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

[outsydthebox]

I just checked with my insurance carrier, USAA, and they will NOT cover the Elio when it comes out. Does anyone know of any insurance companies that will cover the Elio?

Welcome to the "family!" Insurance has been discussed, here. The general thought is...EM has said that, at this point in time, It is too soon for Insurance companies to have all of the vital information necessary to give a quote. Please be patient.

 

[Joshua Caldwell]

I just checked with my insurance carrier, USAA, and they will NOT cover the Elio when it comes out. Does anyone know of any insurance companies that will cover the Elio?

Welcome, and when I called USAA myself they said it would be covered as a compact car, and another forum member says they were told it would be covered as a motorcycle. This early in the game, I think the reps are just guessing.

 

[Neal]

USAA no longer covers ANY motorcycle....the only USAA M/C policies are the ones that got "grandfathered" in when they made the change. All their M/C business does in fact go to Progressive

Progressive was great when i had my bad motorcycle accident last year. They totaled out the bike and sent someone to my house within 3 weeks to give me a check for more than I purchased the bike for. They also reimbursed me for the cost of my helmet and riding boots without even looking at them or asking for reciepts, just asked me how much I paid for them. Was a very good experience.

 

[Lil4X]

My daughter, like the rest of the family, was insured with Progressive at the time she ran into that Bentley with her rusty pickup. They paid off quickly and the whole process was smooth. Several months later when she got her new insurance quote, her rate had gone up $20 a month and she bailed out in favor of some fly-by-night storefront insurance company that was cheaper. Boy, I sure hope she doesn't get another Bentley in her sights, I'm not sure her new insurance company could afford the repairs.

 

[Jim H]

I just checked with my insurance carrier, USAA, and they will NOT cover the Elio when it comes out. Does anyone know of any insurance companies that will cover the Elio? Moderator Comment: Merged into existing insurance thread

Candice, welcome to the forum where you will find the latest information and opinions on nearly every aspect of the development and production of the Elio. As a 45-year member of USAA I won't worry about insurance until the production announcement is released. USAA has been a quality company and I'm sure they will take good care of us. Looking forward to your comments, questions and contributions to the forum and hope you find it informative, entertaining and rewarding.

 

[nthawk68]

I am preparing myself for being shot down for this but. . . . . . . Somewhere in the last month or two a question was asked about insurance at one of the events (I believe) and the representative asked that we not approach insurance companies because Elio is working on this. I think Elio is treating insurance the same way they are treating helmets and endorsements, with subject specific staff working out the kinks. I had planned on providing information to my insurance company and backed off after that. My gut feeling is the question was asked in Knoxville or Nashville but I could be wrong. Sorry for the incomplete information.

OK! I have shielded my heart and home from incoming missiles - fire away! Z

Z, I totally agree with you and have positioned my virtual Iron Dome system to protect you..... The way I see it, insurance are not going to even investigate it until there are working copies to evaluate and the initial crash and road tests are complete. that way the actuarians (Bean Counters to most of us) can measure and price the risk associated with these vehicles....

 

[Rickb]

Z, I totally agree with you and have positioned my virtual Iron Dome system to protect you..... The way I see it, insurance are not going to even investigate it until there are working copies to evaluate and the initial crash and road tests are complete. that way the actuarians (Bean Counters to most of us) can measure and price the risk associated with these vehicles....

I agree it premature to worry about insurance until there are actual Elio's to insure. With that said the Elio technically by classification to date is a motorcycle (safer than the typical motorcycle) so premiums shouldn't be any more or less to cover it's replacement value as a motorcycle. Premiums will be affordable irregardless of how individual States and or individual insurance companies decide to classify it in the end. It's all good.

 

[JP]

I have never owned a motorcycle before. Since the elio is a motorcycle, wouldn't that make me a new rider. I would assume insurance for a new rider is substantially more expensive like insurance for new car drivers.

 

[outsydthebox]

I have never owned a motorcycle before. Since the elio is a motorcycle, wouldn't that make me a new rider. I would assume insurance for a new rider is substantially more expensive like insurance for new car drivers.

Since it won't require a M/C endorsement, I don't think that will be an issue. I think that (like car insurance), your age and driving history will be the biggest factors. I also don't remember ever being asked "how many years" I have been riding.

 

[Jeff Miller]

I have never owned a motorcycle before. Since the elio is a motorcycle, wouldn't that make me a new rider. I would assume insurance for a new rider is substantially more expensive like insurance for new car drivers.

M/C insurance rates are not based on how long you have been a rider. Insurance rates are based on a bunch of things such as age and accidents which could impact your M/C insurance rates but in no way different from any other automobile.

Besides, I suspect that with EM legislative and insurance efforts I doubt the elio will actually be a M/C by the time it comes out next year.