Porsche Debuts Pay-Per-Mile Auto Insurance Product

Policyholders can simply take a photo of their odometer to submit their mileage instead of using tracking devices or always-on smartphone apps that some drivers may find invasive.

(Image credit: Benchtalks.)

Porsche Financial Services (PFS), an Atlanta-based subsidiary of the storied German automotive company, has introduced an auto insurance product in partnership with Atlanta-based provider of pay-per-mile auto insurance, Mile Auto, Inc. In a joint statement, the companies describe the new product as meeting the unique needs of Porsche drivers by limiting costs to actual miles driven. PFS is the dedicated provider of leasing and financing products for Porsche in the United States.

Fred Blumer, CEO, Mile Auto.

In addition to tailored rates, Porsche Auto Insurance customers can expect an added layer of privacy and convenience, according to the companies: policyholders can simply take a photo of their odometer to submit their mileage instead of using tracking devices or always-on smartphone apps that some drivers may find invasive. Porsche Auto Insurance customers will also receive exceptional service and have access to an exclusive collection of benefits that complement their Porsche vehicle, according to the joint statement.

“Innovation has been at the core of Porsche’s success story for the last 70 years,” comments Ross Dupper, President and CEO, Porsche Financial Services. “The launch of Porsche Auto Insurance marks another innovation adding to the success of the next 70 years.”

Product that Fits Drivers’ Lifestyle

“Porsche customers deserve an insurance product that fits their lifestyle and their Porsche,” comments Fred Blumer, CEO of Mile Auto. “Mile Auto is excited to partner with PFS in delivering a product worthy of the Porsche Crest.”

Porsche Auto Insurance is available to all Porsche owners with vehicles 1981 and newer that are garaged in Illinois and Oregon, and will be expanding to additional states in the future, according to the joint statement.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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