A three-wheel vehicle that rides the line between motorcycle and car may mean different coverage by state.
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The Electra Meccanica Solo is a three-wheel, electric commuter vehicle designed to reduce the environmental impact of heavy traffic areas. Insurance costs on new vehicle types can be hard to predict, and the Solo offers a unique challenge, in that states like California classify the vehicle as a motorcycle, while Florida allows manufacturers to call it a car.
Small cars like the Smartcar average around $600 annually for car insurance and three-wheeled motorcycles, average just under $900 annually. But the Solo is electric, smaller than the Smartcar and from a brand new manufacturer, so rates could range anywhere from $650 to $1,000 a year. With a sticker price of only $18,500, you can expect an annual insurance cost-to-base-price ratio of 3.5 to 5%, making the Solo relatively cheap to insure.
The insurance you get for the Electra Meccanica Solo may depend on whether your Solo is classified as a car or motorcycle in your state. Regardless, you can expect the following factors to affect your insurance rates:
Body type. The Solo introduces a unique body type, which has no comparable model in the market. But smaller vehicles tend to come with smaller insurance premiums.
Fuel. This electric vehicle was designed to be a commuter car, offering only a 100-mile range between charging. It uses a 220V battery, which means a significantly lower fuel bill each year, but slightly higher insurance rates because of its electric engine.
Theft rates. There are no available theft statistics just yet, and the company makes no mention of antitheft devices in its technical specs for the Solo. This doesn’t mean there won’t be any available when it comes out, but if you want to score an antitheft discount, ask what’s available before you make your purchase.
Maintenance. The company claims the Solo has 99% fewer parts than a combustion engine, which could make maintenance easier. But electric cars tend to have tech parts that need a specialist to work on them.
Coverage. The Solo claims to meet global safety standards and has voluntarily put the car through crash testing, but it’s not subject to the rigorous testing of other passenger vehicles, nor are airbags listed in the specs. So, you may consider extra medical coverage, and roadside assistance for times you run out of enough charge to make it home.
Insurer options. With no similar model on the market, it’s hard to say what limitations you’ll face in your search for insurance, but you can expect insurers that cover electric cars and motorcycles to offer a policy for the Solo.
Warranty. The Solo comes with a two-year overall warranty and a separate five-year warranty on the battery pack.
Does the Electra Meccanica Solo qualify for discounts?
Because the Solo is only in the reservation stage of production, it’s hard to say which features will be available on the fully released version, but you may get a discount for driving an electric car. Available discounts will also depend on whether the Solo is classified as an enclosed motorcycle or car in your state.
How reliable is the Electra Meccanica Solo?
A car this new to the market may seem like a risk, but the Solo has been testing prototype vehicles since 2018.
Safety. The Solo received a US Federal Motor Vehicle Safety Standard certification from the National Highway Traffic Safety Administration and is working through testing requirements to prove the vehicle is in compliance with global safety standards.But the current lack of airbags has kept the car from meeting Canadian national safety standards. The manufacturer is currently seeking an exception.
Reliability. Reliability info isn’t available yet for this model. But test drivers of original models complain of a lack of power steering and power brakes, which might lead to vulnerability on the road.
Recalls. The only recall on record concerned an inaccurate compliance label that was addressed in 2018.
Bottom line
The Electra Meccanica Solo can save you money on insurance rates, but by how much is only a prediction for now. While this three-wheel commuter may not have a lot of models for comparison, it’s always worth it to shop around for the best price on the coverage you need.
Common questions about Electra Meccanica Solo insurance
No one is sure yet how the federal regulations will classify the Solo, and even the states are mixed. For example, California classifies an autocycle as a motorcycle, but doesn’t require you to have the motorcycle endorsement on your driver’s license to drive one.
It might. But unless Electra Meccanica follows through on promises to include airbags and antitheft features, you won’t get the discounts for those features that most modern cars offer.
Heather Petty is a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno.
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