ATLANTA, Jan. 16, 2019 /PRNewswire/ -- Porsche Financial Services, Inc. (PFS) and Mile Auto, Inc., a pay-per-mile auto insurance company, today announced an agreement to establish Porsche Auto Insurance, an innovative solution to meet the unique needs of Porsche drivers. The Porsche branded insurance product reinvents the traditional auto insurance model by limiting costs to the actual miles driven – through a secure digital application.
Porsche Auto Insurance customers will receive tailored rates, exceptional service, and full transparency on mileage data collection. Rather than relying on "black box" tracking devices or always-on smartphone apps, Mile Auto's patented computer vision technology verifies the vehicle and the mileage from a photo sent from customers' smartphones.
Pay-per-mile auto insurance is an attractive option for Porsche drivers who average less than 10,000 miles per year—about 50% of all Porsche drivers—enabling them to only pay for the miles they drive. The added layer of privacy aligns with the lifestyle preferences of many Porsche drivers.
"We know that many Porsche drivers exhibit low-mileage driving habits, making them a perfect fit for a pay-per-mile model with non-invasive technology," said Ross Dupper, President and CEO of Porsche Financial Services, the dedicated provider of leasing and financing products for Porsche in the United States.
Rates for Porsche Auto Insurance customers are calculated by combining a monthly base rate, determined using traditional insurance variables such as the customer's vehicle type and driving history, plus a low per-mile rate.
"Where you go is your business, not your insurance company's," said Fred Blumer, CEO of Mile Auto. "We only track the miles you drive, not where you drive them, because we want you to enjoy driving your Porsche with peace of mind."
Porsche Financial Services and Atlanta-based Mile Auto will launch their insurance solution as a pilot in Illinois and Oregon at the beginning of 2019.
About Mile Auto, Inc.
Mile Auto, based in Atlanta, Georgia, is a pay-per-mile auto insurance company that uses patented computer vision technologies to help low-mileage drivers save money. Mile Auto customers use their smartphones to report mileage once a month, and then pay based on exact miles driven. The result is simple, transparent billing – pay for the miles you drive, not for the miles you don't.
About Porsche Financial Services, Inc. | One Porsche Drive, Atlanta, GA 30354 USA
Porsche Financial Services, Inc. (PFS), based in Atlanta, Georgia, is the dedicated provider of leasing and financing products for Porsche in the United States. Founded in 1991, PFS provides custom financial solutions and products to Porsche customers and dealers in the US. In 2012, PFS expanded its North America operations to become the captive finance provider for the exclusive brands of the VW Group which includes Bentley, Lamborghini, and Bugatti. As an integrated premium financial services provider, every new product – whether it be a leasing offer or a service offer – contains the DNA of some of the world's most exclusive vehicle manufacturers.
SOURCE Porsche Financial Services, Inc.