Aptera Insurance, Finance, Lease and Payment info

Aptera Community Aptera Discussions Aptera Insurance, Finance, Lease and Payment info

Aptera Community Aptera Discussions Aptera Insurance, Finance, Lease and Payment info

  • Aptera Insurance, Finance, Lease and Payment info

     Nathan Lewis updated 3 weeks, 6 days ago 58 Members · 104 Posts
  • Steven G. Bueche

    August 11, 2021 at 7:38 am

    A thought came to me while pondering the fact it may be a year or more before I receive my Aptera. Why not make payments on my car during that time in order to limit the amount needed to finance when it’s ready?

    They already have an account under my name and could set it up under the accounting department to track deposits. When my car is ready they tell me the balance and I apply or pay the remaining balance.

    With enough people doing the same it could provide a steady cash stream and allow them a bit more flexibility in ramping production, ordering parts or whatever they need it for. It might also help offset the amount of fund raisers needed before production.

    10,000 people sending just $100 a month is $1,000,000 a month.

    What say you?

  • Bryan Bowes

    August 11, 2021 at 7:38 am

    I’m in Colorado US and am wondering which insurance companies might carry coverage for something like this?

    • This reply was modified 2 months, 3 weeks ago by  John Trotter. Reason: title expanded for search clarity
    • This reply was modified 2 months, 1 week ago by  Gabriel Kemeny.
  • Gabriel Kemeny

    August 11, 2021 at 8:00 am

    Since Progressive was one of the sponsors of the Solar Challenge during the Aptera 2e era, they might.

    • Raj Giandeep

      August 11, 2021 at 8:52 am

      I just called Progressive. Currently have insurance with them. They said no issues with a 3 wheeler. It’s considered a motorcycle as far a insurance & would usually be less than a auto.

      Once it’s in production & the info is passed to the insurance companies, we can get realistic quotes.

      • Bryan Bowes

        August 11, 2021 at 9:10 am

        Thanks for making the call Raj, that’s great news! I’m on Farmers now. Perhaps I’ll give them a call, can’t imagine an older company would be as progressive as… Progressive.

        • Raj Giandeep

          August 11, 2021 at 9:21 am

          I’d imagine if an insurance provider does motorcycle insurance. They would cover Aptera.

      • Michael May

        August 11, 2021 at 9:32 am

        My Allstate agent basically told me the same thing. The only thing he added (and this was only speculation on his part), is that Allstate might require the driver to have a motorcycle license since it’s considered a motorcycle for insurance purposes.

      • Bryan Bowes

        August 11, 2021 at 12:52 pm

        OK so Farmers will NOT cover the Aptera and their sister company that covers strange motorcycles and other vehicles, which had never heard of Aptera, said they need to meet and discuss the vehicle and are not sure they will cover it. Interesting.

        • Raj Giandeep

          August 11, 2021 at 1:20 pm

          I called progressive back & specially mentioned Aptera. What it is, etc. That production units will be out in 2022. They said: They would NOT insure them at this time … (after a long hold time).

          Umm what, lol. I think it might be wise for Aptera to reach out to the insurance companies about this directly. Think we are getting a little ahead of ourselves here. Once the first production unit is out, we can call the insurance companies again.

  • John Malcom

    August 11, 2021 at 3:04 pm

    No major insurance company will insure any vehicle until they have completed a risk assessment on it which requires a lot of data on the vehicle to include the results of safety and other testing. They assess the probability of a chargeable accident and the cost of repairs in the context of the geographical location of the vehicle. If a new vehicle with little or no historical data, the rates will be high.

    Some one off insurance companies that specialize in insuring kit or replica cars will insure but rates will be higher than mainstream cars.

    We need to wait until a production ready Aptera is available and specs and testing data is furnished to insurance companies.

    I am sure Aptera management is aware of this and the steps needed are incorporated in their schedule for delivery vehicles

    • Bryan Bowes

      August 11, 2021 at 3:15 pm

      When I worked in the extended warranty business we used a company called Polk for all of our vehicle data. We used a huge data file that helped us to determine how much we should charge a customer for our product. I’m sure once it starts showing up in Polk and other data providers it’ll go through its normal actuary processes. The thing is that Farmers outright said they would never cover something like that, which is just something to think about for us.

    • Dan Roberts

      August 11, 2021 at 6:27 pm

      Aptera should start their own insurance company. They understand the costs of repair better than anyone.

