Insuring a used Porsche Cayenne can be an expensive business, especially if you live in Michigan, Louisiana, or Georgia. In Michigan and Louisiana, insurance alone can cost you up to $3,000. The average cost of insuring it in South Dakota is $1953, which is a whopping 13% of the median price of the car. In Michigan, too insuring the Cayenne will cost you an average of $ 2727 per year, which is 14% of the median price.
The United States spends, on an average, $1856 to insure a used Cayenne on an annual basis. This is not very high, considering that the Cayenne is a luxury car. There are some states where you can buy and insure a used Porsche Cayenne without the cost of insurance burning a hole in your pocket.
If we consider insurance costs as well as the price of the car, the three best states to buy and insure a used Cayenne are –
1. Indiana –
As of November 28, 2013, the median price of the Cayenne in Indiana is $22,990, and the average yearly insurance rate is $1,245, i.e., 5% of the median price. The used car data for the year range 2005 – 2012 shows that Hoosiers enjoy lower insurance rates, as well as relatively lower median prices. This makes Indiana one of the least expensive states to buy and insure a Cayenne.
2. Florida –
If you live in Florida, you can buy a used Cayenne for a median price of $30,992. This seems much higher than the median price in other states, but Florida makes up for this fact with a considerably low insurance average. The average yearly insurance rate for the Cayenne in Florida is $1364.
3. Illinois –
In Illinois, the average yearly insurance rate is $1541. If you buy the Cayenne from Illinois, you will have to pay a median price of $32,899. The insurance amounts to 4% of your total expenses.
You still save on insurance, considering that the insurance rates exceed $2,000 in several other states.
If you live in a state where the insurance average is very high, there are some tactics you can use to lower your premiums. Buying an anti-theft device for your car is the first step in this direction. This may help you convince your insurance company to lower your premium.