Insurance Costs? (egads!) Another Can Of Worms!

[Sethodine]

The insurance IS a huge factor for me. If it is over $400.00 a year, I won't be interested.

Yeah, $400 per year ($33 per month) is pretty close to what I'm paying right now for my current commuter car, although I anticipate paying more since the Elio payment plan is probably gonna need full comprehensive insurance. But then again, maybe not! It all depends on how the insurance company decides to rate it.
At the very least, my current commuter can be demoted to the "rarely driven" catergory, since I'll probably only need its seating capacity a couple times per year.

Speaking of insurance, does anybody here know how much it costs to insure a Slingshot?

 

[RUCRAYZE]

The insurance IS a huge factor for me. If it is over $400.00 a year, I won't be interested.

sorry you're playing it so close, If you currently own a car/motorcycle, this should not be a surprise

 

[BiloxiGeek]

After a few emails with USAA I just got a phone call from them. Since the Elio is technically classified as a motorcycle they won't insure it directly, but they will refer me to one of their partners for insurance. The rep and I talked for about 10 minutes and she told me after it's in production, the safety features are known facts and all the safety testing is done and on the books there's a good chance that my regular auto policy will cover the Elio just like it covers my Ford, Chevy and Buick.

P.S. I think after I explained what it was and the "4 Must Haves" she was interested in it personally. BONUS!

 

[Marshall]

P.S. I think after I explained what it was and the "4 Must Haves" she was interested in it personally. BONUS!

This is a reason I believe the potential for explosive growth is there. About half the driving public would be interested in this low cost special purpose vehicle that works for regular roadways and more like a car than a motorcycle.

 

[Marshall]

Yeah, $400 per year ($33 per month) is pretty close to what I'm paying right now for my current commuter car, although I anticipate paying more since the Elio payment plan is probably gonna need full comprehensive insurance. But then again, maybe not! It all depends on how the insurance company decides to rate it.
At the very least, my current commuter can be demoted to the "rarely driven" catergory, since I'll probably only need its seating capacity a couple times per year.

Speaking of insurance, does anybody here know how much it costs to insure a Slingshot?

Just remember, the insurance should be lower (at least for the comp and collision) if replacement cost is substantially lower. It limits their exposure and risk.

 

[Sethodine]

Just remember, the insurance should be lower (at least for the comp and collision) if replacement cost is substantially lower. It limits their exposure and risk.

You'd think, but insurance costs are based on deeper statistics than just raw vehicle value. For instance, if it turns out a higher percentage of Elios need collision repair than other cars (for any reason), then the cost of collision insurance might make it on par with other passenger cars.

 

[Marshall]

You'd think, but insurance costs are based on deeper statistics than just raw vehicle value. For instance, if it turns out a higher percentage of Elios need collision repair than other cars (for any reason), then the cost of collision insurance might make it on par with other passenger cars.

But my experience has been that almost any damage results in totaling the car because of the tremendous repair costs. A total of an Elio will be less most of the time.

I know loss history will eventually be used to establish rates, but I'm not sure how they'll handle it before than. Gouge or reasonable pricing? It's the same for Loans for Elios. Will banks use Vehicle rates or personal loan rates?

 

[TMOSteel]

As a former property and casualty insurance agent, I can tell you a number of factors go into the insurance symbol for a vehicle, including original purchase price, crash data, cost to repair, how often they are stolen etc. On a brand new vehicle, most of the information is going to be an estimate. Any agent who is stating its going to be about the same price as a motorcycle doesn't know what they heck they are talking about.

The way the car is driven (work/school/business), distance and annual mileage affect the premium that you pay, but have nothing to do with the insurance symbol for the vehicle which affects the rate. The more you drive, the more exposure, the higher the premium. Also where you live, accidents in your area, disasters etc. etc. but you should get the general idea.

Having no experience with an autocycle I cannot even hazard as guess as to who is going to insure it, even with it classified as a motorcycle its an enclosed one and it should be fun to see where the companies are going to classify it as an insurable vehicle.

 

[TMOSteel]

Just remember, the insurance should be lower (at least for the comp and collision) if replacement cost is substantially lower. It limits their exposure and risk.

Original cost of the vehicle is only one of the factors in creating the insurance symbol for a vehicle. So replacement cost doesn't really factor in the way you think it would.

You'd think, but insurance costs are based on deeper statistics than just raw vehicle value. For instance, if it turns out a higher percentage of Elios need collision repair than other cars (for any reason), then the cost of collision insurance might make it on par with other passenger cars.

Once an insurance symbol has been established for a vehicle, it doesn't change. In ten years I never saw symbol revision for a vehicle, which would affect the rate up or down. That's why your comp and collision never go down as the car ages, the symbol stays the same.

But my experience has been that almost any damage results in totaling the car because of the tremendous repair costs. A total of an Elio will be less most of the time.

I know loss history will eventually be used to establish rates, but I'm not sure how they'll handle it before than. Gouge or reasonable pricing? It's the same for Loans for Elios. Will banks use Vehicle rates or personal loan rates?

See my previous answer; future Elio model years could see a difference in their insurance symbol, based on this information, but again you are not going to see a change in premium in the model year you own. So if we all get 2017 Elios, that symbol with stay with the vehicle for the life of the car.

 

[RUCRAYZE]

This forum never disappoints !!
We are fortunate to have so many people with in depth backgrounds, knowledge, and the desire to share this information, of lifetime learning across a wide spectrum of topics- Very little B.S. gets by here , (as hard as some of us try)
I thank you.