Monetthecat

Has anyone looked into the cost of Porsche's insurance program? Its underwritten by Lyndon Southern out of Florida (never heard of them). It's all branded Porsche and the quote I received is about 50% less than what I'm paying today from a large nationwide carrier HQ'd in Bloomington, IL. Coverage was nearly identical, but with the Porsche's insurance I could set the annual mileage to 4K vs. that I have today which is 7.5K.

I'm 100% accident free, over 50, married and not had a claim in years.

https://www.porscheautoinsurance.com

hartmn

Hello,

i have never ever heard of Porsche Insurance. Interesting. I have a specialty insurance from Leland West which is an agreed value policy so whatever happens to the car they pay that amount. I found them through the PCA ( Porsche Club of America). In May my 996 was totaled and they paid out and were very professional to deal with. You might also look into Leland West! Hagerty is another agreed value insurance company.

Eric

PCA1983

I have a repair or replace with equivalent brand new rider on mine. If i switch, id want that or an agreed value policy for any Porsche. Mine is driven for pleasure only, around 5000 miles per year. I won't accept the typical depreciation charts that most insurance companies use. They depreciate too quickly for my taste.
Id want to learn more about Porsche insurance...

0luke1

https://www.porscheautoinsurance.com/

DishoomX2

Funny if the underwriter is from Florida -- I live in FL and apparently Porsche Auto Insurance is not available here:

"Porsche Auto Insurance is currently available in Oregon and Illinois and will be expanding to more states in the near future. To find out when we are launching in your state, please provide your information below and we will stay in touch."

Bob Z.

When I heard about Porsche Insurance I contacted them and was told the same - not yet in FL but they said they were coming soon to most states since they were waiting for each state's insurance commission to approve them.

Otherwise, Grundy is another insurer that writes an agreed value policy. I totaled a Viper back in 2006 and they paid the claim very fast as well as for the guard rail and medical expenses, and I was able to buy the car back and flip it for a quick $20k profit. I tried in insure the replacement though and was told I was in their "risk pool" for 5 years though so I had to get another company but I was not penalized.

COOKINN

I have signed up with them and they are extremely competitive and their rates are based on miles driven every 6 months. I have met with the CEO , President and the Director of claim's they have put together a great program!

Bud Taylor

Wump wump.

COOKINN

Wump Wump?

Penn4S

When you say competitive, competitive with who? Are they similar to Geico or USAA pricing?

COOKINN

There pricing structure is based on miles driven yearly, so it makes their overall price much cheaper. The overall coverage and benefits are much better! If you live in the state of Illinois or Oregon, I would highly recommend you call for a quote and you can then decide! I know that they are launching other states as they are approved!

goldduster

i'm in California, and the second year of coverage was more than the first year. First time in my life that the rate went up as the car became older?

DBH

Not unusual. Most insurers will increase premiums to some extent from one period to another. Mine just went up only 1.7% (12 months coverage).

Also, most insurers that I've dealt with will use mileage as part of their premium formula.

Fooshe

Interestingly, this is a DBA
The program is run by a "Managing General Agent" (or MGA) called Mile Premier LLC. (DBA Porsche Auto Insurance, a wholly-owned subsidiary of Mile Auto, Inc.)
They have principal offices located at PO Box 725369, Atlanta, GA 31139 ​​​​​​
Spinnaker Insurance: 1 Pluckemin Way, STE102, Bedminster, NJ 07921

They currently offer quotes in: Arizona, California, Georgia, Illinois, Ohio, Oregon, Pennsylvania, Tennessee & Texas

The majority of reviews they put out are good right now and they damn well should be. If you are going to roll out at new program, you should be excellent out of the gate. As they say, you only get one shot at a first impression. However, the preliminary signs regarding their reputation are not good. Unfortunately, Spinnaker received nine (9) times as many complaints as other insurers of similar size on the NAIC Complaint Index with the most common complaint being delays in the claims process. This typically is from lack of trained staff, which would clearly be a problem. Companies tend to staff sales first because they want the income. Unfortunately, they seem to forget to staff the most critical part of the business, which in this case is claims. I say this because all insurance really boils down to is a contract of adhesion, or more simply put, a promise of service. If they aren't servicing the client, they really aren't doing what they said they will. It's like Tesla's effort...I have clients who can't wait to get out of their Tesla once they experience a claim or customer service need from Tesla or their insurance program, which I predicted. Unfortunately, their rates are now showing what they didn't know at first.

