Lotus Elan

Classic Lotus Insurance Update

PostPost by: Routen Chaplin Lotus » Thu Apr 14, 2011 10:08 am

Hi,

Just to let the readers know of some changes happening in the classic car insurance world.

A number of the leading players have decided that they will no longer require an annual mileage declaration when the policy falls due for renewal. Whilst this might appear to be good news you will need to keep your old MOTs as they will require sight of these if you have claim so that the year on year mileage can be proven! Do not throw them away.

This will be contained in the renewal notice somewhere but as most people look at the price you might miss this change in the "small print" somewhere. This is not yet universal but when one does it the rest normally follow so just be aware.

The other thing to consider when your policy is up for renewal is that as most older Loti seem to be going up in value by leaps and bounds (yippee) and the value "agreed" a couple of years ago might not be adequate now. If say you had a nice 1967 Elan S3 valued at say ?12k you would be hard pushed to replace it for that now. It may cost you slightly more to increase the value but should a claim happen you will be glad you did. Also think about adding reinstatement cover to your policy as this is a way that helps you future proof the cost of repairs a bit.

Kim

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PostPost by: Jason1 » Thu Apr 14, 2011 6:17 pm

Hi Kim

Thanks for the info; great as usual.

I am sure I am not alone can you explain what reinstatement cover is?

Thanks

Jason
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PostPost by: florawills » Fri Apr 29, 2011 9:41 am

The classic cars are really amazing cars and has good performance too...and I have gone through an information site which has information on classic car insurance and benefits which offered by company....carinsuranceclassic.co.uk
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