Laid-up insurance, etc.

[elansprint71]

Anyone able to offer an explanation as to why it should cost more to insure a car which is laid-up in a locked garage than it costs to insure it for the road? And... I would have to pay thirty quid to cancel my policy because my current insurance company does not cover for laid-up cars.

I suppose that it will be really necessary to shop around when the car goes back on the road as, no doubt, there will be some reason, at that time, for it to dearer to insure it on the road than off!

Is anyone out there (in the UK) REALLY PLEASED, if not DELIGHTED with their insurance provider? If so, would you mind tipping me the wink?

[Jason1]

Hi

I just renewed mine. I had laid up insurance last year and it just came up for renewal a couple of days ago it was with what used to be Abbot Insurance and is now called Bridel (or something like that). It came in at ?98.60 including their ?25 'admin fee' which I thought was expensive.

The quote was at my last address so not in a garage but on the drive. I ask Kim username atthelimit on here to quote as he arranged the Abbot insurance last year but has since moved on to a different firm. Full Comp through Kim is now ?106 as I plan to drive it this year so less than ?10 more than the lay up.

Now I admit the car is now locked in a garage but these new guys (Bridel) are taking the p!ss with a ?25 admin fee.

Contact Kim and get a quote, nice bloke and he has an Europa which is a classic Lotus although a bit of a funny shape, maybe one day he will get a +2

For comparison I got the following quotes (Fully Comp):

Footman & James = ?271.20
Peter James = ?103.62
Adrian Flux = ?119.84
Lancaster = ?119.50

Hope this helps

Jason

[ken ob]

Hi, I've never had laid up insurance but i can recommend Hagerty Ins.
0844 824 1130. They are great to deal with and very reasonable.
I have no connection to them.

Ken.

[elansprint71]

Hi

I just renewed mine. I had laid up insurance last year and it just came up for renewal a couple of days ago it was with what used to be Abbot Insurance and is now called Bridel (or something like that). It came in at ?98.60 including their ?25 'admin fee' which I thought was expensive.

The quote was at my last address so not in a garage but on the drive. I ask Kim username atthelimit on here to quote as he arranged the Abbot insurance last year but has since moved on to a different firm. Full Comp through Kim is now ?106 as I plan to drive it this year so less than ?10 more than the lay up.

Now I admit the car is now locked in a garage but these new guys (Bridel) are taking the p!ss with a ?25 admin fee.

Contact Kim and get a quote, nice bloke and he has an Europa which is a classic Lotus although a bit of a funny shape, maybe one day he will get a +2

For comparison I got the following quotes (Fully Comp):

Footman & James = ?271.20
Peter James = ?103.62
Adrian Flux = ?119.84
Lancaster = ?119.50

Hope this helps

Jason

Footman James are the supposed ones offering a discount to Club Lotus!

What value did you put on your car? I think we all will have to up the values, judging by the way prices are going.

Thanks guys.

[Jason1]

Hi

I put mine as ?8,000. Value is difficult, you could not get a good one from Paul Matty for that. I have replaced or refurbed almost every part but the paint could do with a refresh. I have to send pics over to them this week so we will see what they say.

There is a full restored +2 sold on Matty's site for ?20k; paint work would cost ?5-?6k so maybe I have under valued it?

What have other people valued theirs at?

Jason

[elansprint71]

This is part of my problem Jason. My Sprint has been agreed value insured (on the road) for 15k for the last two years but I reckon it would be over 20 to replace today, so I told 'em 20 and hope the garage does not collapse on it. I said the S4 was worth 10 but if it were up and running I'm not sure that is enough, judging by the prices in Matty-world, etc.

Matty was quoted recently as saying that he had not seen a project Elan for sale for less than 10k in the last twelve months.

+2 values are overdue for an upward swing, imho.

[elanfan1]

Peter - as a long term Aviva employee (hangs head in shame!) I'd say laid up cover should not cost more than full road risks - after all the underwriters still have the full value of the car at risk plus the road liability cover when on the road. Does not seem to make any sense whatsoever - but then when did insurance make sense. If your car is roadworthy i.e tax, Mot'd I would not bother with the laid up cover even if you don't plan to use it.

It might be that if you asked for an increased value as part of the renewal quote for laid up cover that could account for the difference from last year as rates have increased quite a lot. Bear in mind you can have Accidental damage fire and theft or just fire and theft laid up cover (or you used to be able to) make sure which you have got - its important in case the car is damaged rather than stolen or burnt.

