Aptera Insurance and Financing Info

[bryan-bowes]

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

• This reply was modified 11 months ago by  John Trotter. Reason: title expanded for search clarity
• This reply was modified 10 months, 3 weeks ago by  Gabriel Kemeny.
• This reply was modified 7 months, 4 weeks ago by  Gabriel Kemeny.

[Biker]

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

[RajGiandeep]

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.

[john-malcom]

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]

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

[Roshiyu]

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.

[marc-w]

If I could throw $500 across the room each month Id buy a super car.

[Pragmatic_to_a_Fault]

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]

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]

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]

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.

[BUG]

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

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

[andy-keck]

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]

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]

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

https://youtu.be/ELzycx_ysyU

[curtis-cibinel]

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.

[993cc]

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]

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]

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!

[KayleighVenne]

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]

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]

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]

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]

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

• This reply was modified 9 months, 3 weeks ago by  Nathan Lewis.

[seth]

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.

[konijntje]

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]

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

[chris-lemme]

There is a company online that I found (I don’t have the link at hand) that specializes in loans for electric vehicles. They may be able to help. There are other private lenders that could help with small loans.

[marc-w]

Most lenders will finance this car… CanAm and thousands of EVs – its right in their wheel house at this point. Navy FCU says yes. And they have Insurance as well.

[craig-graber]

I contacted my State Farm agent. I was told they would likely insure the vehicle, they currently carry both my vehicles including a motorcycle policy. If it was decided at the time of delivery they would not, my agent said he could assist with finding someone else that would offer a policy. Cost for insurance is as fixed as the final price of your Aptera at the moment…too many unknowns still floating around.

[matthew-cox]

I’m in South Carolina. I contacted my Allstate agent, emailed him links to Aptera, and started asking questions. He said that Allstate insures the Slingshot as a motorcycle, so there is at least a precedent on three wheels. He also brought up a good point:

“I had a customer add a 2022 Tesla 3 … [the rate was] at least $300 higher than a comparable combustion engine car. This is mainly due to the availability of parts, standard body shops not knowing how to repair them, and Teslas are totaled more often due to the price of the battery. New Tesla batteries are over 20K.”