Porsche owners in select states are now able to purchase auto insurance directly from the luxury and sports car company for their cars. Porsche Financial Services said last Thursday it has rolled out Porsche Auto Insurance, which it claims is the proper insurance experience for owners.
The company explained the insurance program is different from those offered by traditional insurance companies. Each rate is custom to the owner based on exact miles driven per year. Although two buyers may purchase identical 911s, the insurance rates will likely be very different through Porsche Auto Insurance. Using actual miles driven and a low base rate is how Porsche plans to disrupt the traditional insurance industry.
2020 Porsche Cayenne S Coupe
Porsche doesn't require any sort of device or smartphone app to monitor mileage. Instead, an owner with Porsche Auto Insurance can submit a picture of the odometer for the company to track mileage. The lack of "big brother" in the car, like Progressive's Snapshot, is certainly a plus for some drivers.
Other benefits include access to Porsche Genuine Parts in case of a crash, a claims concierge, and agreed value coverage.
2019 Porsche 911 Speedster
The service is in partnership with Mile Auto, which handles other pay-per-mile insurance plans.
To start, the insurance program is available in just two states, Oregon and Illinois. Porsche said the insurance plans will soon expand to more states, but it did not name the next areas on deck; nor did it say when the expansion will happen. Since each rate is custom, buyers will have to contact Porsche for costs. Any owner with a 1981 Porsche or newer is eligible for Porsche Auto Insurance.