Aptera Insurance, Finance Info

Aptera Community Aptera Discussions Aptera Insurance, Finance Info

Aptera Community Aptera Discussions Aptera Insurance, Finance Info

  • Aptera Insurance, Finance Info

     John Voules updated 3 days, 21 hours ago 50 Members · 62 Posts
  • Steven G. Bueche

    Member
    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?

    • This discussion was modified 6 months, 1 week ago by  Gabriel Kemeny.
    • This discussion was modified 3 months, 2 weeks ago by  Gabriel Kemeny.
    • This discussion was modified 2 months, 2 weeks ago by  bbelcamino.
  • Bryan Bowes

    Member
    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 6 months, 2 weeks ago by  John Trotter. Reason: title expanded for search clarity
    • This reply was modified 6 months, 1 week ago by  Gabriel Kemeny.
    • This reply was modified 3 months, 2 weeks ago by  Gabriel Kemeny.
  • Gabriel Kemeny

    Moderator
    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

      Member
      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.

      • Michael May

        Member
        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

        Member
        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

          Member
          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.

    • Mark Mynhier

      Member
      October 14, 2022 at 9:44 am

      Maybe I’m just a sucker for 3-wheelers, but I have a Slingshot and Progressive insures it at very good rates. Would it be a motorcycle, or a car? My Slingshot varies depending on the state (and in Nevada if it has a hard top it is a car, if it doesn’t it is a motorcycle)…so I’d check state laws.

  • John Malcom

    Member
    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

  • John Malcom

    Member
    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

    • Merciful Cow

      Member
      October 16, 2022 at 8:03 am

      John, That is a much better plan for us individuals. I think the original intent was to help Aptera over the finish line by providing a steady stream of cash.

    • Keith Bilyeu

      Member
      January 2, 2023 at 9:53 am

      MC, I think Steven’s point was for Aptera to tap into to reservation holders to assist in funding. Many would not be willing to prepay more. I would be happy to prepay from 5 to 10K and become a bigger part of the Aptera Journey. Maybe an incentive could be a locked-in price or a free upgrade such as Safety Pilot. 45,000 reservation holders at an average of $1000 each would be 45 million dollars. My feeling is “We believe in Aptera. Let us help”

  • Christopher May

    Member
    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.

  • Steven G. Bueche

    Member
    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

      Member
      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)

      Member
      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.

    • Keith Bilyeu

      Member
      January 2, 2023 at 9:57 am

      OZ, is easily solvable by a waiver. Those of us who invested can not get a refund. Happy to risk a few grand to help get the car into production.

  • James Lee

    Member
    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

      Member
      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

    Member
    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.

  • GLENN ZAJIC

    Member
    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.

  • Guy SKEER

    Member
    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

    Member
    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.

    Andy

  • Anna Plamann

    Member
    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

    Member
    January 21, 2022 at 11:04 pm

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

    https://youtu.be/ELzycx_ysyU

  • Curtis Cibinel

    Member
    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

      Member
      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.

  • Aaron Redus

    Member
    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.

  • BRUCE MENGLER

    Member
    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!

  • Kayleigh Venne

    Administrator
    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.

  • John Malcom

    Member
    February 25, 2022 at 3:45 pm

    For those that qualify for USAA membership Aptera can be financed at the new car rate of 2.24% APR. Insurance is still out to the Jury. Will wait until production specs and safety testing results are published

  • Jacob Bunce

    Member
    March 23, 2022 at 11:28 am

    EVs don’t intrinsically have higher premiums. That’s a Tesla thing, not an EV thing per se.

    The thing that raises rates is lack of serviceability, especially for salvage vehicles. Tesla’s salvage policies basically mean that a totaled vehicle has much lower resale value than it normally would because the company doesn’t want to fix it. That means insurance companies take a bigger hit when a Tesla is totaled compared to any other vehicle. That cost burden gets passed on to the consumer in the form of higher premiums for Teslas specifically. Then Elon goes on Twitter and blames insurance companies for the cost difference. Classic projection.

    Theoretically, Aptera won’t have this problem because of their “right to repair” thing.

  • Michael Jordan

    Member
    April 19, 2022 at 5:17 pm

    I was just working through explaining to my credit union that I want a loan for an Aptera. That mental discussion didn’t go well. Has Aptera thought of forming or partnering with a group to finance Aptera purchases? I would guess that most people interested in an Aptera have higher credit ratings and more stable finances than the Hyundai buyers famously discussed on VinWiki.

    • Nathan Lewis

      Member
      August 19, 2022 at 6:33 am

      Have you looked into the Clean Energy Credit Union? Might be right up their alley

      • This reply was modified 5 months, 2 weeks ago by  Nathan Lewis.
  • John Malcom

    Member
    April 20, 2022 at 7:01 am

    Wish I could have been a fly on the wall😊

    At one time it was mentioned that Aptera would have some arrangement to assist with financing. That was a long time ago so don’t know if it is still in the plan. Aptera is not capitalized to do it themselves. If you are a member of USAA they will give a new car loan for an Aptera.

    • Steven G. Bueche

      Member
      April 21, 2022 at 12:07 pm

      Hi John. As a USAA member, this really surprised me. I’ll have to call them and ask for myself. Good information to know for sure. They are pretty fair on car loans although their quote for houses was almost double what I currently paid with State Farm. I’ll see what they say.

  • seth feldman

    Member
    April 20, 2022 at 8:21 pm

    I suspect personal loans or motorcycle financing/insurance will be the easiest way to go since they technically aren’t a car. personal loans have the benefit of not requiring full coverage insurance. Although with all of the fancy screens etc I’ll probably opt for full coverage myself.

  • Konijnerd the Great

    Member
    April 21, 2022 at 5:22 am

    I for sure cannot afford the amount for a full Aptera, so I do hope financing offers will be made available, also in Europe.

  • Phillip Cowans

    Member
    June 16, 2022 at 12:51 pm

    Let’s say your short 5,000-10,000 for any reasons would there be Payment options,financing or do you need to have the full amount

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