Porsche Car Insurance

Following are the Add-ons for Porsche Car Insurance:

• Zero Depreciation Cover
• Return to Invoice Cover
• Tyre Protect Cover
• Breakdown Assistance
• Consumable Cover
• Engine and Gear-box Protection Cover
• Daily Conveyance Benefit
• Key and Lock Protect
• Loss of Personal belongings
• Pay as you drive Cover
• EV Shield Add-on Cover

Famous for its sports cars, the German automobile manufacturer Porsche also sells high performing sedans and SUVs. Owning a Porsche is a symbol of class and prestige. The brand is now owned by Volkswagen AG. To capture the Indian market at the same pace as they did abroad, Porsche established Porsche India as its division. 

Porsche India sells six models in India that includes Porsche Macan, Cayenne, Panamera, 718, 911, and Cayenne Coupe. The most inexpensive in this line is Porsche Macan, which starts at Rs.69.98 lakhs and goes up to Rs.85.03 lakhs. The top model from the brand is Porsche Panamera which comes at Rs.1.89 crore and goes up to Rs.2.52 crore.

The brand sells cars that are well-built, sleek and drive well. The year 2019 was the year of pride for the brand. In the Tech and Auto Awards in 2019, Porsche 911 was awarded as “The Performance Car of the Year”.

Porsche is for the rich. The cars from this brand are super luxurious and would need service after 10,000 miles. Keeping in mind the maintenance and high cost of repair and spare parts, you should also consider buying car insurance for your Porsche. As per the Motor Vehicles Act, carrying car insurance is a must while driving. If you forget to do so, you will attract heavy penalties.

Why Should You Buy a Porsche?

• Powerful Engines and Great Performance: All Porsche models have powerful engines that steer the car with great smoothness. So far all the cars have an automatic transmission for the petrol fuel type.
  
• Classic Looks: From bottom to top line, all Porsche Models look quite classic. The cars all have sporty and sharp looks.
  
• Fun to Drive: The wheel suspension in Porsche cars makes the wheels hug the road, giving you a smooth ride. You get perfect handling, firm braking, and wild steering with immense stopping power.
  
• Fuel-Efficient Cars: All Porsche cars are fuel-efficient without any compromise on the performance.
  
• Safety Features: All Porsche cars are equipped with safety features like Porsche Active Safe. It keeps eyes on whatever comes in front of you. Emergency braking, Blind Spot Monitoring, Airbags, Lane-Change Assist, and a Rear-View Camera are all to enhance safety.
  
• Incomparable Features: The outer of Porsche looks striking because of its colours, bright headlights, and from the inside, these cars have luxury leather upholstery, phone compatible infotainment system, and connect features.

Here are the reasons to buy a Porsche Car Insurance:

• For Own Damage Expenses: Porsche is an expensive car. It may get damaged by an accident, theft, fire or natural calamity. The repair cost to fix a Porsche is huge. Car Insurance Policy will help you save these unwanted financial expenses.
  
• For Third-Party Legal Liability: The Cars from Porsche give you a sense of luxury and speed. While driving, if you hurt any third party, leading to injury or property damage, then you will have to bear the cost of the losses. But if you have a Car Insurance Policy, then it will pay on your behalf.
  
• To Enhance the Scope of Cover with Add-ons: You can choose to buy extra protection for your car by buying an add-on cover. Every add-on is designed to provide protection in a certain situation. You can enjoy multiple add-ons as per your requirements. Keep in mind that certain expenses like the cost of engine oil, nuts, bolts, screws and other nitty-gritty after an accident are not covered under the basic comprehensive policy. Such expenses can be covered if you opt for add-ons.
  
• Necessary Legal Compliance: As per the Motor Vehicle Act, Car Insurance is a mandatory document needed while driving. You must own it for your Porsche also. It was made compulsory considering the rising third-party claims and ‘hit and run’ cases. Driving an uninsured car will cost you a heavy penalty of Rs.2000 and/or imprisonment upto 3 months.
  

