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Porsche reveals insurance program: At ease, Taycan electric-car buyers

By the time the 2020 Porsche Taycan launches late this year, Porsche owners in three states will likely be able to choose a new kind of per-mile insurance offered through the sports-car brand.

Especially for those planning to make a leap to the Taycan, it could amount to some peace of mind. For those new to electric cars, insurance can often be a bit of a rude awakening.

Yes, in terms of maintenance, energy costs, and wearable items like brake pads, EVs are cheaper and involve less hassle. But wildly varied electric-vehicle claims rates have left insurers to take a conservative tack with EVs, resulting in some steep rate hikes. The most noteworthy of those was in 2017, when AAA looked at its own data and that from the insurer-funded Highway Loss Data Institute and, despite stellar safety ratings, decided to raise rates on the Tesla Model S and Model X by 30 percent.

2013 Tesla Model S crash test by NHTSA (Image: crashnet1 Youtube screen grab)

Tesla, which recently started offering leases, will soon also launch its own insurance product in which it might share data from its vehicles and Autopilot sensors.

The Porsche insurance program, administered in partnership with Mile Auto and Porsche Financial Services, doesn’t involve the collection of the vehicle’s location, or when and how it’s driven. Mile Auto’s solution simply involves submitting a photo of the vehicle odometer at regular intervals.

“No other information is collected from the vehicle or customer,” Porsche Financial Services assured Green Car Reports.

Porsche Taycan prototype

Although the timing of the program is perfect for those electric-vehicle concerns, Porsche says that the program was developed independent of the Taycan launch. It will cover the Taycan as well as every Porsche model going back to the 1981 model year.

Porsche Financial Services is the captive finance provider for Porsche as well as Bentley, Lamborghini, and Bugatti.

There’s one big “if” to this program: So far, you need to be in Illinois and Oregon this year, although Porsche aims to offer it in a third state by the end of the year. Rollout of the program to more states remains under evaluation; but given Porsche's plans to embrace electric with more models in the near future, it's an extra bit of assurance.

thyssenkrupp invests 60 million euros on industrialization of new damper technology

ESSEN, 25-Jun-2019 — /EuropaWire/ — thyssenkrupp opened a new automotive components plant in Sibiu, Romania which will produce dampers for customers including Daimler, Jaguar Land Rover and Porsche. thyssenkrupp invested around 60 million euros to build the new damper site.

“This is an investment not only in the targeted expansion of our European production network but also in newly obtained customer projects and new technologies. In Sibiu we will manufacture dampers to the highest technical standards for installation in our customers’ premium models. At the same time we are in the process of industrializing an entirely new generation of dampers for highly automated intelligent chassis systems,” commented Dr. Karsten Kroos, CEO of thyssenkrupp’s automotive division.

Active dampers of this kind provide an extremely smooth and comfortable driving experience by responding proactively to counter the forces acting on the chassis.

The new plant is an extension to the existing production site. thyssenkrupp produces both components and complete damper systems for automotive OEMs and aftermarket suppliers. The company’s investment in the new site has created more than 350 new jobs at the Sibiu location, which now employs around 1,000 people. thyssenkrupp has been producing dampers in Sibiu since 1996.

thyssenkrupp is one of the best-established manufacturers of damper systems. The company produces and markets chassis components under the Bilstein brand at eight locations in Europe, the USA and China. The damper business is part of thyssenkrupp’s components division, which produces high-tech components for the automotive and machinery sectors with over 34,000 employees worldwide. Its Components Technology business area achieved sales of around 7.9 billion euros in fiscal year 2017/2018.

Media contact:

Konrad Boecker
Components Technology Head of Communications and Press Office
Telephone: +49 201 844 553084
Cell phone: +49 173 8982102

SOURCE: thyssenkrupp AG

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