Lotus Elan owners are being advised to check with insurers that their car’s value reflects soaring prices for the model in recent sales.
Lotus Elan Sprint owners have seen the biggest jump in value – good ones command upwards of £40k.
Club Lotus said it was aware that some of its members were keeping the same agreed values with their insurers year after year, and it is encouraging owners to check whether these now reflect what the car is actually worth.
Recent Elan price rises reflect a wider trend in the classic market. In the 19 August issue of Classic Car Weekly, we reported on insurers’ claims that as many as 70% of the nation’s classics are currently undervalued. A good Elan now typically sells for around £25,000 – more for a concours example. A good Sprint can cost upwards of £40,000.
Club Lotus recommends its members take advantage of the club’s valuation service, which costs £15. To get an accurate valuation, owners need to send four photographs of the car, a copy of the V5 and a valid MoT, plus details of any recent restoration work.
Chairman Alan Morgan said: ‘Elan prices have been rising steadily over the last four years and show no sign of slowing down. Consequently, members who are not keeping insurance policies up to speed risk being under-insured in the event of a claim. We supply hundreds of valuations every year for agreed value policies, so check yours and ensure that you’re adequately covered.’