Insurance Rates for new LC500
08-31-17, 05:45 PM
#1
Driver School Candidate
Thread Starter
Insurance Rates for new LC500
I swapped a new 2017 Porsche 911 for a LC500. My insurance company, Geico, is charging me $400 more per year for full coverage despite the fact the Porsche cost $$$$$ more, the top track speed is near 200 vs 168 for the LC, yet the miles driven per year are identical. The reason Geico cited the higher premium was because its a new car. No history. At first, they claimed the LC engine was bigger and because it weighed 1K lbs more. They quickly backed off that lame reason as soon I pointed out my Porsche cost thousands more, the Porsche was a lot faster than the LC despite having 100hp less.
In short, it appears a buyer of a new model takes it in the shorts when it comes to insurance rates on the LC. Has anyone discovered an insurance company that is more likely to be fair and reasonable with this new model. I have a difficult time understanding how the rates for the LC 500 can be so much higher than a new 911 given identical facts concerning the insured and the vehicle use. This may very well be a REASON NOT to buy a new model!
In short, it appears a buyer of a new model takes it in the shorts when it comes to insurance rates on the LC. Has anyone discovered an insurance company that is more likely to be fair and reasonable with this new model. I have a difficult time understanding how the rates for the LC 500 can be so much higher than a new 911 given identical facts concerning the insured and the vehicle use. This may very well be a REASON NOT to buy a new model!
09-01-17, 04:33 AM
#2
These were just quotes from my insurer (USAA), since I'm shopping and don't have the car yet, but they quoted me $100 more per 6 months for the LC500 compared to a base 911 (so about the same MSRP). Main diff was the V8 supposedly. I've been driving for a long time, and V8 versions of cars have always jacked up premiums. I guess their data says V8 drivers tend to get in more accidents. Same comparing the GS350 to the GS-F.
09-01-17, 12:49 PM
#4
I have State Farm and don't think it's excessive, shop around, I have my home and two cars insured with them as well. I receive a multi car discount and a better rate since I have it bundled, home and auto. When I had my first 911 Porsche, I had Farmers and they were crazy high on the Porsche, switched to State Farm.
09-02-17, 06:23 AM
#5
USAA quoted me $368 per year additionally compared to the existing coverage on my 2013. GS350. Does not seem unreasonable to me. If I go to a 911S, my current premiums would only increase $67 a year.
Last edited by ECL; 09-02-17 at 08:02 AM.
09-03-17, 09:24 PM
#6
I'm also with GEICO, adding (extra vehicle) a new 911 to my policy adds about $400 every 6 month, an RCF is $500 for 6 months, an LC is $700!!!
I just don't understand why the RCF and LC are more expensive than the 911?!?!?
I just don't understand why the RCF and LC are more expensive than the 911?!?!?
Last edited by BLexodus; 09-04-17 at 09:13 PM.
09-03-17, 11:49 PM
#7
Engine displacement (e.g. 4969 cm³ in the LC 500 V8 vs. 3800 cm³ in a 911 Turbo) and weight are major factors when calculating insurance rates. That would be my guess.
Last edited by Hoppean; 09-03-17 at 11:55 PM.
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09-04-17, 09:52 PM
#8
Driver School Candidate
I swapped a new 2017 Porsche 911 for a LC500. My insurance company, Geico, is charging me $400 more per year for full coverage despite the fact the Porsche cost $$$$$ more, the top track speed is near 200 vs 168 for the LC, yet the miles driven per year are identical. The reason Geico cited the higher premium was because its a new car. No history. At first, they claimed the LC engine was bigger and because it weighed 1K lbs more. They quickly backed off that lame reason as soon I pointed out my Porsche cost thousands more, the Porsche was a lot faster than the LC despite having 100hp less.
In short, it appears a buyer of a new model takes it in the shorts when it comes to insurance rates on the LC. Has anyone discovered an insurance company that is more likely to be fair and reasonable with this new model. I have a difficult time understanding how the rates for the LC 500 can be so much higher than a new 911 given identical facts concerning the insured and the vehicle use. This may very well be a REASON NOT to buy a new model!
