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

[Johnapool]

I don't think we have chewed this toy to pieces yet.....When I still rode motorcycles, the breaking point for insurance rates was the over/under 1000cc line.
As the Elio is going to be classified as a motorcycle, and is under 1000cc, insurance should be way less than a car.
Anyone out there work for an insurance company?

 

[RUCRAYZE]

I don't think we have chewed this toy to pieces yet.....When I still rode motorcycles, the breaking point for insurance rates was the over/under 1000cc line.
As the Elio is going to be classified as a motorcycle, and is under 1000cc, insurance should be way less than a car.
Anyone out there work for an insurance company?

I know of people employed at insurance co's, but wouldn't call it working.
My guess, with three wheels it should be 33 1/3% more than a MC, and 33 1/3 less than a car

 

[Ty]

I don't think we have chewed this toy to pieces yet.....When I still rode motorcycles, the breaking point for insurance rates was the over/under 1000cc line.
As the Elio is going to be classified as a motorcycle, and is under 1000cc, insurance should be way less than a car.
Anyone out there work for an insurance company?

Insurance will be based on repair cost, replacement cost, injury to occupants, and the amount of damage it can create in an accident. Insurance companies will NOT lose money just because someone wants to call it a motorcycle or autocycle... Having said that,

1. The Elio is less expensive than most motorcycles... should result in less expensive insurance when replacement is considered.
2. The Elio may cost more in minor accidents than a motorcycle to repair but probably lots less than a regular car (most will probably just total it)... higher insurance than a motorcycle
3. Occupants are limited in number as they are on a motorcycle and much less likely to suffer injury than on a motorcycle... less expensive insurance
4. Weighing 1,200 lbs, the Elio weighs more than most motorcycles but less than most if not all cars ... insurance in the middle there.

It is possible that the Elio could have cheaper insurance than motorcycles on a per-mile basis... Safer and cheaper than bikes... As safe, cheaper than cars...

But, that will obviously be up to the adjusters to figure out.

 

[Smitty901]

I don't think we have chewed this toy to pieces yet.....When I still rode motorcycles, the breaking point for insurance rates was the over/under 1000cc line.
As the Elio is going to be classified as a motorcycle, and is under 1000cc, insurance should be way less than a car.
Anyone out there work for an insurance company?

Once you become of age 1000cc is no deal breaker. Age ,years riding, Tickets and claim Zip code all come into play more than size.
I pay less on both of mine one 1690cc one 1350cc than many with 1 650cc pays. Mileage is no factor in my motorcycle insurance.
If the ELIO is classed as a car it will cost more.

 

[JEBar]

If the ELIO is classed as a car it will cost more.

time will tell and I've been wrong many times ..... given the facts that the Feds classify it as a motorcycle, that it will come with a motorcycle vin, and in all states, efforts are in place to get it covered by a few exceptions to motorcycle laws .... I just don't see how an insurance company can make the decision to declare that it is a car .... I can see them creating a new class of coverage for an Autocycle and who knows how they would set the rates and terms of coverage

 

[goofyone]

time will tell and I've been wrong many times ..... given the facts that the Feds classify it as a motorcycle, that it will come with a motorcycle vin, and in all states, efforts are in place to get it covered by a few exceptions to motorcycle laws .... I just don't see how an insurance company can make the decision to declare that it is a car .... I can see them creating a new class of coverage for an Autocycle and who knows how they would set the rates and terms of coverage

I also believe insurance companies will likely classify the Elio a trike or three wheel motorcycle with autocycle also being an option. As private companies the insurance companies can pretty much do what they wish however they generally try to align how they do things with the government classifications.

As this is really a new type of vehicle I am sure the insurance company actuaries will closely study the packet of information which EM will submit to them, along with any other information they can get hold of, then follow along very closely to see how their initial actuarial models line up with what actually happens. Due to there being so many unknowns in this process it would not surprise me to see a large variation in intial premium costs from company to company as well as some interesting shifts in insurance premiums over the first couple of years as insurance actuaries get a good handle on aligning their actuarial computer models with the real world insurance costs.

 

[Rickb]

time will tell and I've been wrong many times ..... given the facts that the Feds classify it as a motorcycle, that it will come with a motorcycle vin, and in all states, efforts are in place to get it covered by a few exceptions to motorcycle laws .... I just don't see how an insurance company can make the decision to declare that it is a car .... I can see them creating a new class of coverage for an Autocycle and who knows how they would set the rates and terms of coverage

Elio has a mototrcycle vin number, will be State registered and licensed as a motorcycle/autocycle. The enclosed AutoCycle class is safer than a motorcycle, The cost new, repair, and replacement value of the Elio less than the average motorcycle, thus AutoCycle insurance should be by far cheaper than the average motorcycle cost to insure. I'm eager to have the experience of calling my agent to add the Elio to my policy.

 

[JEBar]

I'm eager to have the experience of calling my agent to add the Elio to my policy.

for those of us who are somewhere in line to get our Elio several months after they go into production, that is a trail that will be well blazed by folks with low reservation numbers .... I suspect that word will pass through the insurance industry quickly when customers (many of which are already their policy holders) start calling for a quote .... from working in the RV industry, I do know that getting a loan and/or insurance coverage can be difficult to impossible without a listing with such resources as NADA and Kelley Blue Book .... it will be interesting to see the depreciation tables on an Elio

 

[nickskeys]

Don't know if this has been discussed before (probably has!) but will the Elio car be insured as a motorcycle and licensed in kind? The cost of insurance is my greatest concern with this vehicle.


(Moderator Comment - Merged into this existing insurance thread)

 

[Jeff Porter]

Don't know if this has been discussed before (probably has!) but will the Elio car be insured as a motorcycle and licensed in kind? The cost of insurance is my greatest concern with this vehicle.

Hi Nick, yes it'll have a motorcycle VIN number, so will be insured as a motorcycle.

There is a bill at the Federal level being considered right now, to classify the Elio as an autocycle. If that passes in the future, then the insurance industry will insure the Elio as an autocycle. But until then.... motorcycle.

For driver's license, that depends right now on the state where you live and its state laws. Some states, you'll need a mc license. Other states, you just need a normal license.