Lotus Elan

Lotus Elan owner finds insurance to be inadequate! WARNING

PostPost by: atthelimit » Thu Jun 17, 2010 6:36 am

Simon,
Why would you not get 16K if you wrote the car off?

Is your policy NOT on an agreed value, if not change it quick!

If its not then a "declared" value of 16K means nothing. I would of thought it is agreed but worth checking to make sure what you have got.

Kim
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PostPost by: simonknee » Thu Jun 17, 2010 9:20 am

It's not agreed yet as I have not done the photos and sent the stuff to Club Lotus for the valuation.

Remember I am only just back on the road so have been without any insurance for years. Declared of ?16K makes me feel better than declared of ?12K. Until I get the valuation done it does mean that argument ensues in the event of a loss but if I have not paid enough premium for ?16K of cover then I am never going to get that much. I am still covered for ?16K.

That said both my previous full losses (MGB GT and plus2, both stolen) were on market value and I argued both of those up by thousands over the initial offer from the insurance company. Preferable not to play that game but if it came to it I have past form in the game. Nothing an insurance company ever tells you is final :D
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PostPost by: atthelimit » Thu Jun 17, 2010 9:52 am

Simon,

Good for you, just didn't want you to be on the wrong side of things but is sounds like you are more than able to stand your corner and not be bullied by insurers.

Bravo!

Kim
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PostPost by: billwill » Thu Jun 17, 2010 7:15 pm

simonknee wrote:Thank you for this thread :D

I talked to Club Lotus today about the value of mine. I insured it on Peter James for ?12K when I put it back on the road. Turns out it is worth ?16K for insurance replacement. This is pending sending four photos (2x 3/4 shots, 1 interior, 1 engine). Plus a copy of my records and recent receipts, MOT and V5.

In the meantime I called Peter James and for ?24 the market value is now ?16K. Doesn't mean I would get this if I total it tomorrow but it increases the maximum I could get.

Apparently I was still assuming prices were much about the same as 5-8 years ago.

A very nice surprise. The Lotus has made me poorer and richer at the same time :wink:



Methinks I should do this. But having a cracked head will reduce the figure somewhat I expect.


Mine is only on ?8K I think, based on an old Club Lotus valuation. Not too relevant at the moment as it is SORNed and in my garage, so only relevant if the house burned down and if that happened getting money back for the Elan would be one of my lesser worries.

Who does the valuations at Club Lotus nowadays?
Bill Williams

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PostPost by: mark030358 » Thu Jun 17, 2010 7:33 pm

Funnily enough, have just readjusted my "replacement cost" as my insurance just up its now ?34K.

You may well think OMG but think about it... how do you replace a really really nice one owner lowish mileage sprint??

Having seen what the usual suspects are selling for then the replacement cost is about right.

Cheers

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PostPost by: billwill » Thu Jun 17, 2010 7:38 pm

Was it easy to convince the insurance company though?
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