In short, it appears a buyer of a new model takes it in the shorts when it comes to insurance rates on the LC. Has anyone discovered an insurance company that is more likely to be fair and reasonable with this new model. I have a difficult time understanding how the rates for the LC 500 can be so much higher than a new 911 given identical facts concerning the insured and the vehicle use. This may very well be a REASON NOT to buy a new model!
Not to be too off topic, but even though the 911 and LC are like apples and oranges, how do you like your LC compared to the 911?
09-12-17, 03:48 PM
#9
Driver School Candidate
Thread Starter
911 vs LC 500
I was a Porsche enthusiast. I had owned a 14 Boxster S and then I bought a new 17 911. I loved the Boxster. It was fast, beautiful and handled like a dream on the Colorado mountain roads. Mid-engine, naturally aspirated resulting in a fantastic sound. I couldn't leave well enough alone. Figured the new twin turbo 911 was going to be even better. I added about 17K in options. The one option I should have added was the Sport Exhaust system. The sound from the new twin turbo's is so quiet, you can't hear the engine. When I went to my dealer to add the sport exhaust system, the cost was now $7K compared to 3K if ordered with the car. I was about to trade my 17 911 for a 16 911GTS (with 9K miles it was still selling at 130K). Then I had to have my Lexus RX serviced and I discovered the LC500 on the showroom floor. The dealer surprisingly had a demo I was allowed to test drive. I was sold immediately. Luxury and interior detail the Porsche couldn't compare to. A sound that rocked my boat. Yes, it was longer and wider and heavier but that just made for a more quiet and comfortable ride. I've since put 1500 miles on my new LC. Almost all of the miles on mountain roads, passes and back roads. Have used the paddles extensively. Sure its not going to be as fast as the 911 or handle the mountains as well, but its mighty close to doing it. Between the luxury and smooth ride and the awesome sounding engine and the looks it gets (more so than the 911) I can't be more happy. Plus, it cost thousands less than the Porsche. Given all the bells and whistles of the LC, I would have had to pay an additional $50K for the same options on a Porsche. Toyota and Lexus are now in the Performance Car Business. They are outperforming Porsches, BMW's and some of the other high end sports cars. They will probably have a LCF shortly that will be even more incredible. When you consider the quality and reputation of a Lexus, I don't see how you can go wrong. Still love Porsches but I wish they had stuck with the naturally aspirated engines. I know it was progress, but sometimes progress can be a bummer. I shudder to think we are about to enter the E era of performance cars.
09-12-17, 03:58 PM
#10
Lexus Champion
depends on your insurance company, some; like state farm and allstate consider the engine displacement in the pricing.. LC500 obviously has a larger motor than the Porsche.. power is irrelevant, it's the displacement they target.
09-12-17, 06:02 PM
#11
$300 increase from my 2015 RX450h - with Liberty Mutual (same coverage). As others have suggested - it doesn't hurt to shop around.
I also couldn't be more thrilled with this vehicle. The "Takumi" quality details continue to impress me every day. And, thanks to the video near the bottom of the following link-page, my cat-crazy wife completely approves of this acquisition!
https://www.lexus-int.com/craftsmans...novators-craft
I also couldn't be more thrilled with this vehicle. The "Takumi" quality details continue to impress me every day. And, thanks to the video near the bottom of the following link-page, my cat-crazy wife completely approves of this acquisition!
https://www.lexus-int.com/craftsmans...novators-craft
Last edited by uchujin; 09-13-17 at 06:13 AM.
09-13-17, 05:04 AM
#12
Driver School Candidate
I would suggest to defiantly shop around. I traded my RC F for the LC 500 and my insurance went up 150 every six months with my current carrier. I shopped around and found an AAA+ company that was 300 cheaper than my current company every six months. Needless to say I switched all my vehicles and house and saved over 1K all in all.
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finny76 (10-02-17)
09-13-17, 06:00 AM
#13
The LC500 is a new model and there is probably not much data for the insurance companies to go by. How often are they wrecked, how expensive to fix, how often stolen, etc. Shopping around doesn't hurt.