      • John Malcom

        August 12, 2021 at 5:08 pm

        Perhaps for an Aptera repair, but you need to understand the cost to repair for ALL vehicles (If the Aptera drivers is liable) Also need to cover medical, property damage, theft and much more. Then there is the need to establish a network of agents and backend policy processing and customer service. This is not a business that Aptera would want to take on

      • Ron Glossin

        September 2, 2022 at 9:13 pm


    • Edward Kahler, Jr.

      July 5, 2022 at 12:33 pm

      Hartford and Nationwide said they do not cover autocycles or three-wheel enclosed vehicles. Geico said that I would have to “wait and see”. Allstate said that I would have to supply a VIN to see if Allstate would cover the vehicle. Allstate treats an autocycle as a motorcycle. I wish Aptera would add a section to their website addressing this issue because insurance is a part of the cost of ownership and a newbie like myself may just assume that insurance is readily available. Aptera could contact an insurance industry guru who could explain insurance industry practices and procedures thus telling us what to expect and when we should start our search for insurance.

      • kerbe2705

        July 5, 2022 at 2:12 pm

        @Edward Kahler, Jr. It’s most likely going to be a state-by-state issue: Some states recognize autocycle as a vehicle type while others do not.

        It’s also going to depend upon the results of Aptera’s crash testing.

        The simple fact is that no insurance company is going to sell you a policy for something that doesn’t exist: You can’t, for example, buy insurance for a house that hasn’t been built.

  • Richard Palmisano

    August 31, 2021 at 4:48 am

    Steven, I really appreciate your enthusiasm about Aptera…honestly and truly do…

    However, do you know when you will get your vehicle? You’d be paying for the promise of something that hasn’t been made yet or before? Heck, it’s not even approved for use on the road yet.

    Slow your roll brother. It’s coming, I have no doubt, but I doubt Aptera can ethically start taking payments for something that isn’t there yet.

  • Joshua Rosen

    August 31, 2021 at 5:32 am

    If you want to invest in the company invest in the company. It’s a highly speculative investment but there is the possibility of a high return and that’s money they can use fro development. Prepaying for a car that might never be delivered makes no sense. you have a bank account where you can save for a car.

  • John Malcom

    August 31, 2021 at 7:42 am

    Steven, better approach might be to establish a separate savings account at you bank just for an Aptera. Make your payments into that account. You will draw interest (Admittedly not much) and you will mitigate any risk of Aptera going out of business without delivering you vehicle

  • Christopher May

    August 31, 2021 at 10:51 am

    I have a TFSA set aside, where I throw in $500 a month. I’m hoping to have at least a $10K down payment by the time I get an offer for my delivery.

  • Romeo Salcedo

    August 31, 2021 at 11:07 am

    I started a Fidelity investment account for my Aptera, investing in stocks

  • Steven G. Bueche

    August 31, 2021 at 4:50 pm

    Wow, I must admit I wasn’t ready for the negativity in the replies.

    Don’t get me wrong you all make great points and have tossed around some ideas I have either already started or thought of. (Invested and a separate account) Maybe I trust what I see and hear a bit too much and was just wanting to show that and do my fair share to help.

    I know it sounds a bit naïve but darn it, I want his company to succeed and well maybe I jumped the gun too soon. I’ve seen companies come and go and think, “Man, if they would just have had a few more bucks they would have made it”

    I’ve sent a request in to HQ. Let’s see what their reply is.

    thanks for all the concern and educated replies folks.

    • Charles Overbeck

      August 31, 2021 at 7:25 pm

      I agree with you Steven and would like the option of being able to pay more for the deposit to show I am committed. Call it a down-payment if you would like. $500-$1000 would be a much more convincing showing then the $100 or free reservations that others have gotten.

      Aptera can use it to better legitimize their 2022 or early 2023 IPO for 81* Billion dollars when they go public.

      (*As we all know the Aptera is worth much more than Rivian. ????)

    • OZ (It’s OZ, Just OZ)

      August 31, 2021 at 7:41 pm

      One of the unmentioned things here, is that by starting to take “prepayments” Aptera would put itself in a position where you are fully entitled to a refund of those funds, if the worst should happen and the project went south. They would already be on the hook for the $100 reservation fees, but those that have invested (Myself included, so don’t take this as a negative detractor throwing shade, I damn well want them to succeed and I want my Aptera.) have done so with the knowledge that if something happened, they did so full well knowing that their investment could be a total loss, with no recourse for refund. Prepayments would place a legal financial obligation on them, and that’s a headache they probably don’t want or need.

