REMINDER: Don't forget to set your DVR to record CNBC’s investigation into alleged market manipulation by Porsche. The show airs on Thursday, February 16th, at 9:00 p.m. Eastern Time (and then again at 12:00 a.m.) on CNBC.
Which Porsches are the Most Expensive to Insure?
Insure.com recently commissioned an outside polling company to conduct a survey on average auto insurance rates. Using data from six of the largest carriers (Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm) and across 10 ZIP codes in each statem they put together a list of the least and most expensive cars to insure. Not all models were available, especially some of the more exotic ones.*
Three of the Top Ten Most Expensive Cars to Insure are Porsches
Or are they? Look at the list above. There are some fairly prominent manufacturers missing (at least with regard to sports cars). No Lambos, Ferraris, Aston-Martins, etc. In fact, based on this list, it seems that Porsche might be the least expensive to insure (amongst its peers on this list).
Strangely enough, the Audi R8 Spyder Quattro Convertible tops this list at $3384 annually (more than $700 per year higher then a Porsche Turbo S Cabriolet). I say strangely because the Porsche has an MSRP of $172k vs $160k for the Audi and the Porsche produces 12 more horses at 530 hp vs. 518 for the Audi.
Personally, I think anyone that spends $160k plus on a car isn't too worried about the cost of insurance...
*Survey Methodology
Averages are based on insurance for a single 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. This hypothetical driver has a clean record and good credit. The rate includes uninsured motorist coverage. Average rates are for comparative purposes. Your own rate will depend on personal factors.
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Just German performance cars are listed – that’s not particulary meaningful unless that was the only question asked.
As an aspiring actuarial candidate (For those who don’t know, actuaries calculate insurance rates), I may be able to provide some insight into the disparity.
Firstly, MSRP is an artificial number provided by a dealer and does not often indicate the true price paid for a vehicle. (After all, as the acronym implies, it is suggested). Many non-luxury cars can and should be purchased below MSRP for a good deal, while many in-demand cars can have a dealer premium attached that push the price above and beyond MSRP (See: Chevy Volt today, Mazda Miata in the past). And even if MSRP reflected the actual price paid, it’s only one factor in insurance rates: A Toyota Sienna and a Ford Mustang, both optioned, could have an MSRP in the high 20s, but very, very different insurance rates.
However, it’s very, very possible that the Porsche’s six-cylinder engine could be the major reason for the price difference: Cars with V-10 engines like the Audi are almost always associated with high performance exotics, while cars with V-6′s or six cylinders could be associated with everything from Porsches to pickups. (Note that an 8-cylider Panamera Turbo is more expensive to insure despite a $137k MSRP and two extra doors.)
http://autos.yahoo.com/blogs/motoramic/porsche-stuck-wet-cement-proves-karma-exists-210302568.html
Think this guy cares how much insurance costs?
We are all sure he does – he made a mistake, one that will be memorialized in the history books because it was committed in a Porsche, and of course a silver one. Like the guy that drove the Veyron into a lake, he gets 15 minutes of fame. And if by chance you want to study the current level of class warfare rhetoric just read the thousands of comments on the Yahoo site…the level of glee is palpable.
@Chuck, I’m still amazed at how far and fast these stories travel. Now the video of the 911 getting pulled from the cement is just as popular as the original pictures of it when it was first stuck.