Elio Insurance - Cost. - General Discussion And / Or Specifically Advanced Coverages.

[CompTrex]

I just got off the phone with my insurance agent. He said he can't touch this thing until the crash ratings come out. He's pretty confident that he'll be able to do something, but for now will not offer a quote at all. He said we need to discuss it a couple of months before I go pick it up. Hopefully by then Elio will have made some waves with the insurance industry and this won't be a shocker for them.

 

[JEBar]

I just got off the phone with my insurance agent. He said he can't touch this thing until the crash ratings come out. He's pretty confident that he'll be able to do something, but for now will not offer a quote at all.

as one who has had to find insurance for some nontraditional vehicles, his position comes as no surprise .... years ago we purchased a GEM car http://www.polaris.com/en-us/gem-electric-car .... its a street legal golf cart for use on roads with a speed limit of up to 35 mph .... we eventually had to cover it on our homeowners liability .... another exampel: we have only been able to find one company that will insure our Freightliner Sportchassis .... when I worked in RV sales we had all too many cases where campers made by companies so small that they weren't listed in NADA were all but impossible to ensure .... before Elio Motors gets into production they need to be taking care of issues in areas like these

Jim

 

[Hypnosis4Fun]

Geico now has Elio Motors listed in their bike insurance instant quote section with a trike option. The liability is a great price, however... the comp & collision is out of sight!

Best,
Hypno Dude

 

[Music Man]

Geico now has Elio Motors listed in their bike insurance instant quote section with a trike option. The liability is a great price, however... the comp & collision is out of sight!

Best,
Hypno Dude

WELCOME to our Elio Forum, Hypnosis4Fun. Great to have you join us!

Please, DO tell us more about the "comp & collision" quotes.

 

[#491]

I haven't seen it but I'm sure it's high only because there have been no crash tests yet because there are still no prototypes. If EM delivers on its safety predictions and once more insurance companies start providing quotes, rates will drop.

I'm actually surprised any insurance company has rates yet.

 

[JNR]

I haven't seen it but I'm sure it's high only because there have been no crash tests yet because there are still no prototypes. If EM delivers on its safety predictions and once more insurance companies start providing quotes, rates will drop.

I'm actually surprised any insurance company has rates yet.

From a facebook post by Joel Sheltrown on the Elio Motors Owner Association:

"Every once in a while, someone posts "I checked with my insurance company and my agent told me they won't insure the Elio!!!!!!!!!!!!!!!! Beware!!!!!! Well, of course they won't ...today. NOW> In order to insure a vehicle, it would have to receive certification from NHTSA that it is certified to be on public roads... certification takes about 90Days so sometime before manufacture, we will be certified. So, just simply saying '"We won't insure" is completely and factual...ly incorrect. It's the company who decides what motor vehicles are insured, not the agent. We already have at least two companies that are working to rate already.... not going to wait for certification before they quot.. not going to wait for part's pricing, etc. That surprised me, but they are so excited about Elio, they are working way ahead of the game. I am anxiously awaiting their quotes so I can highlight how forward thinking these companies are. In the future, any company that insures motorcycles will most probably insure the Elio. Only a fool would turn a back to 250,000 units a year."



Personally, I thought this concern would fall into the, "well, no s&*t Sherlock" category, why is anyone worrying about this right now. But I see this concern pops up over and over, and over and over....

 

[Hypnosis4Fun]

Music Man, the quotes on Geico , without a VIN number, are probably not accurate. Also, I have not ridden a bike for over 30 years. With no recent riding experience, having not taken a cycle safety class and not having a motorcycle license, the comp and collision rates for myself and my wife were $1600.00 per year. Total annual premium is $1921.00. Considering it is an annual premium and not semi annual, I guess the rates are not that bad. This was figured with a $500.00 deductible.

 

[Gas-Powered Awesome]

I bet they aren't accurate. 1900+ a year for once little vehicle is absurd. Insurance that high for the Elio would be a deal-killer.

I pay less than that for three 4-wheeled vehicles including one 5-year-old 6500 lb truck with comp and collision. I also carry triple the minimum dollar coverage for all three.

 

[AriLea]

I bet they aren't accurate. 1900+ a year for once little vehicle is absurd. Insurance that high for the Elio would be a deal-killer.

I pay less than that for three 4-wheeled vehicles including one 5-year-old 6500 lb truck with comp and collision. I also carry triple the minimum dollar coverage for all three.

Judging by the quotes a little way above, there will be more than a trio of reasonable insurance companies available a few months before the first Elio hit the pavement. Given the noted interest and the attributes of the car, I'm sure it will be very reasonable indeed. Likely beat out what a 2 year old Fiesta requires.

 

[#491]

I don't know how Geico even had rates with no actual vehicle or test data. I suspect in my area at least full coverage should be in the $400-600 range. I have 3 vehicles with full coverage and a $500 deductable for around $1,350 a year for me and the wife. If you live in NYC or LA I'm sure your rates will be 5 times this amount but its mostly based on your location.