The relationship between the insurance industry and car manufacturers has gotten closer.
In Canada, the German auto manufacturer Porsche has just launched Porsche Insurance, its own insurance program tailored to owners of its high-end cars. Porsche Insurance “offers personalized benefits, premium discounts and exceptional customer service,” the manufacturer’s press release reads.
“Experienced insurance professionals work with Porsche customers to develop the optimal coverage that can combine car insurance with complementary products, including home insurance, which can qualify for attractive discounts,” the release continues.
Patrick Saint-Pierre, Director of Public Relations at Porsche Canada, told Insurance Portal that “Porsche Insurance is available in all provinces. For those where insurance is provincially managed, Porsche owners are still eligible for other products such as home, travel and pet insurance.”
A powerful partner
To launch its insurance program in Canada, Porsche Canada has teamed up with the Canadian arm of global brokerage giant Aon. “Aon Canada sells a customized Porsche Insurance solution and advises customers in the event of a claim. Porsche Cars Canada, Ltd. and Porsche Financial Services Canada are not involved in the sale of Porsche Insurance or the claims process,” St. Pierre explains.
For Porsche, the goal of the partnership is to provide its customers with “yet another benefit,” St. Pierre continues. The manufacturer’s press release states that customers covered by Porsche's auto insurance will have access to an “exclusive selection of benefits tailored to their vehicle.” For example, “in the event of total loss or theft within 24 months of the date of purchase of a new vehicle, Porsche owners can be assured that they will receive the original purchase price of the vehicle and not a depreciated value.”
What’s in the offer for the car manufacturer? “The Porsche Insurance product will also support our network of Porsche Centres as a key benefit is to ensure that customer’s vehicle is serviced at a Porsche Centre or affiliated collision centre in the event of a claim,” explains Patrick Saint-Pierre. These repairs will also be “carried out with original spare parts,” Porsche notes.
Not the first time
Unlike Tesla, Ford, and General Motors, Porsche has a fairly long track record in the insurance world. It partnered with HDI Insurance in Germany 27 years ago, Patrick Saint-Pierre points out.
Porsche currently offers insurance products in 14 markets, Saint-Pierre adds. Not only in Germany and Canada, but also in the United States, China, Italy, France, Switzerland, Great Britain, Spain, Portugal, Australia, Japan, as well as in Abu Dhabi and Dubai, in the United Arab Emirates.
“The Porsche Insurance and Porsche Auto Insurance products have been defined as key initiatives to complement the overall Porsche ownership experience, regardless of market size or potential,” Patrick St. Pierre points out when asked why Porsche chose to launch its insurance program in Canada.
The partnership with Aon is, in fact, exclusive to Canada, St. Pierre adds. The brokerage behemoth is not involved in Porsche’s insurance offerings elsewhere in the world.
Porsche is owned by the German automotive group Volkswagen, as are the brands Audi, Bentley and Lamborghini. St. Pierre confirms that Porsche's sister companies also offer insurance. “The Volkswagen Group Brands have Volkswagen Financial Services (VWFS), a competent captive provider that offers insurance solutions in various markets.”
