Compare Lotus Car Insurance Rates [2023]

A rare individual purchases a Lotus for daily driving. The brand was begun to design and build race and production automobiles. Originally, Colin Chapman and Colin Dare formed the company as Lotus Engineering Ltd in 1952.

In 1954, the company was split into Lotus Engineering and Team Lotus. Team Lotus competed actively in Formula One racing from 1958 to 1994. The brand is known for the racing performance of its sports cars.

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At present, through a series of bankruptcies and ownership changes which seem endemic to automobile manufacturers, the company is owned by DRB Hicom through Proton. This private limited company acquired it in 1996.

Lotus is still involved in Formula One racing through a series of drivers and automobiles designed specifically for racing.

Currently, the 2013 Lotus Evora is produced for street use. The Evora is available with the following configurations:

• 2013 Evora base MSRP $66,800
• 2013 Evora 2+2 MSRP $68,300
• 2013 Evora S MSRP $77,100
• 2013 Evora S 2+2 MSRP $78,600

Several other models, including the Elise and Exige S are also available.

Reviews of Lotus

The Lotus is a vehicle bought largely for prestige and flash. It drives well, but visibility from the drivers’ standpoint is limited, it’s difficult to get into because the sills are wide.

Purchasing a new Lotus is also difficult because few are made. A used Lotus would be your best choice. Searching for the vehicle on the Internet would be an excellent way of finding a Lotus to purchase.

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Problems with Insuring a Lotus

Lotus is known for the customization of its automobiles, which makes them difficult to repair.

Cost to repair a Lotus are higher than normal because of this factor and also because the Lotus brand attempts to create the lightest vehicle possible, so aluminum is a large component of their cars.

Aluminum is notoriously fragile when used in automobile bodies and engines, so the possibility of damage is higher.

Getting a Quote on Insurance for a Lotus

How much does a Lotus cost to insure? Obtaining an automobile quote online is relatively easy and you should not be charged. Asking for an auto quote will not damage your credit rating or even affect your insurability.

Some companies have underwriting standards that do not allow them to insure a Lotus under a standard insurance policy because Lotus vehicles are ordinarily used for racing.

The company’s website will ordinarily advise you of this when you attempt to get a quote for a Lotus.

Information You Will Need to Obtain an Automobile Insurance Quote

This is standard information required for an auto quote:

• Name, date of birth, and drivers license for all drivers
• Make, model, and year for each vehicle to be insured
• Occupation, address-including zip code, and status of home ownership for drivers
• Credit rating level and education level for each driver

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Limits of Liability for Insurance

Each state requires a certain level of insurance by law. It is possible to determine the statutory level of insurance by calling the State Department of Insurance or by going online to the State Department of Insurance.

The following, though, are suggested levels of insurance for quotes. These levels meet or exceed the statutory requirements for every state:

• Bodily Injury Liability – $100,000 per person/$300,000 per accident. This provides coverage for your legal liability for auto accidents that cause injury to others.
• Property Damage Liability – $50,000 per accident. This provides coverage for your legal liability for accidents that cause property damage to the property of others.
• Medical Payments Coverage – $5,000 per accident. This coverage affords medical payments for you and the occupants of your car in the event of an accident. Use this limit as a quotation limit, but, when purchasing the insurance, consider the levels of insurance you have through your health insurance.
• Comprehensive Coverage - This applies to damage to your own car. Begin with a $500 deductible. The perils that apply are for vandalism, animal damage, weather damage, glass damage, and theft.
• Collision Coverage – This, too, applies to damage to your own car from collisions. A $500 deductible is a good place to start. The higher your deductible, the less the insurance costs.
• Uninsured and Underinsured Motorists Coverage – This provides for bodily injury if you are involved in an accident with an individual who does not have insurance. Statistics indicate that 12.6 percent of drivers on the road do not have insurance.

Because Lotus drivers will often consider using their vehicles in races, it is necessary to check with the issuing agent before entering any type of speed contest.

Insurance policies usually exclude the activity of racing from the terms of coverage; you may temporarily void your insurance by racing.

Umbrella Insurance Coverage

If you have a number of assets to be protected or are at the beginning of a career that promises to be profitable, you might consider purchasing an Umbrella Insurance Policy that provides additional liability insurance on top of existing automobile policies.

Umbrella is an additional layer of protection for individuals who have substantial assets or drive vehicles that have a high profile.

Sample Insurance Quotes

Insurance quotations vary according to the individuals being insured. Marital status, age, credit history, driving record, education, and home ownership.

In this case, the prospective insured is single, 31 years old, rents a condominium, and lives in Denver, Colorado. He uses the Lotus to commute 10 miles one way to work.

Insurance Company #1: $3,057 every six months.

Insurance Company #2: $3,583 every six months.

In this particular case, the insurance premiums vary by about $400 every six months. That amount is worth the time you will spend online examining insurance quotes.

Comparison-shopping has advantages, even for high-end automobiles such as the Lotus. The variations in price can make an annual difference of over $800 a year. Depending upon the trim kit purchased with this particular car, the variations can be even more evident.

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