Elan Values Soar But Leave Some Cars Under Insured.

[Routen Chaplin Lotus]

Elan Values Soar. But it's not all good news for owners as many will now be under insured.

Anyone who went along to the Lotus show at Donington cannot fail to have been impressed by the rising values of Elans. A car bought only a couple of years ago is now worth several thousand more today even if you have done no work on it. A great investment but not without its pitfalls and dangers.

The rise in value will have left many owners of these cars under insured. If you have an "Agreed" value policy that has not been reviewed for a couple of years think long and hard about how much it should be insured for. Agreed value is great when prices are static or falling but in a rising market they do have drawbacks. If you have an Elan insured for say ?17,000 on agreed value the insurance company will hand you a cheque for ?17000 if it is written off. Could you replace your car today for that money?

Judging by the fact that an Elan Sprint in need or full restoration (the Pink coloured Elan at Donington) sold for ?17000!
So could you replace your car for that money, it would seem not. Paul Matty had one Elan up for sale at ?38k and recently one has just sold for ?42k! Its a mad Lotus world at present.

You might ask your insurers to increase the value of your "agreed value" to keep pace with the market but many insurers are unwilling to do so mid term and will only do so at renewal or if substancial work has been carried out to the car. If they will do it then you will pay a small premium, if not, you might ask them to revert the policy to a market value basis. That way at least they would have to offer you what the car would fetch on the open market, this may be considerably more than the agreed value presently in place.

This particular issues seems to be effecting Elans and not other models and other marques are not encounetring the same rapid rise in prices. It's great that the world has woken up to what we Elan owners have know for years, the Elan is a GREAT car and now they are commaning great values, just make sure you protect your it properly should anything happen to it.

Yes I am insurance broker, also an Elan owner and yes mine is not insured for what it should be, but it will be now!
If you need any help see our details on the vendors page.

KIm
Routen Chaplin

[archigator]

Elan Sprint FHC to be auctioned at Goodwood; estimate between 30-40,000 pounds. (It's the penultimate model with only about 1,500 miles.)

http://www.bonhams.com/eur/auction/19289/lot/286/

Gary
'71 Sprint FHC
Miami, Florida

[trw99]

The Sprint being auctioned was not in fact, the penultimate car built.

This car, listed in Lotus records as a showpiece, was signed off the production line by B Waring on Friday 23rd March 1973 (with RM drive -RHD/MPH speedo- heated rear window and Phillips radio), one of 3 UK FHC spec cars finished that day. Two other such cars were finished on the subsequent Monday - unit number 0664E - and Tuesday, 0665E being the final car made and produced. Thereafter a further eleven European spec Sprints were made, the very last one signed off on Tuesday 6th March 1973.

Tim the Pedant

[nebogipfel]

The Sprint being auctioned was not in fact, the penultimate car built.

This car, listed in Lotus records as a showpiece, was signed off the production line by B Waring on Friday 23rd March 1973 (with RM drive -RHD/MPH speedo- heated rear window and Phillips radio), one of 3 UK FHC spec cars finished that day. Two other such cars were finished on the subsequent Monday - unit number 0664E - and Tuesday, 0665E being the final car made and produced. Thereafter a further eleven European spec Sprints were made, the very last one signed off on Tuesday 6th March 1973.

Tim the Pedant

Morning Tim, It's probably just me but I've read the above several times and I'm not sure it makes sense?

[types26/36]

The Sprint pictured for the Bonhams auction has the front number plate attached below it grill, it this because it was only first registered in 1993 although it does have a "L" number plate?.......it just looks so wrong!

[nebogipfel]

The Sprint pictured for the Bonhams auction has the front number plate attached below it grill, it this because it was only first registered in 1993 although it does have a "L" number plate?.......it just looks so wrong!

I assume it's because the build date was after December '72 therefore the car has to be fitted with reflective number plates which means the letters fixed to the grille are no longer legal.

Shame, as you say they don't look right in the same way that stick on number plates are not very pretty on an Elan.

[512BB]

Morning Brian, all,

I have a late Sprint with the plate mounted where the auction car has its plate, from new. I believe all the very late cars did have the no plate set there by the factory.

