Porsche is exploring a new revenue stream with the announcement that it is dipping its toes in auto insurance waters.
Of course, there are regulatory hoops the company has to jump through before it can take its plan nationwide or continent wide, but it is starting to offer mileage-based insurance to Porsche drivers in the states of Illinois and Oregon.
Porsche Auto Insurance is an innovative solution to the unique needs of Porsche drivers in that it offers a low base rate and limits costs to miles driven. And it does it without mileage trackers, simply requiring that owners forward odometer images to confirm their usage. Customers will also have access to a claims concierge and agreed value coverage.
“Innovation has been at the core of Porsche’s success story for the last 70 years,” said Ross Dupper, President and CEO of Porsche Financial Services. “The launch of Porsche Auto Insurance marks another innovation adding to the success of the next 70 years.”
The new service is created in partnership between Porsche Financial Services (PFS) and Atlanta-based Mile Auto, an insurance company that already offers pay-per-mile coverage.
“Porsche customers deserve an insurance product that fits their lifestyle and their Porsche,” said Fred Blumer, CEO of Mile Auto, the pay-per-mile insurance provider of Porsche Auto Insurance. “Mile Auto is excited to partner with PFS in delivering a product worthy of the Porsche Crest.”
Porsche Auto Insurance is available to owners of Porsches dating back to 1981 garaged in Illinois and Oregon, though the company is hoping to expand to other states in the future. More information is available at www.PorscheAutoInsurance.com.