Lotus Insurance Scheme
03-Jan-2012 | Lotus Drivers Club News
Routen Chaplin Insurance Brokers provide Lotus Insurance schemes for both “Classic” and current models. The scheme which has been arranged by Kim Eaton a long term member of LDC who is both a Lotus enthusiast and an insurance broker and should appeal to those members looking for good quality cover and a personal service.
The Lotus Insurance Scheme can cater for all types of Lotus, classic and modern, standard or modified with the option to include various policy extensions ranging from increased repair costs cover, sometimes known as reinstatement cover, through to track day use which includes accidental damage cover. Claims are an unfortunate fact of life and you will be pleased to know that the selected insurers have dedicated claims teams for the Lotus and sports cars schemes that operate separately from their normal claims department. They have the knowledge and expertise to provide a first rate service and look to provide the best resolution in the event of a claim.
We are able to offer a Variety of Cover which can include a number of the features detailed below depending on the insurer and options chosen. We hope the brief details provided and specimen quotes will be of interest.*
The Classic Lotus
ModificationsThe insurers are willing to accept a number of limited modifications under the classic scheme and in particular to classic Lotus cars these may typically include; tubular wishbones, alloy radiators, braided fuel and brake lines, roll bars, solid drive shaft conversions and upgrades to "sprint" specification.
We can also cater under a different part of the scheme for Loti that have been more extensively modified which may include engine changes, dramatically increased BHP, lowered and up-rated suspension, competition lightweight parts, 26R conversions, Honda powered Elise and Exige and the like. These are considered on an individual basis and rated accordingly. All modifications must be disclosed at the time of quotation in order that the insurers have all the facts to determine their acceptance of the risk. It is also your responsibility to declare any subsequent modifications during the lifetime of the policy to ensure that the contract of insurance remains valid.
Comprehensive Agreed Value Cover
Subject to acceptance, certain policies will provide settlement on an agreed value basis in the event of a claim where the vehicle is deemed to be a total loss. Acceptance is normally approved following the provision of recent up to-date colour photographs of the car. In some circumstances the policy will be based on market value at the time of loss which can be beneficial where the vehicles are appreciating in value.
Reinstatement Cover
The policy can be extended to provide an uplift in cover to increase the funding for the repair of the vehicle. Sometimes the costs of repairs can exceed the agreed value. This would render the vehicle a total loss as it would be “uneconomical” to repair. This option allows you to increase the amount insurers will pay to repair the vehicle by either 25% or 50% upon payment of an additional premium. Please note this does not apply when a vehicle is written off.
Limited Mileage Discounts
Discounts are available for 1500, 3000, 5000, and 7500 miles per year.
Car Club Discounts / Forum Member Discounts
Discounts are available to members of a relevant car club who can produce evidence of membership. Underwriters may accept registered forum members where proof of registration can be provided where no relevant car club exists.
Foreign Use
Up to 3 months full cover is included as standard for most European countries and the insurers may be willing to extend this cover further for an additional premium if required.
Personal Accident Cover
Up to £5000 for the policy holder and their spouse/civil partner if you suffer accidental injury: in direct connection with your motor vehicle.
Salvage Buy Back
On classic policies the insurers will offer the insured the first option to buy the salvage of the vehicle should it be deemed a total loss, subject to legal obligations. This means it is often possible for the policyholder to buy the salvage and to repair the vehicle themselves with the aid of specialist services.
Modern Lotus Cars
Mirror BonusMany a modern Lotus is purchased as a second car and as such does not have a “no claims bonus”. This can be an expensive problem. But if you have bonus on an everyday car or company car we can “mirror” that bonus. So, if you have maximum bonus on say your Ford Focus we will be able to give you a maximum “mirror” bonus on your Elise, Exige, Evora etc.
Modified Cars
Sometimes it seems as there are no unmodified Elises out there any more. It may only be an induction pack, a tweaked exhaust, but standard its not. Many go on to have up-rated brakes, shocks etc and some go on to have Audi or Honda engines which have proved to be very popular. These are not a problem to us, we need to know what has been done, the current BHP etc but we should still be able to get you a cracking deal.
Track Day Cover
Many owners are tempted to take their car on track, and why not with such a great car to enjoy it with. Our policies will either include cover as standard or if not we can arrange stand alone cover on an event by event basis. (Prior notice is required and an increased excess applies.)
Limited Mileage Policies
If the car is not your “everyday” car you may be interested in a limited mileage policy. You may use it more than a classic but no where near the normal mileage of the daily hack. Discounts are given fro 3000, 5000, and 7500 miles so if that fits the bill for you why not get a discount.
Other Covers Available
Track day coverThis would include accidental damage cover. This can be arranged per event or on an annual basis. Some of our Lotus policies even provide a number of track days without additional premium. Advance notification is required.
Trailer Cover
Policies to cover for accidental damage, fire or theft can be arranged.
Race Car/Track Car Storage and Transit
For those fortunate to have race cars or dedicated track cars which may not be road legal, we can arrange cover whilst in storage or transit to a meeting or event. This policy can also include an amount for tools and spares together with race equipment such as overalls and helmets etc.
* The brief details provided are an only an indication of the types of cover available and reference should be made to the policy wording for full details of the cover provided and will include details of benefits, limitations and exclusions.
Specimen Quotes
(Correct at time of going to press) **. A selection of specimen quotes are provided below, please note that there would be no difference between premiums for the Elan, Elan +2, original Europa, type 14 Elite, We can arrange cover for all types of Lotus from the original 7 on to the Evora and anything in between.
Quote 1Elan S4, 1970, Value £17,000, Mileage 3000 PA, Insured and Spouse aged 56 and 49, Post Code LE9 (Leicestershire)
1 non fault accident last year, Garaged, Lotus Club Member. Comprehensive, Agreed Value. £150 Excess.
Premium £84.80
Quote 2
Elan S3, 1967, Value £14,000, Insured and Spouse aged 49 & 50. Post Code PO21 (Portsmouth)
Laid Up Fire & Theft Cover, £100 Excess.
Premium £63.60 Note this policy can be converted to road cover when required.
Quote 3
Elan +2, 1968, Value £12,000, Insured and Spouse both aged 49, Mileage 5000 miles PA, Post Code DL1 (Darlington)
Club Member, Comprehensive, £100 excess, Agreed Value.
Premium £103.66
Quote 4
Lotus Europa S, 2007, Value £18,000. Insured & Spouse both aged 54, Mileage 3000, Post Code CV7
Club Member, Comprehensive, including track day cover.
Premium £348.89
Lotus Exige, 2000, £30,000, Insured Only to Drive 50+, Club Member, Vehicle Modified, Supercharged Honda Engine, modified suspension, brakes etc. Mileage 5000. Postcode LE12. (Leicestershire)
Premium £430.00
** We have tried to make the specimen quotations as realistic as possible based on a variety of locations and ages and circumstances etc. However, the premium you pay will depend upon your individual circumstances, on the cover provided and payment method selected.
Routen Chaplin Insurance Brokers:
kim.eaton@routenchaplin.co.uk
Telephone Number 0115 973 7307
Fax Number 0115 973 0729
Registered Office:
130 Derby Road, Long Eaton, Nottingham. NG10 4ER
Registered in England Number 847184
Inval Holdings Ltd trading as Routen Chaplin is authorised and regulated by the Financial Services Authority for general insurance business. Our FSA number is 304376. You can check this on the FSA’s Register by visiting the FSA’s Website: www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.
