Porsche Financial Services has introduced an in-house, pay-per-mile auto insurance program in Illinois and Oregon to supplement its leasing and financing program, according to a company release.
The program, developed in partnership Atlanta-based pay-per-mile insurance company Mile Auto, will allow drivers to submit their mileage via a photograph of the odometer once a month rather than a tracking device or an always-on app. It will be a separate product from the leasing or financing, Austin Bryan, director of marketing at Mile Auto, told Auto Finance News
The two companies chose to pilot the program in Oregon because, “the Department of Insurance in Oregon is definitely a very forward-thinking group and they’re open innovative new products that aren’t really from the traditional insurance mold,” he said. “And then, with Illinois having the Chicago land area; a good mix of urban, suburban and rural; and a good concentration of Porsche owners — it seemed like a good fit,” he added.
In addition, the program will include a claims concierge, access to genuine Porsche parts, diminished value coverage, and agreed value coverage.
The insurance program will be available to Porsche vehicles produced from 1981 to present day. The captive has plans to expand the insurance program within the year, Bryan said.
Porsche Financial Services was not available for comment at press time.
