My S1 Exige is currently being converted to NA Honda power by the guys over at Essex Autosport (formally Sinclaires), and as it happens my insurance is also up for renewal, so I was thinking of going to agreed value in case the worst should happen! However I need to know how much it is worth as the insurance company would like a figure that is realistic.
Specs, in no specific order
S1 Exige � Gunmetal
Registered 2001
48,000 miles (0 since the conversion!)
Motorsport extended roof scoop + engine cover
Re-sprayed a little while back (same colour), full protection film, so paint is almost perfect
NA Honda conversion
2bular NA Honda exhaust
Nitron single way suspension
HID
Oil temp\pressure gauges
Momo removable steering wheel
AP Rotors and discs
CL5+ pads
A039 all round
Lotus racing seats with harnesses in Alcantara
Well maintained
Thanks. I’ve seen that one and it looks like a similar match, so that’s where I’m going to be starting. However they said they normally only give 3-6K more than what it was previously insured at, which would make it �23K. Which seems a little low to me given, as you say, the way S1 prices have been going.
Insurance companies aren’t usually interested in what it is ‘worth’ and that is why it is so important to get ‘agreed value’ which is recognised as a fair representation of what it would cost to replace the vehicle. However, ‘replacing’ a non-standard vehicle is not easy and so, should the worst happen, be prepared for a bit of a fight over the true value. One way around this is to seek out and buy ‘reinstatement value’ insurance. As the name suggests, the cover provides protection for those cars where the cost of putting it back on the road might exceed the ‘market’ or ‘agreed’ value, in which case an assessor would deem it an economic write-off - unless you have reinstatement value cover. You pay a bigger premium but if you intend to keep the car after a bad accident and restore it to its former glory then it is the cover to have. Some companies offer reinstatement value insurance up to 50% above market/agreed value but 25% is more normal. Once the market/agreed value exceeds the likely cost of reinstatement then it is no longer worth paying the extra premium but we may be some way off that yet, even with the S1.
Maybe but I bet more cars are damaged in road accidents than on track? Also, track cover specialists will provide cover at any reasonable level - provided you are willing to pay the premium and take the excess. Ask anyone who races and insures a Group C racing car, for example. I know of at least two of these who have race insurance for the car and I’m sure there are more.
“However I need to know how much it is worth as the insurance company would like a figure that is realistic.”
If your insurance company is not requesting an independent valuation are you sure the policy is “agreed value”? Your insurer may well ask for a “value” in order to establish a premium and this may show on your policy, however it is not “agreed” and would still be subject to negotiation in the worst case.
Well the insurance company I’m talking to are REIS, and they claim it is ‘agreed value’. I could get an independent valuation or I can submit all my paperwork (invoices, adverts of similar cars etc) and they will have their valuer look at it all and come up with a value which we will then agree on. I certainly hope I don’t have to go though all of this to then still have to negotiate should the worst happen!
Im with REIS and IIRC I told them a value sent them some pics and they agreed. Cant recall what the value was though…Hmmm maybe should check at renewal given what S1 prices are doing.
Last time I went agreed value, I had to fill in a form and send it off to Club Lotus with an estimate of the value. They sent it back stamped, saying they agreed.
I’m with Footman James. They would not switch to agreed value until car was 10 years old. Used Scott Walker to value the cars and his valuations were accepted.
Well as expected REIS have come back with a figure of �23K, which I think is poor. So I’m definitely going to be looking to some of the other suggestions!
