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.
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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:
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.
A car this new to the market may seem like a risk, but the Solo has been testing prototype vehicles since 2018.
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.
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