Furthermore, I am not a fan of is the fact that they are not transparent. Anyone hearing the title thinks this is Porsche acting as the insurer, and it clearly isn't. Mile Premier LLC is part of Mile Auto (www.mileauto.com) which is a fairly new insurer. Although Mile Auto is a newer company, its car insurance is underwritten by Spinnaker Insurance, which has been in business since the late 80's. That is typically a good thing, but their complaint history is well above average. In fact, I would call is dismal. What also concerns me is the actuarial applications to their product. They have an A- rating, so they are not in bad shape financially. That being said, I have seen with start-up programs in the past and they come out with aggressive rates to drum up business. After some time, their rates tend to go up to where most other carriers are because (as they all learn) the others have been doing it long enough to know how the actual risk factors really play out involving frequency and severity, the 2 biggies, which is evidenced in their loss ratios. It should also be noted that Mile was previously backed by Lyndon Southern Insurance Company, a medium-sized insurer based in Florida that is a subsidiary of FortegraI always recommend caution when buying a product of any kind from a company without a strong track record — car insurance is no exception. The lack of long-term reviews about Mile's pricing or customer service is cause for concern, and only time will tell whether Mile Auto can meet the expectations of drivers regarding affordable rates, customer service and claims satisfaction.
There are pros and cons:

Pros: Privacy-minded drivers may find Mile's minimally intrusive data collection preferable to providing an insurer with access to their location and driving habits at all times (Carriers like Allstate and Progressive actually increase your premium for hard stops and what they see as/consider "aggresive vehicle dynamics" via telematics.), per mile usage rating. Mile's pricing is best for people who don't drive to work every day. This includes people who commute by public transit or work from home, college students, retirees and anyone else who primarily uses their car for errands or occasional trips.

Cons: You have to submit monthly odometer photos, If you take a long trip or have an abnormal driving event, your rates will spike, you can't manage your policy online and the timely customer service is not evident.

Time will tell if this project will work out, but as for right now, I recommend using a tried-and-true Agent and Carrier until the dust settles and things are much more clear. Remember, there is more to a policy than the rates or how fast the company can quote you; the devil is in the details. Use a professional that knows what they are doing so when you have to file a claim or need advice, you know things will be handled.

Just my .02

Fooshe

The car's age (in your case) probably has very little to nothing to do with it.

To truly understand why, you have to grasp what goes into rate matrixes and how they are created (grab a monster drink to keep you up if you really want to dive into that can of worms).

Short answer for CA, the loss ratio in the State is huge for all carriers and they are catching up to the crap driving we are seeing in the State coming out of the pandemic. People are flying on the roadways and act like they forgot how to drive. The losses being turned in are not only higher in frequency, but the severity (avg cost of repairs/costs associated with repairs) have skyrocketed. Parts delay, labor costs, outrageous rental car costs are all adding to the increase in the cost of doing business in the State of CA. What makes things worse is the CA Dept. of Insurnace is holding up rate filings so the carriers can catch up to what they are experiencing.

My guess is that most in CA are seeing increases due to the clear rise in the cost of doing business for insurance companies. From internal costs to servicing and repair costs, everything has gone up and it has trickled down to the insurance industry. Couple that with the untruths insured's offer in their rating factors, the correct premiums are not being charged for the exposure(s). This is the primary reason for all the mileage/odometer updates you are now seeing. And if you aren't seeing it, you will.