      • Blake Kottwitz

        October 2, 2021 at 6:22 am

        Ozman: “If the worst should happen” That’s exactly what this idea helps prevent. (albeit… the benefit to Steven and others would be many fold. 1. Faster path to production 2. Faster development to New Models 3. More Production Compacity (hopefully leading to larger success via greater visibility and mass adoption)

        Correct Charles this Idea could very well be used to justify a faster IPO and a Higher IPO….

        Ozman: I get the $$$ money concern… but that particular concern should be easily mitigated… For example they could limit the spending of the new funds from “Advanced Payments” to 1/3rd of each quarter… PLUS…. they could seek an (quarterly updating) Insurance Policy to cover the Spent Advanced Payments that qualify to be spent in the first place.


        Insurance coverage = ($100 x # of Reservation) + (Gross Quarterly Advanced Payments from most recent Full Quarter * ([lets say 0.33] <- almost the same thing one is set percent. and the other is the result -> Eligible funds from Gross Quarterly Most Recent Full Quarter) + (All previous and spent eligible Gross Quarterly Advanced Payments.)

        PS: I and Steven would be very grateful if this becomes a reality…. (psst: owners and board…. A free battery pack upgrade or a sizable discount would be a great! reward…. for helping you unlock potentially 50+ Million) ????

  • Patrick Liebknecht

    September 25, 2021 at 4:00 pm

    I called my StateFarm agent , here is his answer:

    At this time the Auto Underwriter is telling me to rate the vehicle under our car policy since the vehicle is enclosed. I am sending you the rate based on an enclosed style motor cycle. whether it is a car or a motor, State Farm stated that they can insure it.

    Now as for the quote. It is NOT cheap motorcycle insurance like my Harley , it’s exactly the same price as my Volvo XC70

    • Robert Horton II

      July 9, 2022 at 10:02 am

      Well, motorcycles used to be cheap. Before the Harley Livewire. An Aptera is not going to be cheap either, and I would wager that bare bones base models will be less than 20% of Apteras sold.

      No matter what the vehicle is classified as, if they are insuring something that will cost 40k+ to replace, the premiums will reflect that.

  • Richard Lutz

    September 30, 2021 at 8:40 am

    I had the same thought as Steven shortly after I placed my reservation. My thought was, if I had an automatic deduction from my bank account each month, I would have a significant deposit in the year or two until my vehicle is ready. I figured I would be more likely to consistently make the payment and Aptera could set up escrow accounts for those of us who want to do this. Or more likely use a 3rd party to track, secure and maintain the accounts.

    I have instead taken responsibility myself by setting up two accounts. I have a low interest zero risk account that get $200 a month deposited and I have a very high risk account that has $200 deposited each month.

    Depending on how long until my order is ready and how the high risk investment account does, I will have $3,000 or possibly much more set aside for my down payment.

    I know some readers are wondering. Yes, the high risk account is crypto-currency. It has been a crazy roller-coaster, but because I am holding the coins and not trading them the highs and lows seem to be canceling each other out. As I post this the cyrpto account is valued $47 more than the savings account. A few weeks ago it was $300 ahead and when China outlawed cyrpto (again) the value dropped to $100 less than the savings account.

    I am not advising anyone to invest in anything. But saving up for what we want is never a bad idea.

  • Blake Kottwitz

    October 2, 2021 at 5:50 am

    I’d be willing. for sure willing.


    October 2, 2021 at 11:01 am

    Instead of some small savings account, how about just investing in Aptera stock? IMO the return should be substantially better and accomplish the goal of supporting this company.

  • Joshua Caldwell

    October 3, 2021 at 6:21 am

    Prepay to Aptera? Oh hell no! Remember Elio. I prepay into my own investment account and it already has enough to cover the 600mi basic version, as I continue it will cover available options and the 1000mi version. On the + side for this, my investment account intended for the Aptera has already accumulated $6k in stock market improvements and dividends, in addition to what I’ve been saving up for the Aptera. (the account started when I was saving for the Elio after doing the $1,000 non-refundable deposit)

  • Guy SKEER

    December 30, 2021 at 8:05 am

    Has anybody investigated Requirements for Purchase or Insurance of an APTERA?

