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

Charles

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I've seen insurance discussed here from time to time in current threads, but I thought I'd bring up something that relates to myself personally.

I like to keep very high limits for uninsured and under-insured. I am in my early 30's, and statistically I'm more likely to end up disabled from an auto accident than I am to die from almost any cause. Many people keep minimum coverage, which even in the best states does not cover a moderate much less a severe accident.

As a past motorcyclist I imagine only a small portion of people here are as risk averse as myself. (After all, most people would consider driving a small vehicle more risky than driving a larger one. However I am just as Cheap than I am Risk Adverse so the Elio does still appeal to me.)

- Just out of curiosity I did a fake quote on Progressive choosing "3 wheeled alternative vehicle." and chose "Other make". I received the results in the range I should have expected: Extremely cheap minimum coverage: Less than $100 per year if I reject my states No Fault Tort . (For car insurance rejecting the tort raises the rates, but for motorcycle it lowers the rates because they don't have to provide me with medical coverage.)

On the flip side: uninsured and under-insured coverage makes the quote over double my current policy.

My hope is that there will be enough variation between insurers, that I could get a good price on the coverage I want (From a company that hopefully recognizes the cars safety ratings and realizes it is more like a car than a motorcycle. While others that desire it can get really cheap minimum coverage (From a company that has it classed as a motorcycle.)

Like much other information on this is purely speculative. Since this is not a finance site I didn't feel the need to over-explain my desire to own an Elio, but yet have high coverage limits. (For the record my current Geico policy is for a Cavalier and Civic, so know that high coverage limits can be affordable on a small car)

Any comments or other discussion on insurance?
 

goofyone

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I have no doubt that Elio insurance will be very inexpensive as it is a very inexpensive vehicle which is lightweight and has a good safety rating which all combines to create a vehicle with is inexpensive for an insurance company to cover.

The biggest insurance issue I foresee for future Elio owners is that insurance companies are highly likely to just write these vehicles off if involved in an accident any more serious than a fender bender. Repair labor, parts, painting, and diminished value compensation will exceed the value of the vehicle very quickly.
 

Charles

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I agree with Progressive's advertized prices being high. I switched between Progressive and Geico for many years. About the time the "Snapshot Device" came out, their prices increased greatly.

It is still convenient to get a general idea / comparison. Although every company may price a little differently, most will still follow the same trend as far as what things lower and raise coverage.


--- Good Point Goofyone. They may refuse to repair and write you a check for what they think it is worth. You probably won't be able to buy another one very easily for a long-period at the beginning of production.

It definately shouldn't be hard to insure overall. Small cars are relatively cheap, motorcycles are really cheap. But it does concern me that is technically a motorcycle. - For motorcycles under-insured and uninsured coverage tends to be very expensive for good reason. (Extremely easy to get injured and max out the other person's insurance coverage). I just hope some insurance companies do a good job at isolating the differences between this auto and a motorcycle.
 
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zelio

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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
 

Dustoff

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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
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