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babak said:
800 through hagerty.com, how reputable are they?
Very.
 

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Does anyone know if any of the Lotus clubs have an arrangement with any of the insurance companies for a discount for members? If not it might be something worth them looking into...
 

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I have Liberty Mutual and they said that they dont think they will insure it since Lotus shows up as an exotic. I saw the posts about Hagerttys and Grundy, but I want to be able to take the car to work ocassionally and leave it outside overnight if I visit friends that dont have garage space.

The car will always be garaged at night if it is at my house, and I plan on driving under 5000 miles a year. But then if I go to the LOG meeting in Alabama in Sept, then I will use up about half of the allowable mileage for the year. Are there any companys that will let you insure it like a normal car?
 

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Just spoke with my insurer...

...my current vehicles are with State Farm, and they don't yet have the Elise on a list, but they do have a process for quoting. The price they gave me is based primarily on model year and base price (sounded good) but there is one tricky little question on their quoting system, and it runs something like this:

"Is the car a Lotus, Corvette or Avanti?"

Ulp:rolleyes:

Seems they're not too fond of fiberglass...:) This translates to just over $2k for the full year with max. 12k miles (plenty for me). As a reference point, this is for 43 y.o. driver in Phoenix area with no accidents, maybe a speeding ticket or 2...:) Also, the policy is for business use, as this will be a company car (don't ask). For comparison purposes, this is about $20 a month more than a Ferrari 348TS with the same (pretty high) coverages.
 

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I went to hagerty.com to do an online quote, they said I can not get a quote on any car made after 86'. Also, I am 24, have one speeding ticket on my record, no accidents since I was 16, and I currently pay 1700 per year on my Subaru Sti, So I am guessing that my insurance will double for the elise only. I am planing on selling the STI in teh up comming weeks and purchasing a 97-99 4runner as a daily driver and tow vehicle! I am assuming that I will pay 3-4k for both.... I HOPE.. Should I still try Grundy?

Adam P
 

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Will my insurance go up?

I just got rear ended a few hours ago by an 80 year old who was looking for the Arbys and didnt notice that the stoplight was red:mad: He pushed me into the rear of the car that was in front of me too. Luckily no one was hurt and nothing got dented, but the cops filled out a report. I was driving a car that belongs to someone else. The cops said it was the old guys fault. I wonder it if my insurance or the insurance of the person who owns the car I was driving will go up? Or will neither of ours since it was the old guys fault. It will really suck if my premiums go up.
 

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Re: Just spoke with my insurer...

roadrunner said:
...Also, the policy is for business use, as this will be a company car (don't ask).
FWIW, the IRS is now checking on "company" cars as tax write off. Unless you own a racing school and need 2 dozen Elises I'd be careful. My father has a small business and has a volvo station wagon as his company car. He uses a station wagon to haul things in. He was "ok'ed" but they said that cars that are over a certain price range or higher end marques will be questioned.
 

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Out of interest my insurance renewal has just come up so here a price from the UK ;

Car - Elise Type 72 (127 bhp k series)
Age 39 Male married
No claims accidents or convictions
South East England
Unlimited milage
Protected no claims
Fully comp cover
Plus track cover at a per event additional premium of 0.1% of vehicle value (aound £ 27 per event)

£ 700 ($ 1,300 at todays rate)
 

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Also ,with regards to Hagerty, they probably wont do an online quote for new cars because they judge "exotics" on a case by case basis..you have to meet a certain criteria to be deemed an exotic by Hagerty. Their bread and butter are classics and vintage.
 

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I did a quick check at Grundy, heres what I came up with, $45,000 agreed value. $500,000 liability.


Vehicle Information Vehicle Quote
2005 Lotus Elise Liability Rate $30
Coverage Information Comp and Collision Rate $630
Agreed Value $45000 original Deductible Rate $Not Applicable
Bodily Injury $0 rate: $Not Applicable Property Damage $0 rate: $Not Applicable
Uninsured/Underinsured Motorist $0 rate: $Not Applicable Med $0 rate: $Not Applicable
Tax $0
Liability $100000 with Comp and Collision Total Rate(This Vehicle) $660 Per Year
Deductible $0


Your Total Quote
Total Quote (Includes all cars) $660
Quote Created Wednesday, February 11, 2004 at 4:45 AM E.S.T


 

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Grundy doesnt watch mileage, as such they dont specify limits. Hagerty DOES specify mileage.

Yep, that was for the full year, which was about what I expected. My DeLorean ( dont laugh) was insured thru hagerty for agreed value of $25,000..it cost me $300 a year to insure.


Keep in mind it was also an online quote, they have my phone number should they decide that the quote needs to be changed. I'll post here if they do.
 

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Re: Re: Just spoke with my insurer...

OneFastMiata said:
FWIW, the IRS is now checking on "company" cars as tax write off. Unless you own a racing school and need 2 dozen Elises I'd be careful. My father has a small business and has a volvo station wagon as his company car. He uses a station wagon to haul things in. He was "ok'ed" but they said that cars that are over a certain price range or higher end marques will be questioned.

As far as I know you can deduct auto related expenses and I don't think it actually matters what you drive. I do know that if the car is over a certain weight ( a chevy suburban or tahoe) you can depreciate a very large portion the first year. I think this is around $30,000 the first year. My accountant told me that when I get the Elise I can deduct on a milage basis or a percentage of use basis. This includes all interest, insurance, service.
 

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cantwaitforelise,

You're right. You have a choice of a percentage of the vehicles value or mileage. The value deduction has a cap of I think 35K over 5 years. The exception is small business owners who can deduct up to 100K ea yearfor a vehicle as long as it weighs over 6,000 lbs. (Range Rover, Discovery, H2, Expedition, Suburban, Excursion, Etc.)
 

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wallabyguy said:
cantwaitforelise,

You're right. You have a choice of a percentage of the vehicles value or mileage. The value deduction has a cap of I think 35K over 5 years. The exception is small business owners who can deduct up to 100K ea yearfor a vehicle as long as it weighs over 6,000 lbs. (Range Rover, Discovery, H2, Expedition, Suburban, Excursion, Etc.)
Thanks for the info wallabyguy. I didn't know there was a cap. That does make sense though.
 
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