A&Q about Lotus
Q:
Originally Posted by gameson
I am interested in this type of insurance. Few questions
1. do all insurance companies carry this type of insurance? what insurance do you use?
2. will it cover the MSRP of the car or the purchase price of the car (either less or more than MSRP)? Does it apply only to the first owner or any owners (that means the 2nd, 3rd, 4th owners, etc bought it used, but still get full priced)?
3. how much do you have to pay extra per year for this type of coverage?
thanks.
I am in the middle of a wrecked vehicle. Here's the scoop so far. I bought an 05 Isuzu Ascender July 05. The MSRP was $29,254. I got it 100% finaced with a total price out the door of about $22,500.00 I had it 20 months when I let a friend borrow it and she wrecked it. It was deemed a total loss. Now Allstate is checking to see what the cost of an 07 Ascender is and come up with a figure, including sales tax. I figure it will be around $31,000. Now, I owe 13,000 on it so the difference is about 18K. My cost for the replacement insurance was about $52 per year. I have the same coverage on The Elise. Most insurances just love to settle claims before the year is ove. As an added bonus, I can now go to dealer auctions and get cars wholesale. I have not decided how to use the settlement check. Used SUV or pimp the Elise??
(That is after I pay my tithes.)
A:
Originally Posted by Vitric
Indeed, this thread now has its own spot on Google
An interesting fact - the link popularity that ET has received from this thread has propelled EliseTalk to the #1 spot for Google searches of "Elise Forum" and "Elise Forums".
If Randy would just SEO the darn site, he could really make it pop to the top of most Lotus searches.
A:
Originally Posted by drjose
I am in the middle of a wrecked vehicle. Here's the scoop so far. I bought an 05 Isuzu Ascender July 05. The MSRP was $29,254. I got it 100% finaced with a total price out the door of about $22,500.00 I had it 20 months when I let a friend borrow it and she wrecked it. It was deemed a total loss. Now Allstate is checking to see what the cost of an 07 Ascender is and come up with a figure, including sales tax. I figure it will be around $31,000. Now, I owe 13,000 on it so the difference is about 18K. My cost for the replacement insurance was about $52 per year. I have the same coverage on The Elise. Most insurances just love to settle claims before the year is ove. As an added bonus, I can now go to dealer auctions and get cars wholesale. I have not decided how to use the settlement check. Used SUV or pimp the Elise??
(That is after I pay my tithes.)
I have a 9 years old Integra which I am the 2nd owner. Can I still get this coverage for my Integra? It would be nice to get $20k+ when the car value currently is $5k even if I have to pay the replacement insurance.
A:
Originally Posted by TerrapinFlyer88
...(I still have yet to figure out WTF a starshield is)
StarShield is the brand name for the paint protection film applied to the more vulnerable area of the Elise/Exige bodies as a "factory" option (it is actually installed at the port after arriving in the US).
A:
Update! Goodyear's Insurance has agreed the car is totalled.
Now for them to determine the worth... oh boy!
Any tips on preventing getting raped on this?
Please don't quote estimated values on this thread. I'm sure they are watching. If you have some "value" info, I would appreciate it if you PM or e-mail me.
Unfortunately, the only "values" I can find published are NADA, e-bay sales (ha), auto trader listings, and cars.com.
Muchos Gracias!
A:
Originally Posted by transio
If Randy would just SEO the darn site, he could really make it pop to the top of most Lotus searches.
For those not in the business...SEO is Search Engine Optimization
A:
Originally Posted by lotusport
HUH?!? Why use grease on the bolts?
To keep them from rusting in place. We have a bigger problem with them falling out on there own. Make sure you tighten then correctly - Rob.
A:
I once had a Porsche 944S2 cab totalled. The NADA value is about half of what the going market rate was. The adjustor was realistic and understood that this was essentially one of only 2200 produced. I asked him to talk to the dealer to get an idea of the market. The settlement was fair and reflected the actual market value for my region.
You may want to consider the same. I would hardly call Ebay the litmus test for anything, much less a low production exotic. It may give you an idea of a ballpark, but the dealership network is your best source. Call your salesperson and ask him/her that question, see what they say.
You're in the position that the residual value of an 05 maybe somewhat close to an 06 due to the season, it's buyers market. That should not hurt you since your car would not have sold well! You weren't planning on selling the car, a fair market value of the replacement, brought up to your specs for your mods is what they owe you, not what you would have gotten if it was up for sale.
Originally Posted by qball
Update! Goodyear's Insurance has agreed the car is totalled.
Now for them to determine the worth... oh boy!
Any tips on preventing getting raped on this?
Please don't quote estimated values on this thread. I'm sure they are watching. The only "values" I can find published are NADA, e-bay sales, auto trader listings, and cars.com.
A:
Originally Posted by qball
Update! Goodyear's Insurance has agreed the car is totalled.
Now for them to determine the worth... oh boy!
Any tips on preventing getting raped on this?
Please don't quote estimated values on this thread. I'm sure they are watching. The only "values" I can find published are NADA, e-bay sales, auto trader listings, and cars.com.
Well at least they aren't going to try and get you to accept a repaired car. I would ask for a replacement vehicle. I guess what will come into play is:
1) How many miles are on your car and the estimated value based on that
or
2) If you can find a similar car (early 05 with dual oil coolers, same color) with similar or lower miles (and service records, inspection by Lotus techs)
or
3) If they're going to get you an '06 or '07
I wonder how this is all going to work out if you still owed on your '05.
