Another insurance question

[mshah]

I've wanted a Lotus Esprit for about 10 years now and have never waivered of this decision once. Now that I have finished my education and am in full time employment, the steps are getting closer for me to fulfil this dream. The current car of choice is a S4S.

Currently I am 23 years old going on 24 in a few months time. There's no way I can afford it until after I am 25 (but no harm in foward planning and researching from now, is there?). I think the biggest cost will probably be insurance. At the moment I do not have my own insurance, I am still a named driver of my dad's insurance.

What is the best way to get the cheapest insurance? E.g. limited mileage insurance? Am I crazy of thinking about getting this car before I am 30?

I just feel that right now I have the passion for it but don't have the money. But when I do have the money for it, will I have the passion?

I guess, what I am looking for is the views and advice from those who have bought an Esprit around the 25 year old mark. TIA.

[Skerd]

Get your dad to add it to his policy, presumably as his 3rd or 4th car. Your dad tells the insurance company he is the driver of the car. Reimburse your dad for the (now much lower) cost.

[andecorp]

Ever since I was a teen, I wanted an Esprit. I always said to myself that I would have one by my 25th birthday - I couldn't insure it if I was under 25, even on a rating one.
I picked up my first Esprit 2 days before my 25th - a '89 NA - my birthday present to myself. It took me almost 3 months to learn how to drive it properly - it was the first manual I owned as well

I bought it as a second car, keeping a nice Ford as every day car. But very soon, the Ford wasn't used anymore, just the Esprit as I became addicted to it.

In January I bought the 5th Esprit (actually this one is not mine, but my wifes) as I never looked back after that first one. At one stage, I did sway to a Ferrari, but that quickly got sold in favour for another Esprit. There's just nothing like them! Maybe a Diablo

Insurance wise, as I said in another thread, I pay now, as a 29yo, 4 times as much insurance as I did as a 25/26yo, due to Sep 11. Nothing can be done about it unfortunately. Just got to wait until I'm 30...

[andecorp]

Forgot to add - definetely buy one as soon as you can. As you said, you don't want to lose the 'passion' before you even have a chance to enjoy it.

[nikker99]

I Live in Pa. USA. and pay $367.00 a year through American Collectors Insurance. This is for my 1988 Esprit with $20,000 repacement cost and full coverage.
They will only insure cars 15 yrs or older.

[adrianmugridge]

Don't get your Dad to add it to his insurance for 2 reasons :

1) You will not build up any no claims discount in your own name.

2) If you do make a claim and the insurance company look into it properly ( and they do ! ) they wont pay out if they find out that you are the main driver, which could be very serious indeed.

I bought my first Esprit when I was 23. I had full no claims so this helped a lot with the cost ( about £1000 IIRC in 1992 ) for an S3 N/A

I found it made no odds when I turned 25 or even 30. The major factor I found is where you live.

Adrian
www.adrianmugridge.co.uk

[madmike]

Choose a good insurance company that you can get coverage with wherever you live or plan to live. One you'll trust for the long haul.

Then get off your dad's policy and onto your own so you can start realizing the long-time customer deductions ASAP. Do this now, with whatever you are driving.

There are specialty insurers out there...Grundy's etc. But your mileage is limited with nearly all of them, and your driving conditions certainly are (can't use them for driving to work, etc.) I drive mine too much, and love to drive it to work.

Now, don't take this the wrong way, and I don't mean to sound like a snobby rich prick, cause lord knows I'm not.

But when you go to buy an Esprit in a year or so as you've planned, if the cost of insurance a few hundred bucks either way is a major issue for you financially, you probably aren't ready to own an Esprit financially, period. Maintenance and running costs can be very high. Make sure you can afford to own one, or your experience will sour you on the marquee. Wait till it's not an issue, and it'll be more fun.

Mike (bought mine at 28...)

[mshah]

madmike said: Choose a good insurance company that you can get coverage with wherever you live or plan to live. One you'll trust for the long haul.

Then get off your dad's policy and onto your own so you can start realizing the long-time customer deductions ASAP. Do this now, with whatever you are driving.

There are specialty insurers out there...Grundy's etc. But your mileage is limited with nearly all of them, and your driving conditions certainly are (can't use them for driving to work, etc.) I drive mine too much, and love to drive it to work.

