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

[AriLea]

What I'll do is vote with money. Insurance companies will eventually know that Elio customers are cost focused. If the Elio rate is too high, these customers may well switch quickly. I know I'll watch this intensely for the first 6months, expecting one or another insurer will figure out how to drop their rates. And this may very well switch my whole fleet auto-coverage. I'll look at it from all directions to save a buck.

And too, these companies will want accident rates to measure by, so each six months will be a trigger point due to the stats they collect.

 

[Joshua Caldwell]

I've received 2 quotes from USAA that were vastly different. One representative quoted me that the Elio would be insured as a compact car and would be only $50/yr cheaper than my current car. The other quoted me a motorcycle rate that was much cheaper, but did not even give the option of certain coverage features that I consider mandatory. I routinely drive through a very wealthy retirement community where $100k+ cars & lawyers are common and I insure to cover that.

 

[RMClubfitter]

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

No flames. I remember reading the same thing somewhere. Makes sense. Best to let Elio educate the insurance companies and states on the intricate details of the Elio. They are best able to handle any pushback. Think I read on facebook the Elio has an employee that is in charge of such things.

 

[Elio Amazed]

I'm thinking the quote: "Be careful what you wish for" applies big time here.

If I'm not mistaken, most states do not require adult operators and adult passengers to wear helmets on motorcycles.
A good number of states do not require child passengers to wear helmets.

If EM goes pursues special consideration from state governments concerning the designation of the Elio as other than a MC
(to pass the hurdle of requiring operators to have MC endorsements on their driver's licenses),
wouldn't it be a very natural progression that the insurance industry will follow
that "precident" to enable said insurance companies to charge 4-wheeler prices for insuring the Elio?
After all, most insurance companies (while being as competitive as they can be) are still out to maximize profits as an industry.

I have two MCs that I've got 15/30 Un- and Under- Insured on and my total bill is $134.59 for both bikes.

My Mustang and my 4WD Safari run me over $800 a year without collision.

I was looking forward to possibly replacing one of those "$400/yr" 4-wheelers with my "$60/yr" Elio,
But may not be able to get the cheap rate if the insurance industry takes advantage of the pathway that EM is attempting to clear.

I understand that there are probably a lot of little old lady (for instance) drivers who would not buy an Elio
if they had to get a MC endorsement on their drivers license to drive one. Just sayin though.

 

[dancescientist]

I don't think the classification of the Elio (motorcycle or car) will ultimately determine the cost of insuring an Elio. I think it will be the cost to the insurer for providing insurance. For instance, the only two reasons I can think of motorcycles costing less than cars might not apply well to the Elio.

1. Damage and injury to other parties. A 300 lb motorcycle would not cause as much damage or injury as a one-ton car. The Elio is about 1,200 lb, or half the weight of a car, 4X that a motorcycle.
2. Ridership of motorcycles is seasonal, and the prices might reflect that many won't use their motorcycle as often as their car. I don't think this will apply to the Elio either.

Overall, I think the cost of insuring an Elio will be somewhat lower than an average car, mainly due to the $6,800 replacement cost.

 

[outsydthebox]

Many good and valid points to consider. At this point in time tho, we are asking our Ins. companies for a quote on a vehicle that (in their eyes) does not exist, OR they may classify it as a "custom" vehicle. So these "quotes" are nothing more than a SHOT IN THE DARK. I tend to agree with Z, let EM's reps do the negotiating and educating.
Insurance companies do have to be competitive, and for that reason cannot price themselves "too high" or another company will take their customers. It may take a while for rates to balance out, but it will happen.

 

[Candice B]

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

 

[Ty]

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?

USAA wouldn't cover my motorcycle but they do have a special deal through Progressive who works with USAA customers. I'm surprised that USAA told you something official. All I could get was "USAA will make a determination once vehicles are available for sale" type of line and they wouldn't say anything else official. Of course, a lot could have changed in the couple of months since I asked them. If that is their party line, ask them to connect you to their motorcycle insurer, progressive. You'll have priority access. Good luck and keep us posted.

 

[wizard of ahs]

USAA wouldn't cover my motorcycle but they do have a special deal through Progressive who works with USAA customers. I'm surprised that USAA told you something official. All I could get was "USAA will make a determination once vehicles are available for sale" type of line and they wouldn't say anything else official. Of course, a lot could have changed in the couple of months since I asked them. If that is their party line, ask them to connect you to their motorcycle insurer, progressive. You'll have priority access. Good luck and keep us posted.

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

 

[Jayne Shelby]

I have been with GEICO for 40 years or so and they cover my scooter so I don't think I will have that problem..