Why is it so expensive...

[milesofsmiles]

Are others finding the same issues?

I have a 2013 S3 Elise with some mods.  Nitrons, tyres, Tillett, and an RRR tune which include a 2bular system. Usual stuff... and I'm looking for 2023/24's new policy. So I phoned around... as you do.

I've had the car three years and in the first year of ownership, when I received the usual rubbish of 'you've not driven this type of mid-engined sports car' reasons for the 'high' policy price, it was actually half the price of the best policy I've been quoted this year... half!  

Aib and others who are supposed to be specialists and like Lotus... can't even match the best I've had... and by some hundreds of pounds.  Others have quoted into the thousands when my first year was a few hundred. It doesn't make sense.

Go Compare, as a point of reference offered the best quote starting at £2500 and hitting almost £5000.  I didn't delve into the actual quality of those offers.

Why is this year so expensive?

I have all of the multiple cars, home owner, old man, decades of NCB, loveliness that we're told should make a difference... but it's not helping.  

I do feel that the industry is taking the proverbial as we have no ability to fight back. I insured another very different vehicle two months ago and it was more expensive too by a couple of hundred pounds. Meaning that in only two vehicles my premium outlay will have risen more than £500 over last years!  How is that possible?

Ironically, the least expensive and most 'normal' insurance is my wife on her car... and she is in her first year of holding a driving licence. Even my sons modified Hot Hatch is less expensive for him than my little plastic car is for me... and that shouldn't be.

Has anyone else found issue with insurance this year?  Who did you go with in the end?

 

 

 

[philcool]

Just insured S2 Exige 240 pp fully comprehensive with ESURE including 11 years ncd protected and legal cover 5000m a year garaged at night in SE9 £246 I'm 55 last year with L.V £309 and renew was £374 was £305 Hastings direct or could have gone with Marmalade for £227 oh and that includes noted modification of non standard exhaust 2bular most ice ever paid was I think about £500 when I first got it 12 years ago 

[Redwing]

If you have multiple cars, as you say, then try getting quotes to insure your Elise on classic insurance, with agreed mileage and see if that helps.

[mg4lotus]

My house insurance dropped 10% last year  I had it on auto-renew. This year it has shot up 25%  and they had taken the premium before I new about it. I was particularly busy with some business so didn't have time query it. I have taken it off auto-renew and will be shopping around next year.

My cars aren't on auto-renew, so will be shopping around.

There was an article on the radio about high premium rises and an insurance spokes-person blamed it on the high rising cost of repairs and inflation etc.

[Bazza 907]

Not trying to defend them but as you've asked the question..

Motor insurance rates are going up c20% p.a. (or need to) to cover inflation, the value of older cars and catch up from last year when insurers didn't put up prices when they should have done.

[Mark Blanchard]

Insurance companies are saying that parts on new cars are more expensive, where as in the old days you could get say a coil spring, now you have to buy the entire suspension assembly (as per my Audi A6), as cars are designed differently now.  So that feeds through to increased prices for insurance claims.

I would imagine there's some profiteering too.

[Bazza 907]

13 hours ago, Mark Blanchard said:

I would imagine there's some profiteering too.

Two out of the three main listed motor insurers have had 3 profit warnings each in the last 6 months 

[milesofsmiles]

Thanks for your input above....  Here's my round up of ... Looking for Lotus Elise Car Insurance for my car.

June 2023

 

The car:

2013 Elise 220S

Modifications:

Nitrons

Brake pads

Tyres

RRR 300bhp tune inc. 2bular

Front and side Skirts

Tillett

Stereo & speakers

 

I’ve owned the car for 3 years

3yrs NCD (20+yrs NCD on my two other vehicles)(I couldn’t transfer my motorbike NCB over to this car when it replace it)

TW Post code (middle ground considering cost)

8k mileage cover asked for (which I understand to be high for many owners and definitely high for the insurers) 

 

Track Day cover asked about (not a decider, but would be preferred to be included)

—

My Renewal is:

A.Plan - Markerstudy. £812

£100 more than last year

Includes track day cover, Market Price and other ‘specialist car’… ins wants, etc

The Policy is the same as last year, but the price has gone up.

 

Why look for a better quote?

My cost has gone up £300 in three years with nothing else changing.

I have all the positives insurance co's like - multiple vehicles, 20+ NCB on others vehicles, home owner, 50 year old, etc….

So I have possibly everything I could for a fair price.

I know of multiple Lotus owners with seemingly far better quotes. Yes, with different inputs, but if mine is the most expensive, there may be a saving to be found by looking around - again.