A:
Originally Posted by qball
Unfortunately, the only "values" I can find published are NADA, e-bay sales (ha), auto trader listings, and cars.com.
To tell you the truth, they should be replacing your car with a new one. They can go on and on about depreciation, etc. but the bottom line is that you are not selling your car - you went in with a perfectly good car, and they totaled it. You should not have to suffer any monetary damages, nor should you have to buy a used car of unknown quality - you should not be out anything on this deal.
Additionally, they should be happy to replace your car rather than draw any bad publicity that they may receive from going the "cheap route".
If they want to figure out the value of your car, decline it, and tell them to replace it with an equal car. Let them do the leg work of searching, determining the quality, etc. Again, why should you be out the effort and expense. Hopefully, they will see the light and arrange for a new replacement. Also, allow them to rent an equal car for you as they search for the replacement. Settle for nothing less than an identical car in at least as good a condition as your car was in.
I know in my case, I would settle for nothing less. I my case, there is a great deal of value placed on having bought the Elise new, and being the only one to have owned/driven it. I would never be as happy with having a second had Elise. Additionally, I bought my car and intend to keep it for as long as I live. To me, it hasn't lost value. If mine was totaled and they gave me "market value", I'd have to add around $10,000 just to buy the same new car. I'd be out that money, and would gain nothing from it. I'd want it replace with a new one, at no cost to me.
A:
I agree and that's what I have demanded in my complaint letter to them. I'm curious to see how they are going to respond.
I just need some ammo, in the event they become jerks about it. So far, they have been handling this politely, and I hope they continue to be reasonable, considering the situation I was put in due to the carelessness of their store.
We shall see.
Thx.
Qball
Originally Posted by TimMullen
To tell you the truth, they should be replacing your car with a new one. They can go on and on about depreciation, etc. but the bottom line is that you are not selling your car - you went in with a perfectly good car, and they totaled it. You should not have to suffer any monetary damages, nor should you have to buy a used car of unknown quality - you should not be out anything on this deal.
Additionally, they should be happy to replace your car rather than draw any bad publicity that they may receive from going the "cheap route".
If they want to figure out the value of your car, decline it, and tell them to replace it with an equal car. Let them do the leg work of searching, determining the quality, etc. Again, why should you be out the effort and expense. Hopefully, they will see the light and arrange for a new replacement. Also, allow them to rent an equal car for you as they search for the replacement. Settle for nothing less than an identical car in at least as good a condition as your car was in.
I know in my case, I would settle for nothing less. I my case, there is a great deal of value placed on having bought the Elise new, and being the only one to have owned/driven it. I would never be as happy with having a second had Elise. Additionally, I bought my car and intend to keep it for as long as I live. To me, it hasn't lost value. If mine was totaled and they gave me "market value", I'd have to add around $10,000 just to buy the same new car. I'd be out that money, and would gain nothing from it. I'd want it replace with a new one, at no cost to me.
A:
Originally Posted by qball
I agree and that's what I have demanded in my complaint letter to them. I'm curious to see how they are going to respond.
I just need some ammo, in the event they become jerks about it. So far, they have been handling this politely, and I hope they continue to be reasonable, considering the situation I was put in due to the carelessness of their store.
We shall see.
Thx.
Qball
I agree with Tim wholeheartedly. I wouldn't accept less than a new car, as there are too many unknowns with a used vehicle. I hope they (Goodyear) are watching, and make the right decision.
A:
We were at a Porsche club autocross this weekend with the 911 and the Elise. Sitting around between runs we overheard a couple of guys standing behind the Elise talking about it, when one guy said to the other, "Yeah, a buddy of mine sent me a picture of one of these that had fallen off a lift while changing tires..."
A:
Originally Posted by m3m750
We were at a Porsche club autocross this weekend with the 911 and the Elise. Sitting around between runs we overheard a couple of guys standing behind the Elise talking about it, when one guy said to the other, "Yeah, a buddy of mine sent me a picture of one of these that had fallen off a lift while changing tires..."
My next one... will be driven to church on Sundays... ugh!
A:
Look at the upside though, the infamy this incident has gained should help to encourage Goodyear to do the right thing in regards to a full replacement.
A:
Congrats on the total loss (can't believe I'm saying that). Good luck on getting a fair value for it.
A:
I'm with the others in the fact that they should be buying you a new one. There's not only the monetary loss of the elise, but the fact that it was entirely preventable by the shop. They don't need the bad publicity. Take 'em to the cleaners, you're the victim here. (as well as the car.)
A:
I doubt they can find an exact replacement anywhere near you. Especially if they cannot guarantee mechanical condition. Also, if you were to choose to sell your car, being able to provide complete history as an original owner has value with these cars (better to be an original owner rather than a 2nd or 3rd owner).
I don't see any other option than to compensate you for a new replacement.
Until it is resolved, I believe it would be reasonable to have them pay rent on a temporary replacement of something at least remotely similar (Corvette?). Not only would this provide you with transportation (whether you need it or not) the expense may put pressure on them to get this settled.
If all else fails, I'd hire an attorney.
A:
Originally Posted by TimMullen
You should not have to suffer any monetary damages, nor should you have to buy a used car of unknown quality - you should not be out anything on this deal.
Exactly, I have a feeling most of the used Elises on the market have been thrashed throughly by their previous owners. I definatly would demmand a new car and not settle for anything less.
A:
OK. Your car is totaled.
I think its wishful thinking that you will get a brand new set of wheels. Technically speaking this is no different than having your car totaled in a highway accident. You get a check for what it's worth.
Good luck!