Factors that Affect the Premium of Porsche Car Insurance

Here are the factors that affect the premium for car insurance:

• Age of the Car: With the passage of time, the IDV value will decrease. Also the insurance company will deduct a depreciation percentage from your settlement amount owing to the wear and tear in your vehicle. Both these factors may decrease your premium amount.
  
• Engine Capacity: The third-party component of the whole insurance premium is fixed by IRDAI and is dependent upon the Cubic Capacity of the engine. Higher CC will result in a higher premium. 
  
• Insured’s Declared Value: The IDV of the car will affect the premium. For a low IDV, the premium will be less and vice versa.
  
• Type of Insurance Policy: For a Car Insurance, if you buy a Comprehensive Package Policy, then the premium will be more in comparison to that of the stand-alone Third-Party Liability Policy. It is because the Comprehensive Package has the components of Own Damage and Third-Party Liability.
  
• Add-On Covers: If you choose add-on covers, the car insurance premium will increase. Add-on covers come with the additional premium payment.
  
• No-Claim Bonus: Insurance company offers you a discount for every claim-free year. This is allowed at the time of renewal of your car policy. But if you have a claim, the insurer will not offer you the discount.
  
• Geographical Location: The ZIP code of the location in which the car will be or is being used has an effect on the premium. If you live in a theft-prone area, then the probability of your claim rises and hence you have to pay a higher premium 
  
• Voluntary Deductible: When you choose to pay a part of the claim amount from your pocket during an actual claim, then it is known as voluntary deductible. Higher the voluntary deductible, lesser will be the premium.
  

Here are the reasons you should choose Digit Insurance

• Convenient Online Procedure: Digit Insurance has made buying insurance quite convenient and quick for you. The process is online and you can choose from the two types of products. Other than policies, the claim procedure is also online, where you can upload the claim documents at your end. The process involved is smartphone-enabled.
  
• Fast Claim Process: To satisfy your needs at the time of claims, Digit Insurance does not fall behind with a high claim settlement ratio. The claims are processed within minutes.
  
• Wide Network of Garages: A wide network of garages for cashless repairs is offered. Doorstep pickup and drop are among other advantages.
  
• Choice of Insurance Policy: You can choose from the two types of insurance policies, one is the Comprehensive Package Policy and second is the Third Party Liability Policy. A Comprehensive Package Policy covers you for losses that arise from your own damage and third-party liability. A Standalone Third-Party Liability pays when you incur the responsibility to pay for bodily injury or property damage to the third party.
  
• Offers Add-On Covers: There are add-on covers like Tyre Protect Cover, Zero Depreciation Cover, Breakdown Assistance, Engine and Gearbox Protection, and Consumable Cover. For Porsche, you should buy Consumable Cover because the cost of refilling the engine oil and replacing the nuts and bolts and fulfilling other nitty-gritties can be high for such luxury cars after an accident. You can also buy a Zero Depreciation Cover which will help you to nullify the depreciation charged on your car and its parts, and gives you the full value of repairs and cost of replacements during a claim. When you enjoy such an expensive car, you must protect it with Return To Invoice cover from probable theft.
  
• Allows You to Customize Your IDV: You are allowed to choose the IDV you want as per your need. This value also has an effect on the premium. 
  

Looking to reduce the premium paid towards your Porsche’s insurance? 

Following are a few ways to do so! 

• Choose a Higher Deductible: With your Porsche insurance, you will be required to pay a compulsory deductible as per IRADAI directives. Alongside this, you can choose to pay voluntary deductibles during a claim, by virtue of which you can reduce the premium paid towards the policy. 

• Avoid Making Small Claims: If you make claims for small damages, you miss your NCB in car insurance and consequently do not enjoy any discounts on your premium. Therefore, if your car’s repair is not costing you much, it is better to avoid making claims. 

• Compare Premiums: Make sure you conduct proper research and choose the most affordable policy in the market. In this respect, Digit’s Porsche insurance policy (starting at Rs.2702) is cost-effective and offers maximum benefits.  

These are, thus, a few ways through which you can lower the premium for your Porsche insurance purchase or renewal. 

However, make sure you do not compromise on your policy benefits while seeking lower premiums payable! 

Happy driving!