 

I have 1x SP50

 

My findings…

—

Quotes…

- AiB

Can’t match renewal, not close

- Manning

£1057 inc £56 for track days

- ClassicLine

£1685 must be garaged

- Footman James

Could not give quote, wouldn’t say why

- Reis

Will not ensure me as I’m a man of leisure just now. They will only insure ‘in work’ or ‘retired’. Not in-between jobs.

- Henderson Taylor

Typically 3k policy, but 5k max mileage policy for some (I have done over 6k each year of ownership) They wouldn’t look at me for my first two years of ownership, but would this year.

- Abby Fields

Garage only, min mileage and no track cover

These are better…

- A Flux

£747 with no track day cover

- Brentacre

£812 with Markerstudy… but without track day cover

 

Both with marker study, so possibly identical to my renewal quote.  The prices are also identical!  

-

Lancaster - to come back to me.

 

So, as it stands, I have exhausted the 'specialist'  insurers that are typical recommendations for this type of car.

I tried Go Compare to see for fun, what they offered, and had a handful of quotes ranging from £2.5k to £5k+

 

So. it looks like my renewal, although it didn’t seem it at the time, is the best quote, both financially and for what it offers. Even though it costs far more than many other Lotus owners findings which I’ve been unable to work out why. But the three days worth of calling around has shown to place me in a definite ‘insurance category’, which seems to sit at an increased cost.

It has also clearly shown me that Brokers are just that, Brokers.  The Underwriters are the price makers and it seems that this year, the entire insurance industry has decided that my little plastic car is a huge liability for no other reason than the industry has decided that.  Similarly aged Lotus owners, with similarly aged cars are paying half my cost and I have found no reason why? Other than, once again, the goal posts have been moved and it is my wallet that will suffer.

Age, experience, multiple vehicles 'trying to eat more Broccoli and be a good person'.... along with the information I was told when first insuring it, such as..."once you've owned it for a year"... the liability would be less.  It's all absolute rubbish!

As with every insurance policy I ever do... I'm left with a sour taste in my mouth.

[Rambo]

If you've ever looked at the diabolical reviews on Trustpilot for Markerstudy you'd never, ever use them 🤔

www.markerstudy.com
https://uk.trustpilot.com/review/www.markerstudy.com

[C8RKH]

I can only assume it has something to do with where you live.

I've just renewed my heavily modified VX220.

Stage 2 supercharged, 260bhp, full new interior, upgraded wheels, body mods, 60ltr fuel tank, nitron suspension, spitfire variable steering, spitfire track rods, digital dash, etc. Guaranteed value. 5k miles pa plus track days.  £360 with Classicline. Car is garaged and I live in the middle of nowhere.

[milesofsmiles]

I'm happy that you've found some common sense... £1685 for me makes no sense compared to yours... But its typical to what I've found.

[milesofsmiles]

14 hours ago, Rambo said:

If you've ever looked at the diabolical reviews on Trustpilot for Markerstudy you'd never, ever use them 🤔

www.markerstudy.com
https://uk.trustpilot.com/review/www.markerstudy.com

I hear you... I've been with Markerstudy on and off for decades and have seen poor reviews in the past.  For this insurance, I've spent three days searching for a policy (ridiculous) and the only sub one grand policies I have found all use Markerstudy... (A.Plan, Brentarce and A.Flux - who are large companies) but are still costing twice what many others have found for their Lotus.  I'm at a loss as to where to look for more quotes. Cost or not, I cannot find a simple 8k mile policy that lists the mods of my Lotus. And no matter the number of brokers, they all filter through to the same underwriters.  The policy they've offered (through A.Plan) will have listed mods and agreed value etc... if I went for it.  What else can I do?!

Edited June 13, 2023 by milesofsmiles

[Nelly]

I have just renewed mine with AIB for both cars - £420 for the Evora (lives on my drive) and £120 for the Esprit (lives in my garage).  Not a huge increase on last year.  Both are limited mileage under 3000 miles each.

[C8RKH]

37 minutes ago, milesofsmiles said:

What else can I do?!

Ask for a quote for 4 or 5k miles. If it brings in to line then say yes. When you get near the mileage limit cancel your insurance and do another one for 4 or 5k miles. As bonkers as it sounds it'll still likely be cheaper. I can feel your pain.

[milesofsmiles]

Might be worth a go, as I've not actually done as many miles so far this year.... My problem is that after 20+ quote attempts, I have unbolt four quotes.  Three of them are underwritten by the same company.  So, for what ever reason, I am not a welcome risk this year?!

