Porsche Financial expands insurance coverage to EVs | Auto Finance News | Auto Finance News

Porsche Financial expands insurance coverage to EVs

Porsche Financial Services has expanded its car insurance coverage to include services related to electric mobility, the company announced. The service, called “E-Cover,” was designed to supplement the upcoming release of the Porsche Taycan Turbo, the German automaker’s first all-electric vehicle.

Consumers in Germany will be able to add coverage to an existing insurance policy that is specifically designed for electric vehicles, including original price coverage of the battery in the event of damage, charging station insurance and protection for e-mobility-specific components, such as the electric outlet.

E-Cover is also available for the plug-in hybrid models of the Cayenne and Panamera models.

Read more: Porsche Financial Services Pilots Auto Insurance Program

The all-wheel drive Taycan Turbo and Taycan Turbo S models are set to debut in 2020. The four-door coupe will reach 62 mph in 2.8 seconds and will boast a 350-mile range with system voltage of 800 volts — double the standard on electric vehicles in production.

In addition, the Taycan will be able to charge to 80% in just over five minutes if connected to a high-powered charging station that uses a direct current. Porsche plans to release “less powerful variants” of the Taycan later in the year and invest more than $6.7 billion in electric mobility by 2022, according to a company release.

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