Insurance Help

Jagjit1504

Hi,

I am 20 and have just won a Lotus Elise in a competition, however am finding it impossible to get insured on it. I would love to drive it. Can anyone help? If you need any more information just ask.

Thanks.

Tilt

Lucky you! Unfortunately if you do find an insurer to cover you, I reckon you will be looking at a premium of at least £7,500. Your best bet would be to part ex it for something under a 1.2 ltr. Play your cards right and you should get enough money back from a dealer to insure a more appropiate new car off them.

atrixblue.-MFR-.

your not going to get covered for that vehicle, or rather you will but pay about £4000 at the very least a year for it.

like said above your better off going to a dealer and coming to an arrangment.

JQ.

As above really - the insurance cost for a car like that at 20 will be horrific. Why not speak to the company who you've won the prize with, explain the situation and see if they can offer a cash alternative. It saves them going out and buying a car (or if they've already got it - they can use it in another raffle), plus you're likely to get more cash this way then accepting the car and then trying to sell it.

Take the money and buy a more sensible car, where the prize money will pay all costs for the next 5 to 10 years.

rev_henry

I feel for you. Get yourself a copy of max power/redline etc and give the brokers who advertise in the back of that a call. It'll still be a horrific premium, but worth just checking in case you're pleasantly surprised. Also see if the owners club has a special deal with a broker.

Otherwise keep it in the garage and polish it for a couple of years.

jackthenipper

Sell it & then buy yourself something sporty but economical & save yourself a fortune. lol

HTH

fivetide

Try the Lotus forums rather than here. Might be others in similar situations. There are young people with very high powered cars out there, do expect them (insurers) to have your trousers down though.

5t.

thenudeone

The insurance cost will be unbelieveable, if you can get it, so selling it before you even drive it is probably the best option.
Many dealers who will be happy to buy an "almost new" car.
I think military personnel based in Germany can buy a UK-spec car tax free every 6 months. I heard of some people who were able to buy a high spec car, drive it the UK, sell it to a pre-arranged car dealer, and still get quite a bit more for it than they paid, even though it was now second hand and had 1000+miles on the clock. And they could repeat this every 6 months!!

ROY47

jackthenipper wrote: »

Sell it & then buy yourself something sporty but economical & save yourself a fortune. lol

HTH

what he said

jaydeeuk1

Jammy b&stard!

As much as it would pain me, if I was you I would sell it. Put money in savings account.

When 30 (trust me, those 10 years will fly by), buy the latest model (and with interest you'll probably get the 111r equivilivent). Insurance will be cheap(er) too.


Otherwise, take it track day racing. Guessing you won't need normal insurance for that (just a trailer to get it there)

rev_henry

jaydeeuk1 wrote: »

Jammy b&stard!

As much as it would pain me, if I was you I would sell it. Put money in savings account.

When 30 (trust me, those 10 years will fly by), buy the latest model (and with interest you'll probably get the 111r equivilivent). Insurance will be cheap(er) too.


Otherwise, take it track day racing. Guessing you won't need normal insurance for that (just a trailer to get it there)

Racing's a good idea. I believe some tracks require you to have special track insurance, but some you don't need any at all...