[milesofsmiles]

I've found this insurance group listing and out of 50 groups the Elise is Classe from 42 to 48.  Meaning that it one of the hardest cars to insure?! 

https://www.finder.com/uk/lotus-elise-insurance-group

[Rambo]

When my annual classic insurance quote came in this year (FJ) I thought I'd shop around as it had gone up a bit.

To be fair AF came up with a quote 10% less so I accepted. When the paperwork came in and I found out it was Markerstudy I did some checking and backed out immediately. This was my comment on Trustpilot.

Insurance cancelled

I have just taken out multi car insurance with Adrian Flux. On receipt of documentation noting Markerstudy as the insurance underwriter, I checked on TrustPilot to find that 91% of your customer were dissatisfied with Markerstudy Insurance Services Ltd. (1665 reviews)

On that basis I have unfortunately cancelled my policy with immediate effect.

Date of experience: 21 March 2023

It cost me £10 to get out of the contract so I went back to FJ and asked if they would match AF.

They did so I am paying £530 for x2 Lotus Elan M100's and an Evora. 6k miles for them all, GVS, any mods declared, salvage retention etc...👍

 

[pete]

wouldnt trust trustpilot personally,only people who going on there are complainers

[andydclements]

I've just had experience of Markerstudy as a Thrid party, it was awful. Request for further info on top of the further info, request for the same info time and time again. Delays where they'd not acted on info so not gone to the engineers. I'd say I'm in that 91% although not put anything on Trustpilot about it.

 

To @pete point, I'm conscious when using it, so don't necessarily take the %age on face value, but look at the nature of complaints. I try and balance it out so do try and post there for positive and negative (and those in between) but it is biased towards the negative experience.

[milesofsmiles]

Where I'm at... and it's not good. 

Discounting the £2k+ supermarket offers as they lack certain things, such as listing car specifics, or like LV, being totally unable to speak to someone.... I have two offers of insurance with 'reputable' brokers, both costing over £1k but with limited mileage.  

As a benchmark -  if I do 20 Sundays of 200 miles (easily done. 60 mies to meet up at 7am - 100 miles drive to breakfast- 90 miles back home...) I'm at 4000+ miles already... meaning I can't do much more with the car for the year?!  So thats no good. No, trips to Europe, the Ring, car shows, Goodwood, Brooklands, etc... you get the picture.

and... I have three other offers. But they are actually all exactly the same Markerstudy underwritten offer. A Flux, Brentacre and A.Plan.  ..and I'm very aware of Markerstudy's poor rating.  

So I'm stuck between a rock and a hard place.  Either... I spend more money than seemingly everyone else for a limited mileage policy and am supposed to be happy with that... or I still spend a good amount of money, enjoy many miles in the car, drive it as intended and hope that I never have to find out how poor Markerstudy actually is.  Not much of a choice!

I can't believe how hard simply trying to insure my car this year has been.  And I still haven't found an insurance that I want. Ridiculous.

[Rambo]

Have you tried Hagerty and Carole Nash?

I've gone with FJ for the last 8+ years. Fortunately they don't deal with Markerstudy 👍

[Colin P]

There must be something specific impacting your terms that insurers are not keen on. A broker may be able to help you isolate what it is, they should be familiar with the rating factors if you quiz them a bit. If you can isolate it you may be able to do something to either change the cause or eradicate it (ie a particular modification could be undone, adding another named driver)

Accepting generally that there is a large increase in prices this year (yet another loss making year for motor insurers last year, impacted by increased claims numbers and a massive uplift in repair bills and hire car charges arising from longer repair times due to parts supply shortages, shortage of repairers and a significant wage uplift for those that there are as employees demanding pay rises reflecting their level of demand - yes I do know something about this) this has generally been 10-20%.

 

[milesofsmiles]

Your right.  I've quizzed who I can to try and find out and it's either that the computer says 'no' with no explanation, or that modifications on what is already niche car really limits the providers.  But, the fact of the matter is, that it is not a £100k supercar.  It's not even new.  Its not a huge mileage asked for, I'm days off becoming 50, etc... 

I was 17 as the 90's started... So, I've had my fair share of hot hatch insurance woes! I've owned many 'fastest motorbikes' over the years as a single young male.  So I know about the hardship of trying to insure an unusual vehicle... but this year seems almost as if my list of needs was discontinued by the industry and I'm jut finding that out!  

The week is not finished... but it should not be this hard.

[Bibs]

It's not getting any better sadly...

https://www.ft.com/content/8415e6b6-7aed-4c01-97a1-28cec35d503c

[pete]

need to subscribe