Lotus insurance and declaring options experiences

[Alan H]

I am insured with a standard big uk insurer and like to be very particular with insurance and tell them about options when they ask for mods, even if it’s just for the benefit of the tape. With Lotus everything is  an option down to the carpet which creates some confusion.Just changed insurance for my Exige Sport 350 70th Anniversary  Edition which was not on their system. They had to go to the underwriters/ Lotus to clarify what I had said and it came back as standard no mods despite having special paint, air con, stereo, carpet , cruise control, silver wheels etc. I clarified this again today.

Interested in everyone else’s experience especially if you had a prang and needed a replacement? Did you get the same car replacement? Do you declare every factory fitted option? 

(I would go with a specialist but not had it a year and my daily driver is with them which gives a large discount. Its only £100 to change from a Cup 250 which was £350 at the start of the year. Their customer service has been excellent.)

[CocoPops]

Sounds like you're opening yourself up to creating problems.

Options are not Modifications.

Why over complicate it?

[Alan H]

That is very true but I have a habit of over complicating everything. 😂 F**k so I have been making like hard for myself for years. I thought you had to declare anything above a base car.  With options being so expensive you want them recognised so if your car gets binned you get the same car back.

[CocoPops]

no, the question is "are there any modifications?"

So if your car left the factory with the solid gold brake discs and diamond encrusted seat bases, then that's "factory standard" even if you paid extra for those options.

Ideally, your invoice would show the options you had, along with any advert, photos, etc as evidence.

Also, insurance pays out "market value" after 12months, so options almost become worthless, as a car with exclusive paint may be the same "market value" as a standard colour. Arguably it's more desirable but is it more valuable?

If "return to invoice" is important to you, you're FAR better off with GAP insurance that covers the gap between your regular insurance pay out and the cost of the NEW car replacement.

[Alan H]

Thanks for that. Going to get GAP which had escaped my mind. Admiral who I was with for several years  used to ask for options  this is where my confusion has come from. I appear to have got MYSELF in a right fuddle. 

[MrP_]

On 02/05/2018 at 15:43, CocoPops said:

no, the question is "are there any modifications?"

No it’s not, for some companies it is but not others. Options vs mods isn’t as clear as that. For instance LV specifically state option are included in base car - it clearly states it. Admiral on the other hand, ALL options have to be declared, and treated as mods, plus if it’s nicked they will not pay the difference.

Check their quote engine. Admiral do not insure options, it’s for that reason I’d never go with them. It worked in the 90’s when trim level dictated, and only fancy cars had options. Now even a Kia comes with options. Admiral are of course Admiral, Bell, Shielas Wheels.

[dapinky]

2 stories for this thread - 

1) The Elan is insured with Footman James and I declared every 'modification' during a 25 minute phone call (which i recorded) - even down to the change in colour of the wheels. I had expected the 'chip' and bigger bore exhaust to make a bit of a difference to the quote, but at the end of it all, it came back as the 'base' price. At least I have a record of what it has got on it in case needed (but with agreed value policies, it probably doesn't matter as much). When the certificate arrived it just stated 'Modifications declared' without listing any of them.

2) I thought that the insurance for my Triumph Dolomite was going to cost a fortune as it is a full Group 2 rally car with 220bhp engine (a friend who had a 'lower spec' version was paying a hefty premium on his)..... when I inquired, and told them it was one of the 4 Leyland 'Works' cars, and I had the provenance for it, they put a large value on it and told me that the annual premium would be £88 (road cover only - competion cover was a seperate policy)....... because it was a 'works' car, it hadn't been modified from the factory 😁