On October 6, 2020, about 1530 eastern daylight time, an experimental amateur-built Velocity Elite RG, N78BM, was substantially damaged when it was involved in an accident near Lady Lake, Florida. The airline transport pilot sustained minor injuries. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 personal flight. The pilot reported that he purchased fuel and departed with 31 gallons on an instrument flight rules flight from Gainesville Regional Airport (GNV), Gainesville, Florida, to Executive Airport (ORL), Orlando, Florida. About 20 minutes into the flight, the pilot descended the airplane from 7,000 ft mean sea level (msl) to 3,000 ft msl, to fly below some convective cloud buildup. About 1 to 2 minutes after leveling the airplane at 3,000 ft msl, the engine lost all power without any unusual sounds. The pilot verified adequate fuel and that the mixture and throttle controls were in the correct positions; however, he was unable to restart the engine. With the assistance of air traffic control, the pilot attempted to glide the airplane to Leesburg International Airport (LEE), Leesburg, Florida, but soon realized that the airplane would not glide the full distance to the airport. The pilot subsequently performed a forced landing in a field where the airplane struck a fence before coming to rest upright, resulting in substantial damage to the wings and fuselage. The airplane was assembled in 1997 and equipped with a Franklin engine manufactured that same year. At the time of the accident, the airframe and engine had accumulated about 467 hours since new. The airplane was involved in a prior rejected takeoff accident on January 14, 2020 (National Transportation Safety Board accident number ERA20LA077). The most recent condition inspection was performed at the kit manufacturer facility and completed on September 26, 2020. The airplane flew about 1.7 hours from the time of the most recent inspection until the October 2020 accident. The wreckage was examined at a recovery facility. The propeller was rotated by hand and crankshaft, camshaft, and valve train continuity to the rear accessory section of the engine were confirmed. The cooling ducts were removed to access spark plugs. The top spark plugs were removed, and some corrosion was noted on them. Thumb compression was attained on all cylinders. About 6 ounces of fluid were recovered from the fuel pickup, consistent with water; however, the fuel tanks were breached, and the airplane sat outside prior to the examination. Another approximate 6 ounces of fluid were recovered from the carburetor. It was light blue, clear, and consistent in odor to 100 low-lead aviation gasoline. The carburetor accelerator pump was actuated by hand. The carburetor was then removed and disassembled. The carburetor was clean, intact, and no anomalies were noted. The airbox and its screen were free of obstructions, as was the air intake to the carburetor. Both magnetos produced spark at all leads when rotated by hand. Both magnetos timed correctly. A borescope examination of the cylinders did not reveal any anomalies. A Grand Rapids Technologies EIS 6000 engine monitor was recovered from the wreckage and forwarded to the NTSB Vehicle Recorders Laboratory, Washington, DC. Review of the data revealed that the monitor only stored duration of and total engine time at the end of the previous flight. No data were recovered from the accident flight.