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.
Compare providers in your area.
Your information is secure
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.
A review of MoneyKey, a lender that offers installment loans and lines of credit up to $3,500 to borrowers with poor credit.
APY stands for “annual percentage yield” and factors in compound interest. See why the difference between APY and interest matters so much.
Interest-bearing accounts passively grow your money. Compare common types of accounts that earn interest and find the best one for you.
Try to keep enough money in your checking account to cover monthly expenses, plus a small cushion. Read more tips here.
The Chime Credit Builder Card can help you build credit without charging interest and doesn’t require a deposit or monthly fee.
Explore cash advance apps like Ualett, perfect for gig workers looking for quick funding, budgeting support and flexible borrowing options.
A review of CashUSA, a loan connection service that may match you with lenders offering loans up to $10,000.
Explore different ways you could earn money playing games with GPT apps, Twitch streaming, esports competitions, and trading cards.
Compare highly rated and legit survey sites for your next side hustle, how to maximize your survey earnings, and how to avoid scams.
Learn how to become user tester, how much you can earn, top platforms for user testing, and how to avoid scams.