Lotus Elan

insurance

PostPost by: theelanman » Sat Feb 27, 2016 3:31 pm

Just had my renewal with classic line....

68 +2....
Garaged, breakdown, ?100excess, 3000 miles, agreed value at ?30k.....
?115

I'm happy.......
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PostPost by: elanfan1 » Sat Feb 27, 2016 9:12 pm

I thought you were Grumpy! :D
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PostPost by: Spyder fan » Sat Feb 27, 2016 9:27 pm

?115? That's not to be sneezed at. 8)
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PostPost by: elanfan1 » Sun Feb 28, 2016 11:00 am

Making me feel a little Sleepy (no, not in that way Alan!)
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PostPost by: paul_adamson » Mon May 02, 2016 11:16 pm

Who is that with?
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PostPost by: Spyder fan » Tue May 03, 2016 8:22 am

paul_adamson wrote:Who is that with?


If you are referring to theelanman's post then it's http://www.classiclineinsurance.co.uk/

I recommend these https://www.rhspecialistinsurance.co.uk ... -insurance
Benefits that come as standard:

Cherished salvage
Free and automatic return on all vehicles over 20 years of age. Most competitors only offer you the option to 'buy back' your salvage. So, with RH Specialist Insurance you will receive your insurance settlement and your salvage, free of charge.

UK & European accident & breakdown recovery
All policies come with UK & European accident & breakdown and recovery, including home service, as standard.

European cover
You are automatically covered for up to 90 days in any one trip
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PostPost by: KevJ+2 » Tue May 10, 2016 5:22 pm

Sorry to say that I have tried to get a quote from RH Specialist Insurance (Hiscox) without success.
It is now over a week since I phoned them to ask about a quote and was told it would take about 20 minutes talk time or I could fill out the online form and they would get back to me. I did, and they didn't. I also sent an email and a follow up email to ask if they were interested or not...obviously they're not!
If they are this carp when you're trying to pay them, I wouldn't hold out much hope if you have a claim.
Getting really fed up with these sorts of companies.
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PostPost by: TroonSprint » Tue May 10, 2016 9:46 pm

I have recently insured my two classics with RH and it is a good policy. I particularly like (A) the buy back clause and (B) the fact that the policy holder is allowed to drive other cars, not always the case with classic policies.

But they insist on getting an independent valuation for the agreed value. Now we know that is easy for a Lotus from Club Lotus, but for my MGB GTV8 it was very tricky. The MG Car Club doesn't offer that service and I really struggled with finding someone to do it.

When I told RH I couldn't find anyone to do it, they said the MGCC would do it, but they won't. The MGCC are bothered about being liable in the event of a claim where the claim assessor thinks the car is worth a lot less than the valuation. They, quite rightly, say how can they value a car they have never seen.

Other insurers I have been with have accepted the owner's valuation providing it is below ?15,000, which is the case with my MGB. My local garage where the cars are MOT tested finally agreed to value it. Their valuation was a bit lower than I would have liked but it's better than nothing.

It's a tricky field, insurance values. For example, Club Lotus have valued my Sprint FHC far, far higher than I could ever expect to sell it for. And all without ever seeing the car. The car in question is currently advertised for sale at ?13,000 below the insurance valuation and I haven't had a single expression of interest in three weeks. Makes you wonder how much the valuation is really worth.

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PostPost by: Spyder fan » Wed May 11, 2016 7:04 am

I stick with RH not only because of the salvage and coverage as standard, but because I was unfortunate enough to be rear ended in my + 2 and RH were superb in handling the claim and dealing with the third parties insurers.

Mike,
I would suggest asking Paul Matty to value your MG, or alternatively Paul Clugston at UK Sportscars could advise as he often sells other marques including MG's. I had an independent classic car dealer provide a letter of valuation when I first used RH they accepted it happily.
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PostPost by: TroonSprint » Wed May 11, 2016 7:57 am

I would suggest asking Paul Matty to value your MG, or alternatively Paul Clugston at UK Sportscars could advise as he often sells other marques including MG's. I had an independent classic car dealer provide a letter of valuation when I first used RH they accepted it happily.


Alan, surely these businesses would want to see the car in question, wouldn't they? Paul Matty is over 300 miles from me, and Paul Clugston is nearly 500 miles away. I could have tried the couple of classic car businesses in the Glasgow area, but my local guy did it without charge and the valuation was good enough (just) and RH accepted it without question, even though it was hand-written. My MGB is very far from standard with a V8 conversion, 5-speed gearbox, fully independent rear suspension, 4-wheel disc brakes, power steering, etc. so a valuer couldn't just look at other MGB GTs to get an idea of the value.

I read about your Plus 2 being rear ended on this board and I'm glad RH came up trumps. Tell me, do they insist on a new valuation at each renewal?

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PostPost by: Chancer » Wed May 11, 2016 9:07 am

TroonSprint wrote:It's a tricky field, insurance values. For example, Club Lotus have valued my Sprint FHC far, far higher than I could ever expect to sell it for. And all without ever seeing the car. The car in question is currently advertised for sale at ?13,000 below the insurance valuation and I haven't had a single expression of interest in three weeks. Makes you wonder how much the valuation is really worth.

Mike


Its worth ?13k to the dishonest person with a petrol can and a cigarette lighter :(
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PostPost by: KevJ+2 » Fri May 13, 2016 9:50 am

Finally got a reply from RH Insurance. ?43 for laid up cover which I think is very good. That also covers me whilst transporting, and getting it painted. They also quoted me ?112 for comprehensive cover on market value of ?16,000 which I don't think is so good. I expect to pay quite a bit more for an agreed policy with a Club Lotus valuation.
RH seem quite good to deal with though...when they eventually call back :D
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PostPost by: Spyder fan » Fri May 13, 2016 7:26 pm

Mike,
Sorry, I was forgetting you are a long way away from these parts.

To answer your question about agreed valuations with RH, once they have agreed a level of valuation they simply renew each year at that figure without asking for a new valuation. Given rising prices it probably would pay to renew the valuation every other year or maybe 3 years.
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PostPost by: Routen Chaplin Lotus » Wed May 18, 2016 2:09 pm

Hi,

The Lotus insurance scheme from Routen Chaplin Insurance (see vendors page) does not require a club valuation, just six recent, good quality photos of the car will be sufficient to have an agreed value policy. (can be e-mailed)

So on a +2 for someone say aged 30, value ?16K the premium would be ?100.50 inc IPT etc. and agreed value,
3000 miles. They do Spyder cars as well.
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PostPost by: Routen Chaplin Lotus » Wed May 18, 2016 2:14 pm

Chancer wrote:
TroonSprint wrote:It's a tricky field, insurance values. For example, Club Lotus have valued my Sprint FHC far, far higher than I could ever expect to sell it for. And all without ever seeing the car. The car in question is currently advertised for sale at ?13,000 below the insurance valuation and I haven't had a single expression of interest in three weeks. Makes you wonder how much the valuation is really worth.

Mike


Its worth ?13k to the dishonest person with a petrol can and a cigarette lighter :(


Also remember the higher the value, the higher the premium. Its easy to get carried away with the thought that because one Elan sold for X, then all Elans are worth X. Valuations from experts, Clubs are sometimes viewed with a little suspicion by insurers, people giving valuations and charging you for the privilege are seldom likely to want to rock the boat and upset their paying customer.
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