Happy Friday Elio’ers! In today’s Friday Blog, we are going to mix things up a little bit. Financing and insurance are two topics that come up multiple times every day. Some of you already know about our different financing options and how the Elio will be insured, but we field quite a few questions from some long-time reservation holders that would like clarification. Today’s Friday blog is from the archives and has some great information. Without further ado…
So, just how will the Elio be insured? Ultimately, we believe it will be insured as a motorcycle. Before we get into why and the benefits, we should let you know that calling your local insurance agent won’t get you very far when it comes to the Elio. When we’re in production, they’ll know a whole lot, but until then they will not have much information. Rest assured, we’re on it in terms of talking to the policymakers. Insurance companies are not in the business of losing business, so we are confident you won’t have any troubles insuring the Elio.
The Elio most likely be insured as a motorcycle because we have three wheels. Since motorcycle insurance rates are already lower than auto rates, Elio owners are already ahead. From there, we anticipate that the Elio will be very, very affordable to insure. Each insurance company uses a slightly different calculation, but the main way to calculate a rate is by looking at a vehicle’s safety rating, it’s cost to replace, and the cost of parts.
So, using this equation, the Elio is engineered to the highest safety standards through the Elio Safety Management System, is ultra-affordable, and uses off-the-shelf components. The bottom line: insuring the Elio will be easy and inexpensive.
We will offer traditional financing options, just like any other vehicle company. But, we think we have an innovative idea that fits how we do things. We call it the “Have your gas savings make your payment.” Here’s the basic idea:
When you pick up your Elio, you will receive an Elio Motors credit card. Each time that you fuel up (which at up to 84 MPG on the highway won’t be too often) part of the payment will go toward paying off your Elio. Let’s say you spend $20 gas. The card will be charged $60- $20 is going toward the gas and $40 is going toward paying the balance of your vehicle. We are still working out the details (credit requirements, minimum payments, interest rates, etc.) but basically, the money you are currently spending on gasoline is paying for a brand spanking new vehicle! Again, we will offer more traditional financing options, but we think that this unique option is perfect for many Elio owners.
Thanks for your support and have a lucky weekend!