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

[goofyone]

Putting on my former bank internal auditor hat: If the credit card plan has a security interest in the vehicle, why would they need to charge such a high rate? Other lenders would offer conventional new vehicle financing at a far lower rate, making the card very uncompetitive. This would reflect negatively on EM. As an example, Kim Kardashian had a credit card marketed in her name. The rate and fees were so high that it was soon taken off the market due to her followers' anger.

Home equity lines of credit permit you to use a credit card, too, but the collateral keeps the rate low.

I would say we just don't have enough information to really know what the credit card deal will look like.

If this is a secured credit card with a very low usable limit intended solely for buying gas then the interest rates are likely to be quite low.

However if this is a normal unsecured credit card carrying a large balance then anything is possible. This does not necessarily mean the rate will be high as there are all kinds of cards with low introductory balance offers however these usually have very high penalty rates as well if the program is not followed.

 

[grampi]

Progressive Insurance is one of George Soros's companies and since I have USAA I would never switch

I have USAA too and have yet to find another company who can even come close to their rates...

 

[Jambe]

Progressive Insurance is one of George Soros's companies and since I have USAA I would never switch

http://www.answers.com/Q/Does_George_Soros_control_own_or_run_Progressive_Insurance_Company

"No, George Soros does not own or control Progressive Insurance. However, the chairman of the Progressive Corporation, Peter Lewis, is a known 'political associate' of George Soros. Together they financially support many liberal causes."

 

[lnwlf40]

http://www.answers.com/Q/Does_George_Soros_control_own_or_run_Progressive_Insurance_Company

"No, George Soros does not own or control Progressive Insurance. However, the chairman of the Progressive Corporation, Peter Lewis, is a known 'political associate' of George Soros. Together they financially support many liberal causes."

I would avoid Progressive insurance. I had my Harley insured with them and after the first year the premium jumped up significantly, and I have had no tickets, accidents, of claims of any kind. And I know insurance companies adjust rates based on claims from other policy holders but a $50 jump is hardly realistic, IMHO.

 

[zelio]

I would avoid Progressive insurance. I had my Harley insured with them and after the first year the premium jumped up significantly, and I have had no tickets, accidents, of claims of any kind. And I know insurance companies adjust rates based on claims from other policy holders but a $50 jump is hardly realistic, IMHO.

This seems to be the name of the game. My policy went up $72 this year. My car, a 1999 Camry, has been driven by me since 2000. I have never had a ticket in my life. Have only had 3 accidents in my life all of them more than 30 years ago and all of them the other drivers fault. I simply did not have the energy or patience to change my insurance this year, However, if the Elio is delayed, I will definitely change companies next year. If it isn't delayed, it won't matter because I will go with whoever gives the best policy to Elio owners. :-) Z

 

[MaxToreador]

Putting on my former bank internal auditor hat: If the credit card plan has a security interest in the vehicle, why would they need to charge such a high rate?

I'm talking 10-20% total over the ~3 year life of the 'loan'. From what I've grasped the card is the "your credit sucks" financing plan too, which = higher rates. Also being not only a new vehicle but a new type of vehicle(technically) and new car company they'll likely want to play this a little skeptical. IF Elio's plan flops these cars will be collectors items, but there will be 35k+ of them meaning the value will likely plummet till they become rarer. All goes well, then the car holds value and they have to worry less about you making payments. AKA the vehicle's value as security in the loan is variable dependent on it's success. Getting a few %'s extra the first year or two when they know the numbers better would not be a horrible idea.

 

[AriLea]

I'm talking 10-20% total over the ~3 year life of the 'loan'. From what I've grasped the card is the "your credit sucks" financing plan too, which = higher rates. Also being not only a new vehicle but a new type of vehicle(technically) and new car company they'll likely want to play this a little skeptical. IF Elio's plan flops these cars will be collectors items, but there will be 35k+ of them meaning the value will likely plummet till they become rarer. All goes well, then the car holds value and they have to worry less about you making payments. AKA the vehicle's value as security in the loan is variable dependent on it's success. Getting a few %'s extra the first year or two when they know the numbers better would not be a horrible idea.

They did say financing options too. So there is more than the card I'm sure. I know at my credit union I can get a 60month on this that would cost maybe 120/mo. EM can probably beat that.

 

[PhilGoings]

Has anyone approached an insurance company to see if they will cover the Elio?

(Moderator - Merged into larger insurance thread where others have done this)

 

[RUCRAYZE]

A little premature perhaps?,........... but that's just me.

 

[Husker1]

I know I've read people talking about it but I don't know of a straight answer yet. The best I've heard is we need a VIN first before we can give a quote. I haven't even thrown it past USAA yet, but believe when the time comes there won't be a problem.