Now, don't take this the wrong way, and I don't mean to sound like a snobby rich prick, cause lord knows I'm not.

But when you go to buy an Esprit in a year or so as you've planned, if the cost of insurance a few hundred bucks either way is a major issue for you financially, you probably aren't ready to own an Esprit financially, period. Maintenance and running costs can be very high. Make sure you can afford to own one, or your experience will sour you on the marquee. Wait till it's not an issue, and it'll be more fun.

Mike (bought mine at 28...)

I think you are right here. Realistically, I think I won't financially be able to comfortably buy a Lotus Esprit until I am about 30 (6/7 years time). Maybe I can buy it before this time but that would mean sacrificing money on a house, other needed items etc.

Ideally, I would like a nice house first with garage (for the Lotus of course ) and another car (Nothing flashy) which I can use as a 2nd car when I get my Esprit.

I'd rather wait till I am 30 and financially stable and risk loosing the passion for the car than buying the car in the next year or so and being financially instable and risk loosing the car altogether.

One of my other fears is that in 7 years time, what will be the availability of the Lotus Esprit? Will they slowly die out? Surely there aren't enough Esprit owners that look after the car that well is there?

Thanks for all the help anyway, even if they don't answer the questions directly, always good to get someone else's view.

[madmike]

mshah said: One of my other fears is that in 7 years time, what will be the availability of the Lotus Esprit? Will they slowly die out? Surely there aren't enough Esprit owners that look after the car that well is there?

Thanks for all the help anyway, even if they don't answer the questions directly, always good to get someone else's view.

I think in a few years time you'll see more Esprits in better shape on the roads then you do now. No longer will owners be able to chuck the old one for parts or just move into a V8. Because it's a discontinued model, more and more folks will be buying those old mothballed cars rotting in someone's backyard and doing full restorations.

Don't sweat it...in 6 or 7 years there will be Esprits to buy. But you'd be suprised...you never know what the future holds and you might be ready to own much sooner than you think.

I never in a million years dreamt I'd actually own one...

Mike

[ErnestM]

madmike said:
I never in a million years dreamt I'd actually own one...

Mike

Que soft music...

Ah, yes I remember the day when Mike started posting about 15 months ago. And then Frank Lu put hit baby up for sale. This was all nothing but fields you know. Prior to ownership Mike had to walk 20 mile throught the snow, uphill to work, and then back again.... sigh



ErnestM

[dictys]

I had my first Esprit (88 Turbo)at the age of 22, insurance was £3000 per year, expensive but at 22 what a car! I replaced it after a few years but for that time it was simply the best. I must admit that I really couldn't afford it at the time but those 10 car overtakes and super fast trips around the UK really defined my youth. If you can do it, do it!

[davina_l]

Hi! I got an internet quote earlier this year at the age of 19 for £2946.14 for fully comprehensive insurance on a 1988 Lotus Esprit 2.2. I thought this wasn't bad condsidering it was expected to be up the wall (i.e. £4000 mark)! Have the feeling I'll need to save for a long time yet somehow......but I'm gonna buy one!!!

[mshah]

dictys said: I had my first Esprit (88 Turbo)at the age of 22, insurance was £3000 per year, expensive but at 22 what a car! I replaced it after a few years but for that time it was simply the best. I must admit that I really couldn't afford it at the time but those 10 car overtakes and super fast trips around the UK really defined my youth. If you can do it, do it!

and

davina_l said: Hi! I got an internet quote earlier this year at the age of 19 for £2946.14 for fully comprehensive insurance on a 1988 Lotus Esprit 2.2. I thought this wasn't bad condsidering it was expected to be up the wall (i.e. £4000 mark)! Have the feeling I'll need to save for a long time yet somehow......but I'm gonna buy one!!!

I'd be very interested if you could let me know the name of the insurance company. I've tried many insurance companies online quote (Mostly because I feel they will laugh in my face if I speak to them about getting insured on an Esprit). Thanks for the help everyone. BTW, I live in the UK.

[dictys]

Last year one of the junior designers in my company who was aged 20 got a quote through Footman James for a 91 SE on a classic car insurance limted miles etc for £1900 (which incidently was a £1000 pounds cheaper than his MX5). Adrian Flux may also be worth a go.

I think AON do a good personalised insurance deal for high performance cars, friends with Italian exotica use this company.