    We’re gonna be buying them in Nine Months!!!! (Fingers crossed)

  • Andy Keck

    December 30, 2021 at 8:52 am

    We are looking at using a credit union (https://www.ufcu.org/personal/loans/auto). As long as it has collateral value, they don’t really care if it’s a dune buggy, a motorcycle, or an Aptera.

    Insurance is regulated at a state level and for some, may be based on a motorcycle. Insurance rates will follow the finalized and approved vehicle.


    • Shaun Davis

      January 1, 2022 at 6:09 pm

      Hey Andy,

      I also use UFCU so you must be in or near central Texas! So awesome to see!

  • Anna Plamann

    December 30, 2021 at 10:53 am

    In the FAQ it states “We will contact customers who have preorder reservations for Aptera with more information about financing and shipping options once production is underway.”

    I’m interested to see what banks Aptera is partnering with. In the meantime I’m saving up as much cash as I can for my down payment.

  • Pistonboy Delux

    January 21, 2022 at 11:04 pm

    These insurance companies cover three wheelers. And these companies don’t.


  • Curtis Cibinel

    January 22, 2022 at 8:39 am

    This is actually a concerning question here in BC. We have a government controlled insurance industry so the only option is ICBC. If they won’t cover the vehicle or the rate is unreasonable I have no other options.

    • Bob Kirchner

      January 24, 2022 at 2:18 pm

      Before the Aptera can be imported to Canada it will need to be certified by Transport Canada. Through the completion of that process, enough should be learned about it that ICBC should be able to assess the risk of insuring one.

      Is there any case of ICBC refusing to insure a Transport Canada approved vehicle? I would think they would have an obligation to insure any vehicle you can legally buy.

  • Patrick Liebknecht

    January 22, 2022 at 2:42 pm

    I know State Farm said they would cover it as an auto cycle

  • Aaron Redus

    February 9, 2022 at 11:34 am

    I contacted NFCU and asked them. Here is what they wrote:

    “We can definitely finance that vehicle type, but we will need to finance it as a Personal Loan with Collateral. Currently, our rates start as low as 7.99% for up to 60 months (the maximum term offered). If you are interested in applying, we will be happy to help you with that! Just make sure to have the VIN and mileage (if applicable). If you have further questions, please let us know. Thank you for your 10 years of membership, and we hope you have a nice day!

    I really hope Aptera comes up with something better because 8% for a new “car” loan is terrible.

    • George Hughes

      February 9, 2022 at 3:41 pm

      I suspect in the IPO there will be provisions for a financial arm of the company similar to what we knew as GMAC or Ford Credit. Loaning money is basically a profitable operation for an auto manufacturer.

      I’m also curious about the Electric Vehicle Association which apparently is already in the business of providing financing for its memberships as ‘advertised’ on Transportation Evolved channel. I have no idea of the nature or specifics of the offering but I would figure its sponsorship of TE and Nikki and her crew would make that offer worth exploring if for no other reasons, vehicle insurance is largely regulated on a state-by-state basis.

      It may also point to organizational opportunities.

    • Lane Costilow

      July 12, 2022 at 8:40 pm

      I too am a long-standing member of NFCU and usually finance thru them. Hopefully, their rate for autocycles will improve. If not, I’ll keep looking. Thanks for the info.


    February 11, 2022 at 1:13 pm

    I current have home & auto insurance with State Farm. I asked my agent about State Farm insuring my new Aptera. She’s been working with State Farm HQ about their coverage for Apteras.

    My Aptera will be Paradigm (400 mile range) & priced at $32,000 (2WD) or $34,500 (3WD)
    She said that there would NOT be a big price difference between the 2 versions above and
    the insurance would cost about $400 for a six month policy.

    Now all I need is for Aptera to start production so I can drive mine home!

  • Raj Giandeep

    February 11, 2022 at 1:21 pm

    That’s great news, thanks for sharing that. Sure other insurance providers will have real quotes later this year.

  • Kayleigh Venne

    February 15, 2022 at 3:50 pm

    Hi there! We plan on offering financing options to our customers. We are still working on partnerships with financial institutions in this area but you are always welcome to find your own if you have a favorite bank or credit union. More details to come as we get closer to deliveries.

    We are also working to qualify for the EV tax credit which could be up to $7,500 for the purchase of your Aptera. Please stay tuned for announcements.

    • Nathan Lewis

      August 19, 2022 at 6:27 am

      Look into Clean Energy Credit Union. I’m sure this would be right up their alley.

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