What it costs to insure a Porsche in South Africa

It costs anywhere from R2,505 to R9,250 per month to insure a Porsche in South Africa, depending on which model you go for.

Insurance premiums are calculated using various parameters, such as the make, model, and year of the insured vehicle, its price, its power and performance capabilities, the types of safety systems it comes with, and even its colour.

The make and model is of particular significance as some cars are more prone to being hijacked or stolen than others, which generally translates into higher insurance premiums for these models.

Additionally, the more valuable your car, the higher the potential financial risk for the insurance company in the event of a claim resulting from an accident or theft.

With these cars, the cost of parts and repair is also likely to be higher than with lower-end options, especially if they’re imported from overseas.

As a result, imported cars with high window stickers may incur substantial insurance premiums

Likewise, more powerful models are often more expensive to insure than those with smaller engines.

“This is because larger engines have more power and are often associated with higher speeds, which can increase the risk of accidents and result in significant damage,” according to Yulanda Paterson, GM at Infiniti Insurance.

Insurance companies also assess the safety features of the insured auto to determine accurate premiums.

Advanced safety systems, such as airbags, anti-lock brakes, and electronic stability control can potentially reduce the risk of accidents and costly repairs and are beneficial to have insurance-wise.

The driver’s details plays a significant part, too, such as their age and gender, how long they’ve held a licence, how long they’ve been insured, and their claims history.

Younger drivers, for example, are often considered higher risk and may face higher premiums.

“This is because they simply do not have the high level of experience that enables them to avoid accidents,” said Paterson.

The number of kilometres you drive per year can also affect your insurance premium.

“Drivers who travel more kilometres annually are considered to be at higher risk of accidents, so they may pay higher premiums,” said Paterson.

Lastly, where your car is parked at night can influence the cost of insuring it.

Urban areas with higher traffic density and crime rates may result in higher premiums compared to rural or suburban locations.

All of the above elements combined give you an overall risk score in the eyes of the insurer, which determines how much you’ll be required to pay for insurance coverage.

Insuring a Porsche

Using Hippo’s handy car insurance comparison tool, we found out what it would realistically cost to comprehensively insure a new Porsche in South Africa.

With the luxury nameplate selling an average of over 200 vehicles in the country a month, it’s a practice plenty of wealthy local consumers must go through.

The rates were calculated for a driver who had continuous insurance coverage for the last seven-plus years without claiming, and whose Porsche sleeps in a locked garage at night.

Where possible, the most affordable option in the range was chosen, though not every single available trim line was listed in the Hippo comparison tool.

Perhaps the most noteworthy exclusion is the entire 911 family, the most iconic of all Porsche cars.

The 911 is the priciest and most exclusive model from the German marque, suggesting that its quotes will be more tailored to the specific individual than with its more mass-market siblings.

Hippo also doesn’t provide quotes for brands such as Bentley, Ferrari, Lamborghini, Maserati, McLaren, or Rolls-Royce, hinting that it considers the 911 among this stratum of autos.

The available insurance estimations for Porsche vehicles in South Africa are tabulated below: