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Old 09-28-2015, 07:22 AM   #1
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Insurance Rate

Hi guys,

So I'm thinking about selling the Boxster. I love this car very much, have taken very good care of it since I got it, and have replaced a bunch of worn parts to make the car nice again.

But my insurance rate has just gone up to ~$1200/6 months, and to me that's a ridiculous amount of money paid to be able to drive this car. Especially when the monetary market value for mine is around $8000. I'm a relative young driver, in my early 20s. Looking at the rate for my 2003 Honda Accord, which is $160/6 months, I keep wondering if it's worth it to keep paying, or to come back to the Porsche scene when I'm a little older.

So just curious, how much insurance do you pay for your 986, especially the young ones (BIGJake?)?
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Old 09-28-2015, 07:30 AM   #2
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That seems high. I purchased my Boxster when I was 26 and was at the time single with a pretty good driving record. I was with Erie and I paid something like $120 a month for full coverage. I think you get an additional break when you turn 25 but I don't think its 50%
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Old 09-28-2015, 07:30 AM   #3
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Are you sure you are comparing apples to apples here? Do you have full coverage on your Honda Accord for 160/6 months? That equates to about $26 a month for full coverage, which is incredible. How many drivers on your policy?

I pay about $800 a year for full coverage on my Boxster and about $1200 a year for full coverage for my Audi SUV for two drivers on the policy, both of which I think are very reasonable given the area I live in(Hudson County, NJ - just outside the border of Manhattan).

Age obviously plays a factor as well as where you live and driving history plays a crucial role too. I am 30 and my rates were definitely higher until I turned 25. You could shop around and have the other companies complete for your business and lower that rate a little. Good luck and we hope you stick around!
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Old 09-28-2015, 07:39 AM   #4
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I've had only one accident, which I was at fault for rear ending somebody recently in my Accord, and the rate went from $800 to ~$1200/6 months for my Boxster because of that. The policy we have is 4 drivers, 5 cars. Full coverage on all 5 of them. The cheapest ones are my dad's 2006 Honda Odyssey ($160) and my Accord ($180). The other two are a 2012 Hyundai Genensis and a 2014 Lexus CT200h, both are $500/6 months.
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Old 09-28-2015, 09:01 AM   #5
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First, I find it hard to believe you can find ANY insurance for only $26/month that you claim for your honda. That's seriously crazy low unless you have virtually no coverage.
Anyways - it must be to do with age. Sportscars are certainly going to cost you way more than a Honda when you are under 25. It's not the value of the car - it's the power and perception. It's assumed anyone under 25 buying this type of car is going to do one thing and one thing only.
And with an at-fault accident already - yeah, you will be charged a lot of a performance car.
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Old 09-28-2015, 09:01 AM   #6
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Being young is expensive. I just paid $249 to add a 97 base 986 to our full coverage policy as a third car 2 driver household. Our insurance company requires us to estimate our yearly mileage and our price was based on 3K yearly. I know we will go over that, but they have yet to ever verify any of our mileages. We have a 2008 Volvo S60, 2003 Mazda B3000 and a 97 Boxster. We pay +/- $1,300.00 yearly for full coverage with additional higher coverage limits and a $1,000.00 deductible. (Wawanesa)
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Old 09-28-2015, 09:43 AM   #7
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If your insurance socks you with a huge increase they're telling you they don't want your business anymore or they know that some parents will pick up the tab instead of just switching insurance companies. So the insurance company has nothing to lose either way, they get rid of a high risk customer or get paid for one.
I would go onto to those websites where you enter you information and you get bombarded with quotes. Last time I did it I got bombarded with phone calls but maybe now they'll just list the quotes like buying airline tickets. My buddy just switched to e-surance and saw his bill go from $1600 for his Audi SUV and VW EOS to $800 full coverage for both. But he's got a clean record and owns property. Which reminds me... I need to call e-surance, I pay $100 a month with Progressive and haven't had any points or accidents since Bill Clinton was in office.
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Old 09-28-2015, 10:02 AM   #8
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Are you sure on the $26 per month for your Honda? My other car is a Kia Forte. I'm over $50, with a clean driving record. I get a discount from the company I work for, a multi car discount, and I am the only driver in my house. I still pay more than $26 a month on the Kia.
BTW, the Kia actually cost more to insure than my Boxster, with the exact same coverage.
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Old 09-28-2015, 10:35 AM   #9
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The Accord is actually $180, not $160, which is the van. But still, that's really cheap. I crashed the Accord in March, and they paid $3500 to fix it. The Accord is about $7000 currently.

Also, I'm not trying to prove anything, but the attachments are for your entertainment and curiosity only. That's why I thought I should just drive the Accord for a couple years (I'm commuting 60 miles one way anyway), then get a performance car after that.
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Old 09-28-2015, 10:43 AM   #10
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Try AAA. I pay ~$650 for my Boxster and ~$1050 for my 996
That is for a year and we have high limits $100 comprehensive and $250 collision deductables
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Old 09-28-2015, 11:05 AM   #11
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First, make sure that you're getting a good deal on your insurance (be sure to shop around). Then, only you can decide if its worth the money.

When I was younger, I drove crap cars because I invested in mostly appreciating assets (like a house, retirement, and savings/investments) as compared to a car which is generally a depreciating asset. Of course, everyone's financial situation and goals are different - all I'm saying is have a financial plan and then stick to the plan.
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Old 09-28-2015, 11:58 AM   #12
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My 18 year old boy, with no driving record to speak of, pays $990 per **year** on my 986 and he is considered the primary driver ! OK then, I will no longer complain to him about insurance cost. In fact, it was less expensive full coverage on the Porsche for him than on an old 2004 Honda CRV ($1,500/year)- Go figure....

Seriously, another option is to store it for a few years, until you pass a landmark such as age, marital status, etc... You can invest that saved $ into it at a later time, and invest it in the meantime. If you have 5 cars and 4 drivers, this might work, no? As you said, you can't get more than about $8,000 for it, so might as well keep so you can have fun later.
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Old 09-28-2015, 01:48 PM   #13
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I pay 1900.00 a year for my three cars full coverage that includes 2003 boxster 2006 Cayman and a 04 SUV. Something you may not have thought about is your credit score this is used in figuring out rates.
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Old 09-29-2015, 07:20 AM   #14
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I have State Farm for my daily driver, motorcycle, and home insurance, and they seem a little high but maybe not, it's around $155.00 per month. I called to add the 99 Boxster and it seemed high to me about $560.00 annually. I insured the Boxster with Hagerty and I'm paying around $175.00 a year with no deductibles, but I don't drive it much so the mileage per year is low, and I'm older.

Last edited by joecal; 09-29-2015 at 03:57 PM.
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Old 09-29-2015, 09:01 AM   #15
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I have Allstate for my home and vehicles.
51 years old, single with an unacceptable amount
of tickets. Full coverage on my F-150 is $41 a month. Full coverage
on my 02 S is $80. I'd say always shop around.
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Old 09-29-2015, 09:17 AM   #16
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to compare apples to apples, probably need to define "Full Coverage" and what deductibles and limits

For example, I have $100 comprehensive and $250 collision deductibles and $100k Property damage / $500k Bodily injury liability limits

Higher deductibles and lower liability limits will lower the cost, especially on the deductibles

If I went with the minimum "full coverage" it would probably lower my rate on the Boxster from ~650/year - $54/mo to less than 1/2 that
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