Do armor sets have maximum armor caps?
There shouldn't be an armour cap for items, but there is a cap on the amount of damage you can mitigate (80%) this comes at 567 displayed armour rating.
With that said, even if you go over it should still display what your actual rating is, just won't mitigate more than 80% of the incoming damage.
My guess is a bug or you're doing something wrong.
Source
This adds up to 586 (or 503 without the shield) and yet the armor rating I get is 502 without the shield, and 584 with the shield.
Armor rating of each piece is rounded when displayed in the UI. The unrounded armor ratings are summed to make the total (which is then rounded for display).
Here's some possible numbers:
Armor - 231.7 Boots - 83.7 Gauntlets - 83.7 Helmet - 102.7 Shield - 82.6
- Shieldless - 501.8 rounds to 502
- With shield - 584.4 rounds to 584
I'm really guessing it's a bug because I'm experiencing the same thing on my Xbox version. I went and did the quest with the Blades and collected the blade armor. Unequipped, it adds up 50 more than what it actually gives me when equipped. So the AR ends up dropping. I've tried to investigate this further, and all the answers I've received is "it's a bug".
A suspicion I have personally, is the armor inevitably adjusts to your level. Let's say, the armor itself has it's own level unequipped, but immediately changes depending on your stats. That would make sense in regards to the instant adjustment the armor makes. I have no immediate way to test this theory so no promises. It just makes sense in my head.