As to value - just take a look at the fairly average cars that are being punted on ebay for between ?20K and ?25K - yours looks rather nice and I'd say it is more likely to be nearer the ?25K to replace it. Not worth losing out on ?5K of value for say ?20 on the insurance.

I also agree with Jason - these 'Admin Fees' are taking the pith - it's jsut another way of maximising their profits in lieu of commission - it doesn't just stop with renewal - if you make a mid term change or as Peter has alluded to if you want to cancel the policy the want to charge you again - I'd like to know why they think they can charge over 25% of the premium in admin fees each time a change is instituted.

People will vote with their feet if insurer's and brokers don't start playing fair.

[Jason1]

+2 values are overdue for an upward swing, imho.

The problem is that the cars on Ebay are of an unknown condition; when I bought mine it had a new MOT and by the description it should have been a lot better and certainly should not have passed the MOT. 2 just ended in the last week at ?5,100 and ?6,100 but I would expect these to be projects. Then you have the Paul Matty cars at ?16k to ?20k. There is a massive difference in price but how are you suppose to value your car?

A nice running Twincam engine is worth at least ?2k,
A good chassis has to add at least ?1,500 to ?2k,
Good interior has got to be worth ?500,
A well painted body if you can find one has to be worth a few quid as a proper prep and paint from Option 1 is around the ?5k mark.

I know what has been done on my car and how many hours I have put in; to get a car in similar condition would be very difficult. I think the best judge of prices is the 'for sale' ads in the back of the Club Lotus mag as most have a knowledge of the work done on the car.

This is how I see +2 prices:

1. Under ?3k and you are buying a twincam engine and a box of parts.
2. ?3k to ?8k is a usable car that needs work.
3. ?8k and ?10k you should be buying a pretty good usable car that has had work done but probably needs paintwork.
4. ?10k to ?15k is a fully restored car.
5. Anything over ?15k would have to be a prize winner.

If my car was written off and I got ?8k I would be gutted, but I suspect if I waited until winter before buying another I could replace it for a similar condition car for that money.

It is very difficult.

Jason

[jimj]

S3 Elan dhc, nice condition, agreed value ?22K, 7500 miles p.a. Norton Heritage, I think it`s about ?170 including continental breakdown, repatriation etc. Maybe your loose proximity to n`er do wells in that (!) big city affects your premium Pete.
Jim

[elansprint71]

A problem with insuring a non-running car for the road is the "I confirm that this car is in good road-worthy condition" on the proposal form. If the cylinder head is off, they have their get-out clause. If the car is on SORN, same thing!

SK9 1xx is actually a very cheap car insurance area, the scallies coming over the border from either of the football cities are only after get-away cars or bling-mobiles, of which there are more than enough to make an old plastic banger of no interest.

[jimj]

SK91LYWAGS ?

[elansprint71]

Update:
The Sprint is going for an MoT soon, so is to be insured as on the road, quote from Peter Best (they have a very nice advert!) ?578 for 5k miles per year. How do they get any business?

Rang Adrian Flux (been insured with them some years ago- good service) ?113 for 3k miles, but can increase that at no cost, car valued at ?22k. Sold!

Asked them about laid up insurance for the 69 S4SE, valued at ?10k... ?189 No sale. This really does not make sense.


Edit: I'm going to read my house and contents insurance very carefully... if a car is not mobile, i.e. in pieces, does it become "miscellaneous car parts"?

[Jason1]

Hi

I think you have to list any high value items in your house policy. I think the Halifax said any items valued over ?1,000.

Jason

[Elanintheforest]

If the car is in pieces Pete it's often not covered by a laid up policy either. A chum was restoring his car and had a break in when on holiday. All the loose bits were stolen, with a replacement value of something like ?15k. The car insurance guys said it wasn't covered by their policy as the parts weren't attached to the car, and the house insurance said it should have been covered by the car insurance. A big problem for those restoring cars!

Mark

[elanfan1]

The answer to this problem should lie with approaching your contents insurers and SPECIFYING under the policy say ?10,000 of lotus elan car parts with a single article limit of say ?1000.

The situation should be no different to where you already have a complete car and have accumulated a lot of spares or you have a half built car and lots of loose spares .....

but the key is to let them know and be prepared to increase your sum insured by the value of the spares.