Insurance Rant

[Ty]

Okay. I'm officially tired of people thinking the Elio will be cheaper to insure because it's a motorcycle. Get over it. Insurance companies are NOT in the habit of losing money. Even IF you follow the "It's classified as a motorcycle so insurance companies will insure it as a motorcycle and that's really cheap" line of thought, think about this... A Honda Goldwing costs about $28,000 new. A KLM can be had for way less than $10,000. Which do you think will cost more to insure? Probably the one that costs the most to repair, gets hurt the most in an accident, injures it's rider the most, is stolen the most, etc. The Elio will be cheaper to insure than most cars because face it - a totaled Elio will cost the insurance company WAY less than my wife's last accident which had $14,000+ in damage to her $30,000 Explorer.

It is possible that the Elio will be close to motorcycle costs as it is about as light as a motorcycle, will do about as much damage as a motorcycle to other vehicles...

Insurance companies will charge what they need to make money. It doesn't matter if the government calls it a motorcycle or a car or a flying squirrel. They will charge enough to make money.

Rant concluded.

 

[RUCRAYZE]

the insurance companies also calculate the risk of a particular vehicle.
How many get stolen because they are a desirable car affects the rates

Accident rates/mile, a Goldwing v some crotch rocket, guaranteed more accidents and injuries (Kids on too many horses)
adults on wings.

Driver ratings are factored - you know that two identical machines will not have the same rate for "accident prone" as a safe driver

Location- If you live in The City of Detroit (LOL) your rates will not be the same as downtown Fargo.

Performance/speed/power will affect rates- a supercharged Elio will cost more to insure than a base model.

Average miles/ year - the time your machine has the opportunity to need insurance.

And for reasons that are beyond us, Just this week I replaced my Honda Insight, with a BMW 135is (twin turbos- 330hp)\and
Geico's adjustment- same coverage???? o.k. take a guess, ---remember the beemer is almost 2x+ the purchase cost of the insight requires "exotic" dedicated parts (nothing "off the shelf") and by design is driven just a little harder than the hybrid.
Well then, I almost tossed my coffee- $60.00/ 6 months!!!!! i.e. $120.00 for the year!! They too are not in it to lose money, and for reasons both you and I don't understand, they are making lots-o-cash
BTW- I have no idea how much money, they, and the rest of the industry spend on commercials, but we all could save a heap if their ad budgets went south

 

[Smitty901]

My car and motorcycle insurance is not bad at all. However My son now has a 16 1/2 year old driving man is he in for a surprise.

 

[Ekh]

the insurance companies also calculate the risk of a particular vehicle.
How many get stolen because they are a desirable car affects the rates

Accident rates/mile, a Goldwing v some crotch rocket, guaranteed more accidents and injuries (Kids on too many horses)
adults on wings.

Driver ratings are factored - you know that two identical machines will not have the same rate for "accident prone" as a safe driver

Location- If you live in The City of Detroit (LOL) your rates will not be the same as downtown Fargo.

Performance/speed/power will affect rates- a supercharged Elio will cost more to insure than a base model.

Average miles/ year - the time your machine has the opportunity to need insurance.

And for reasons that are beyond us, Just this week I replaced my Honda Insight, with a BMW 135is (twin turbos- 330hp)\and
Geico's adjustment- same coverage???? o.k. take a guess, ---remember the beemer is almost 2x+ the purchase cost of the insight requires "exotic" dedicated parts (nothing "off the shelf") and by design is driven just a little harder than the hybrid.
Well then, I almost tossed my coffee- $60.00/ 6 months!!!!! i.e. $120.00 for the year!! They too are not in it to lose money, and for reasons both you and I don't understand, they are making lots-o-cash
BTW- I have no idea how much money, they, and the rest of the industry spend on commercials, but we all could save a heap if their ad budgets went south

I want the supercharged Elio.

 

[RUCRAYZE]

I want the supercharged Elio.

even if the insurance is higher?lol

 

[robert109]

Okay. I'm officially tired of people thinking the Elio will be cheaper to insure because it's a motorcycle. Get over it. Insurance companies are NOT in the habit of losing money. Even IF you follow the "It's classified as a motorcycle so insurance companies will insure it as a motorcycle and that's really cheap" line of thought, think about this... A Honda Goldwing costs about $28,000 new. A KLM can be had for way less than $10,000. Which do you think will cost more to insure? Probably the one that costs the most to repair, gets hurt the most in an accident, injures it's rider the most, is stolen the most, etc. The Elio will be cheaper to insure than most cars because face it - a totaled Elio will cost the insurance company WAY less than my wife's last accident which had $14,000+ in damage to her $30,000 Explorer.

It is possible that the Elio will be close to motorcycle costs as it is about as light as a motorcycle, will do about as much damage as a motorcycle to other vehicles...

Insurance companies will charge what they need to make money. It doesn't matter if the government calls it a motorcycle or a car or a flying squirrel. They will charge enough to make money.

Rant concluded.

Hello all. I have owned a 3 wheeled electric car/motorcycle in Illinois for 11 years. State Farm has insured it for a very low cost of around $185 a year. The vehicle is called the "gizmo". So I fully know from experience, to insure my Elio will be the same cost, maybe slightly higher due to the higher operating speed the Elio can achieve. I have already contacted my agent and they agree.

My Gizmo footage:

 

[BaldGuy]

Hello all. I have owned a 3 wheeled electric car/motorcycle in Illinois for 11 years.
My Gizmo footage:

Just love your Gizmo footage. I'd love to have one. However, two statements on the site that has been a concern for me about the Elio. I honestly feel Paul's desire to make the Elio in the USA might become his demise.

“NEVCO has discontinued production of the Gizmo. The increasing costs of parts and overhead have made it impossible to continue in our current position. Thank you for all your support for our effort. We are working on re-starting production after restructuring, if possible.

If you are interested in a used Gizmo as they are available, please indicate this in a message to gizmo@nevco-ev.com."

"NEVCO's recent price adjustment reflects the increased costs of components from our suppliers, and overhead associated with operating a manufacturing business in the U.S."

 

[ecdriver711]

Made in USA. Like it.