Friday Blog Is Out

[RSchneider]

Did some digging... Nicholas Cage owns some fifty plus collectible cars including several Rolls & a thirty plus motorcycles...hmmm...he and Leno have the biggest collections. Cage is also part of the Coppola family. I'm hoping that ELIO MOTORS can be the next big quality affordable American set of wheels brought to reality from potential film & TV celebrity investors who can build real brand popularity & leverage through free & paid media. Stand by folks...this rumor might have solid origins, real or imagined. Where's the popcorn emoji, we're enjoying the show.

Don't forget Jerry Seinfeld. He's got quite the collection. With the Elio on Jay Leno's garage and Comedians in Cars Getting Coffee, that right there along with Nick Cage and Adam Carolla, is more than enough money to get the Elio to market and a massive hit before it ever gets to market. Just having it on those two shows will make it a no brainer for those car guys to start writing the checks. Add into that, Joe Biden is a huge car nut, he'd get the ATVM loan passed and autocycle legislation passed.

The funding come April just gets better and better. I can't wait for this to hopefully happen.

 

[Johnny Acree]

Two Important Topics
January 26, 2018



Happy Friday Elio’ers! In today’s Friday Blog, we are going to mix things up a little bit. Financing and insurance are two topics that come up multiple times every day. Some of you already know about our different financing options and how the Elio will be insured, but we field quite a few questions from some long-time reservation holders that would like clarification. Today’s Friday blog is from the archives and has some great information. Without further ado…

Insurance



So, just how will the Elio be insured? Ultimately, we believe it will be insured as a motorcycle. Before we get into why and the benefits, we should let you know that calling your local insurance agent won’t get you very far when it comes to the Elio. When we’re in production, they’ll know a whole lot, but until then they will not have much information. Rest assured, we’re on it in terms of talking to the policymakers. Insurance companies are not in the business of losing business, so we are confident you won’t have any troubles insuring the Elio.



The Elio most likely be insured as a motorcycle because we have three wheels. Since motorcycle insurance rates are already lower than auto rates, Elio owners are already ahead. From there, we anticipate that the Elio will be very, very affordable to insure. Each insurance company uses a slightly different calculation, but the main way to calculate a rate is by looking at a vehicle’s safety rating, it’s cost to replace, and the cost of parts.



So, using this equation, the Elio is engineered to the highest safety standards through the Elio Safety Management System, is ultra-affordable, and uses off-the-shelf components. The bottom line: insuring the Elio will be easy and inexpensive.





Financing



We will offer traditional financing options, just like any other vehicle company. But, we think we have an innovative idea that fits how we do things. We call it the “Have your gas savings make your payment.” Here’s the basic idea:



When you pick up your Elio, you will receive an Elio Motors credit card. Each time that you fuel up (which at up to 84 MPG on the highway won’t be too often) part of the payment will go toward paying off your Elio. Let’s say you spend $20 gas. The card will be charged $60- $20 is going toward the gas and $40 is going toward paying the balance of your vehicle. We are still working out the details (credit requirements, minimum payments, interest rates, etc.) but basically, the money you are currently spending on gasoline is paying for a brand spanking new vehicle! Again, we will offer more traditional financing options, but we think that this unique option is perfect for many Elio owners.



Thanks for your support and have a lucky weekend!

 

[Ace]

Two Important Topics
January 26, 2018



Happy Friday Elio’ers! In today’s Friday Blog, we are going to mix things up a little bit. Financing and insurance are two topics that come up multiple times every day. Some of you already know about our different financing options and how the Elio will be insured, but we field quite a few questions from some long-time reservation holders that would like clarification. Today’s Friday blog is from the archives and has some great information. Without further ado…

Insurance



So, just how will the Elio be insured? Ultimately, we believe it will be insured as a motorcycle. Before we get into why and the benefits, we should let you know that calling your local insurance agent won’t get you very far when it comes to the Elio. When we’re in production, they’ll know a whole lot, but until then they will not have much information. Rest assured, we’re on it in terms of talking to the policymakers. Insurance companies are not in the business of losing business, so we are confident you won’t have any troubles insuring the Elio.



The Elio most likely be insured as a motorcycle because we have three wheels. Since motorcycle insurance rates are already lower than auto rates, Elio owners are already ahead. From there, we anticipate that the Elio will be very, very affordable to insure. Each insurance company uses a slightly different calculation, but the main way to calculate a rate is by looking at a vehicle’s safety rating, it’s cost to replace, and the cost of parts.



So, using this equation, the Elio is engineered to the highest safety standards through the Elio Safety Management System, is ultra-affordable, and uses off-the-shelf components. The bottom line: insuring the Elio will be easy and inexpensive.





Financing



We will offer traditional financing options, just like any other vehicle company. But, we think we have an innovative idea that fits how we do things. We call it the “Have your gas savings make your payment.” Here’s the basic idea:



When you pick up your Elio, you will receive an Elio Motors credit card. Each time that you fuel up (which at up to 84 MPG on the highway won’t be too often) part of the payment will go toward paying off your Elio. Let’s say you spend $20 gas. The card will be charged $60- $20 is going toward the gas and $40 is going toward paying the balance of your vehicle. We are still working out the details (credit requirements, minimum payments, interest rates, etc.) but basically, the money you are currently spending on gasoline is paying for a brand spanking new vehicle! Again, we will offer more traditional financing options, but we think that this unique option is perfect for many Elio owners.



