Page 1 of 1

Insurance Valuation

PostPosted: Tue Jan 27, 2015 4:41 pm
by Andy8421
There have been a number of thefts in my area, and I am worried that I have under-insured my Elans.

It has been an age since I had them valued, and I could do with some guidance as where to turn for a valuation - do one of the clubs offer the service? or are there dealers who will visit and do this for a fee? Both Elans are currently SORN, so the valuer would have to come to my garage. I am in southwest Surrey.

In the interim, could anyone offer a ballpark replacement valuation so that I can at least bump up the value until I get a proper valuation?

1. 'K' reg Elan Sprint DHC. Gold leaf colours, Lotus galvenised replacement chassis, polished head and tuned engine by persons unknown, driveable and presentable, but not concours by any means.
2. 'F' reg S3 Elan FHC. Fully race prepared to HSCC roadsports spec. Raced for 1 season following a build based upon all new chassis, engine and running gear by a well known builder. Competitive in its class.

Thanks in advance for any response.

- I did search the forum, but there didn't seem to be anything current. Apologies if I missed something.

Andy.

Re: Insurance Valuation

PostPosted: Tue Jan 27, 2015 5:13 pm
by theelanman
probably about ?25~?30k each....
although insurance companies over value.......
but on the other hand....where do you get another.....

wouldn't surprise me if they did ?40k each.......although race cars are a bit difficult to gauge....
I'm guessing you'd need to get it back on the road....which wouldn't be that much of a pain

Re: Insurance Valuation

PostPosted: Tue Jan 27, 2015 5:23 pm
by billwill
Club Lotus do valuations.


http://www.clublotus.co.uk/

Re: Insurance Valuation

PostPosted: Tue Jan 27, 2015 5:27 pm
by Grizzly
Always over Value your cars and make sure you have Salvage retention too.

12 months is along time when Elan Prices have been climbing like they have.

Re: Insurance Valuation

PostPosted: Thu Jan 29, 2015 6:52 am
by Andy8421
Thank you all for the advice. I have bumped up the value as suggested, and I will contact Club Lotus regarding a valuation.

I did meet a group of Club Lotus members at the 'Halfway Bridge' in Lodsworth a few weeks ago. They seemed a decent bunch (one had a very nicely restored sprint, complete with gold leaf cigarette packet), so I think I will use this as an opportunity to join the club.

Andy.

Re: Insurance Valuation

PostPosted: Thu Jan 29, 2015 12:02 pm
by elansprint71
Andy,
You might get a bit of a shock with SORN insurance; I found it to be far more expensive than if they (K reg Sprint, G reg S4) were on they road- which I still do not understand!

Re: Insurance Valuation

PostPosted: Thu Jan 29, 2015 2:13 pm
by Spyder fan
Andy,
This old topic of mine is worth a read http://www.lotuselan.net/forums/free-parking-f45/retention-salvage-classic-car-insurance-t32201.html

As already mentioned, make sure that your insurance includes retention of salvage and that the value of the salvage is not deducted from the payout in the event of a total loss due to accident damage.

Also it is worth ensuring that you have "agreed value" based upon a Club Lotus valuation and pictures which you present to the insurance company.

Club Lotus charge ?15 per valuation, you will need a copy of the V5 a copy of any relevant MOT's and at least 6 decent photographs. It's best to speak directly to Club Lotus, Jane Woolestone is very helpful and Alan Morgan will be pleased to speak to you directly, Jane can put you in touch [email protected]" target="_blank