The thing I am not sure about, have Bonhams made a mistake in stating that it was registered in 1993, as how would it have an L plate? Surely they mean 1973. Any ideas on that anyone..........Tim?

John, [neb], Tims piece makes sence to me.

Nice weekend all,

Leslie

[nebogipfel]

Morning Brian, all,

I have a late Sprint with the plate mounted where the auction car has its plate, from new. I believe all the very late cars did have the no plate set there by the factory.

The thing I am not sure about, have Bonhams made a mistake in stating that it was registered in 1993, as how would it have an L plate? Any ideas on that anyone..........Tim?

John, [neb], Tims piece makes sence to me.

Nice weekend all,

Leslie

Hello Leslie, Yes I did say it's probably just the way I'm reading it.

"Thereafter a further eleven European spec Sprints were made, the very last one signed off on Tuesday 6th March 1973" Appears to say a further eleven cars were made after the final car which was built 17 or so days later

That said, I am getting older and more stupid by the day
-------------------------------------------------------------------------------------------------------------------
As I remember it, back in those days Up to August '72 was "K" and then 1973 "L" registration ran from August '72 to the end of July 1973.

[types26/36]

Hi Leslie/John,
Yes, I would assume the DVLA allotted an "age related plate" to it, weren't all Sprints pre 73 "Historic Cars" for tax concessions?.......Tim?
If that is the case then why shouldn't it have the numbers on the grill?
I also have a late Sprint (Oct 72 L registered) with the numbers on the grill.... I fitted them after bringing it back into the country although they gave me back its original registration number, how late is your Sprint Leslie?
PS we have thread drift here but I dont care

[nebogipfel]

Hi Leslie/John,
Yes, I would assume the DVLA allotted an "age related plate" to it, weren't all Sprints pre 73 "Historic Cars" for tax concessions?.......Tim?
If that is the case then why shouldn't it have the numbers on the grill?
I also have a late Sprint (Oct 72 L registered) with the numbers on the grill.... I fitted them after bringing it back into the country although they gave me back its original registration number, how late is your Sprint Leslie?
PS we have thread drift here but I dont care

Hello Brian, Yes off topic, we appear to have drifted away from Kim's very nice advert'

I have always assumed that the Historic taxation class and reflective number plate regulations are two different things but just because It's my assumption it doesn't make it so

I suspect if I had a post '72 Elan it would have the reg' letters on the grille on the basis that it's a lesser offence and less offensive than some of the ?creative? abominations you see attached to the ends of modern cars.

[trw99]

Re my first post, I differentiate between the UK spec cars and the European spec cars. So the auctioned car is a Type E, the Euro specs were Types F and H

The auction car was registered for the road in December 1973. All cars registerered after 1 Jan 73 were obliged to have reflective plates and Lotus and the dealers certainly complied with this legal requirement by fitting front plates below the grill, as the auction car shows.

Tim

[elanfan1]

Blimey Tim - can't you sleep - 6:03 on a Sunday morning!

If the auction car was indeed registered in December 1973 shouldn't it be an 'M' registration (August 73 to July 74). My car was registered in May 74 and is an M reg.

On the reflective plate issue - there is a difference between build date and registration date. The cut off for the digits on the the grill is Technically 1/1/73 when a reflective front plate 'should' be used - the build date has little to do with it. However in practical terms most Police officers and indeed MOT stations either do not know the difference or take a pragmatic view. I'm not aware of anyone having been pulled up for it.

[nebogipfel]

Re my first post, I differentiate between the UK spec cars and the European spec cars. So the auctioned car is a Type E, the Euro specs were Types F and H

Morning Tim, Yes I got that, I think I've realised what is confusing me. If the final date should be 6th April and not March then it would make sense?

Thanks for confirming the registration plate regulations. Unfortunately there is nowhere on the front of an Elan to neatly fit a plate, the letters on the grille was the perfect solution.

[elansprint71]

A long time ago I knew a girl who had a "M" registered (after August 1973) Sprint, from new, which was fitted with stick-on reflective front plate (by the dealer) just above the bumper.

[nebogipfel]

A long time ago I knew a girl who had a "M" registered (after August 1973) Sprint, from new, which was fitted with stick-on reflective front plate (by the dealer) just above the bumper.

Sounds like my kinda girl