855 – View Map - Kent Smith Insurance / The Randolph Scott Agency
1025 Dove Run Rd #302 – Lexington, KY 40502 – (859) 225-5616 – View Map - KY Insurance and Investment Grp
3320 Clays Mill Rd Suite 214 – Lexington, KY 40503 – (859) 224-0316 – View Map
After receiving answers to your satisfaction and locked in a price quote, you have narrowed it down to an auto insurance agent that will provide car insurance coverage. Just remember you are able to terminate coverage whenever you choose to so don’t feel that you are permanently stuck with a specific company indefinitely.
Insurance is unique, just like you
When quoting and comparing adequate coverage for your vehicles, there really isn’t a one size fits all plan. Your financial needs are unique so your insurance should reflect that
These are some specific questions might help in determining whether your personal situation would benefit from professional advice.
- If I use my vehicle for business use is it covered?
- Do I have coverage if I rent a car in Mexico?
- What is high-risk coverage and where do I buy it?
- What if a claim settlement is too low?
- Are combined or split liability limits better?
- Which companies are cheaper for teen drivers?
- Can I pay claims out-of-pocket if I buy high deductibles?
- Is my teenager covered with friends in the car?
- Am I covered by my spouse’s policy after a separation?
If you can’t answer these questions but you think they might apply to your situation then you might want to talk to a licensed agent. If you want to speak to an agent in your area, fill out this quick form or you can also visit this page to select a carrier It is quick, free and may give you better protection.
One last note
Affordable Porsche Panamera insurance in Lexington is attainable on the web and with local Lexington insurance agents, so you should compare both to have the best chance of lowering rates. Some car insurance companies may not have online quoting and most of the time these regional insurance providers sell through independent insurance agencies.
When you buy Lexington car insurance online, you should never buy less coverage just to save a little money. There are many occasions where someone sacrificed liability limits or collision coverage only to find out that the few dollars in savings costed them thousands. The ultimate goal is to find the BEST coverage for the lowest cost, but don’t skip important coverages to save money.
In this article, we covered a lot of tips how to get a better price on Porsche Panamera insurance in Lexington. The most important thing to understand is the more rate quotes you have, the higher the chance of saving money. You may even find the lowest auto insurance rates are with a smaller regional carrier. Regional companies can often provide lower premium rates in certain areas than their larger competitors like Progressive or GEICO.
Additional resources
- Keeping Children Safe in Crashes Video (iihs.org)
- Who Has the Cheapest Car Insurance Quotes for a Jeep Wrangler in Lexington? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Toyota Highlander in Lexington? (FAQ)
- How Much are Auto Insurance Rates for Drivers with Bad Credit in Lexington? (FAQ)
- What Car Insurance is Cheapest After a Speeding Ticket in Lexington? (FAQ)
- Insuring a Leased Car (Insurance Information Institute)
- Top Signs Your Brakes are Giving Out (State Farm)