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Discussion Starter #1
I am am just entering the world of Lotus brand cars but I am very familiar with the Insurance side as an agent in NY. I figured I would post up a little blurb about what might be helpful info. If you don't live NY not all of this may apply to you as insurance law changes from state to state. I saw a lot of random questions that I felt could be summed up here.

Styles of insurance: Their are two big routes to take your favorite Lotus when it comes to insurance. You can take the road of putting it on the policy with the rest of your cars (Gieco, Allstate, Progressive, etc). This will give you the best flexibility of use but will also be the more expensive option.

The other option is to go with classic/exotic car insurance. These rates tend to be a lot cheaper but you pay for it in other means. You often can not drive it work and have limited miles per year you may put on. A lot of times people can find these restrictions to much to bother and if you break then and get into an accident say going to work you risk coverage on your vehicle.

Eligibility: Not all companies write all cars. they tend to pass on vehicles with super high performance, value or even if its super easy to total out. Often these issues put the car over to an underwriter when the company is "on the fence" about writing the car. When this happens a lot of other factors such as the age of the primary, youthful operators, driving history, is it driven every day and other things will come into play. The biggest dis qualifier of all though would be if the vehicle is modified to go faster then stock. Practically nothing scares a company more then protecting something they don't know the capabilities of. If you are thinking about buying a lotus ask your company first if they are ok with it and the rate. If they express hesitation explain your uses to your agent and he/she might be able to explain it to an underwriter to get him to change his mind. If you are direct I wish you the best of luck but its a battle you wont likely win if they initially say no.

Rates: Rates are not the same from person to person. Its more about the driver then it is about the car. Things like your driving history, location, Credit, policy forms, etc, are the real base rate of your insurance. That said Vehicles do have rating factors. Your Chevy cobalt will cost more to insure then your base mustang (how weird is that?) and your Lotus will cost more then that. In my experience the collision symbols on an Elise look roughly akin to an STI.
 

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Except for Geico... Geico has the cheapest quote out of everything (including all exotics) I searched online.

Now, USAA told me that insurance companies have a certain amount of days (I believe 30 or something like that) to raise the premiums if they deem necessary. Is this true?

The reason I ask is I am in a dilemma right now with auto insurance. I pay about $1300/6mo for 3 cars including the exige at USAA. I am very satisfied with USAA's customer service and their claims division was very nice to deal with.

However, I got a quote from geico and I would be paying about $700/6mo with the same coverage as USAA. I don't want to make the switch and have Geico jack up the price for some reason after a month or more. I'm also hesitant since I've been reading that some owners were DROPPED by Geico and other insurance companies because they deemed Lotus as an "exotic" and they would not cover it. I spoke to a few agents and they never said anything about Lotus not being covered... instead they said I had a good taste in cars (typical sales gimmick... but they weren't rejecting it)
 

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Discussion Starter #3
In NY we see Gieco tease super low numbers all the time. They often do things like Ignore youthfuls, dont charge for accidents tickets they know about...until a renewal comes up or it hits underwriting. Our agency rarely loses something to gieco and we often get it back in 6 months because the rates didnt stick because they didnt charge for something we knew about.

If you have a clean record though and no potential drivers you are hiding it may stick. I would also make sure they confirm that their is no issue insuring your exige and get their name of whoever says yes. You did say you liked their claims service which tells me you may have something on your record. Even not at fault accidents and class claims can turn around and effect your pricing. since companies cant charge for it they simply say what tier you are eligible for.

If Gieco is half the rate of everyone it means something isn't right. If they are a few hundred better then the next best its possible but if they are half the rate I would personally be very weary no matter what company is telling you it but especially Gieco.
 

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Well, I bit the bullet going off of other LT owners who have Geico with them and haven't had a problem except cheaper premiums. At one time, the agent went on hold a few times to see if it was insurable and they said my premiums stayed the same. I have that agent's number and he was very helpful.

I do have a clean record, except for my no fault accident when a person hit and ran my parked vehicle. USAA was very helpful in dealing with this.

I'll keep my eyes open every month and check with Geico to make sure everything is good. If they jack up the price at the end of the 6 month policy, I will simply switch back to USAA.
 

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Discussion Starter #5
As long as they stick on the premium no one can blame you for switching. Hope you like them and don't have any problems. From what I hear their customer service is pretty good.
 
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