Thanks for your support and have a lucky weekend!

**sigh**

 

[KD]

**sigh**

Well said.
Again.

 

[W. WIllie]

ZZZZZZZZZZZZZZZ, FART, ZZZZZZZZZZZZZZZZZZ.

 

[RSchneider]

Elio is recycling blogs.
https://www.eliomotors.com/financing-and-insurance/

 

[Made in USA]

I don't believe that Elio is correct when it comes to insurance. First, consider that many motorcycles are not used much in the winter months. They are somewhat seasonal. They are also rarely used when it's raining. From an insurers point of view, their risk is lower because of the limited use of the vehicle. The Elio on the other hand will be used year round. That puts it at higher risk. I think it is ridicules to think that the insurance industry will consider the Elio a regular motorcycle and not put it at a higher rate because of the higher usage. Now granted, it's lower cost to begin with should help keep the rates lower, but until they start producing them we will just have to see how the other enclosed three wheelers are treated insurance wise.

 

[RSchneider]

I don't believe that Elio is correct when it comes to insurance. First, consider that many motorcycles are not used much in the winter months. They are somewhat seasonal. They are also rarely used when it's raining. From an insurers point of view, their risk is lower because of the limited use of the vehicle. The Elio on the other hand will be used year round. That puts it at higher risk. I think it is ridicules to think that the insurance industry will consider the Elio a regular motorcycle and not put it at a higher rate because of the higher usage. Now granted, it's lower cost to begin with should help keep the rates lower, but until they start producing them we will just have to see how the other enclosed three wheelers are treated insurance wise.

You are right. A relative of mine is an actuary for an insurance company and he told me the same thing. He doesn't see how the Elio would be cheaper than insuring something like a Nissan Versa and by the exact reason you stated. This is why classic car insurance is pretty cheap over what you'd expect. Reason is, you drive it on weekends, rarely in bad weather and probably not going to take any chance with it. Just like when they ask you if you use your car for work or not. They keep track of the mileage that the state gets in most areas where you list the mileage each year for registration or what is sent to the state when they hook it up to a computer for emissions or for a non emissions area, what they type in when it gets inspected. If they notice that both of your cars you list for pleasure yet one get 15K per year, your rate on that one goes up. Same thing for a motorcycle. I know a guy that rides his BMW as much as he can and thus, he pays more to insure it than his other BMW that costs more yet is only used for weekends. It wouldn't surprise me if a Slingshot will be cheaper to insure over an Elio.

Plus, the IIHS will get a few Elios and destroy them. Then, they will further set the insurance rate on them.

 

[Rob Croson]

Now granted, it's lower cost to begin with should help keep the rates lower, but until they start producing them we will just have to see how the other enclosed three wheelers are treated insurance wise.

So, I started thinking the other day about insurance, after being involved in an accident in which the repair bill topped over $5,200. The Elio may be cheaper, but will that really end up with a lower repair cost? You still have to buy the parts. And at least half the cost of a collision repair is labor. So even if the parts cost is half, you still have the labor to replace all those parts. So your repair bill isn't going to be all that much lower anyway. And if the car is cheaper to begin with, it is also cheaper for the insurance company to total it out, and you get a check for a ridiculously low amount, and you're out a vehicle. No insurance company is going to shell out $5k to repair a two year old vehicle that was only $7k when brand new.

Personally, I don't really think the insurance is going to be that much lower than any standard four-wheeler.

 

[Elio Amazed]

Also, there is a serious potential problem here until it's sorted out specifically for the Elio.

In PA, A person rides/drives a motorcycle "At their own risk". In other words...
A person hitting you is not responsible for your, or your passenger's, medical or funeral costs.
Or for your lost wages. Or for your, your passenger's or your family's, loss, pain and/or suffering due to injury or death.
You, the MC rider or operator, are responsible for all that.

Someone hitting you (causing an accident) is responsible for the repair/replacement of your bike and equipment.
But not the cost of repairing you or your passenger, or damages to your family in the even they caused your death.

You as a motorcycle owner cannot purchase MC insurance that covers your medical and/or funeral.
It doesn't exist in PA. So... it's basically... If you don't have good medical insurance stay off of motorcycles.

It's seems to be a convoluted way to eliminate having cagers take responsibility for their actions.
Because there is a perceived public hazard due to motorcycles being allowed on the road.
It's horribly imbalanced and permits cagers to be careless around MCs with impunity.
It's almost like we PA motorcycle riders are being punished for choosing to ride.

Regardless of how I/we feel about it, since the Elio will be registered as an MC...
The insurance companies are either going to have to insure it as a car...
Or you'll be taking a huge risk driving and/or riding in one in PA and other states with these laws.
Anyone know if the Slingshot, T-rex and Morgans are insured as cars or MCs in Pennsylvania?