How to Insure your Lotus Esprit on a Budget
If shopping your car insurance around was fun, we'd do it much more often. But the reality is, it's a chore for most people and we seem to always end up paying more than we want to. You probably feel the same way when trying to find cheaper coverage for your Lotus Esprit.
Step One: Insurance Rate Comparison Quotes
The old way of buying car insurance was to make multiple trips to various local agents and get strong armed into a policy that didn't necessarily fit you. Now that we have the internet, shopping for car insurance online is a snap!
You can compare insurance rates for a Lotus Esprit simply and quickly just by filling out one form. This allows you to quote the same coverages with multiple companies and pick the lowest rate.
Simply click the link below to start a quote that will compare rates from many companies and you may find a lower rate than you're currently paying.
Read this (it's important)! When doing any car insurance quote to compare rates to either your existing policy or to other quotes, it's important to use identical coverages on all quotes. Otherwise you will not be able to accurately determine which company has the lowest rate for your Esprit.
Step Two: How to Insure your Esprit for Less
There are many contributing factors that determine what you pay to insure your Lotus. You can help yourself (and your wallet) by paying attention to the following rate factors.
- Since your vehicle is higher performance than average, you can expect to pay a little more for coverage. To keep your costs lower, you may consider trading for a lower performance vehicle that has more moderate rates.
- If you belong to a professional organization for your employment, you may qualify for a discount rate. And if you're a senior citizen, you may get a discount for your age as well.
- Esprit replacement parts are more expensive due to the quality of the parts, so you can expect your physical damage rates to be higher to reflect the higher cost of repair.
- Before a comprehensive or collision claim is paid by your company, you have to pay a deductible first. The more you're willing to pay, the lower your rates will be. Consider raising your deductibles to $500 or even $1,000.
- If a quick quarter mile is your goal, the Esprit will answer the call. But if cheap insurance rates are your goal, then you might want to consider trading down to a lower performance vehicle.
- Car insurance rates for a teen driver on a Lotus Esprit will be expensive no matter what kind of coverage you have. But if you don't need comprehensive and collision, consider dropping those to save money.
- If you have a speeding ticket or other moving violation, you could be charged more for insurance. If you get a ticket, find out if your county or state offers a defensive driving course that will void the ticket upon completion.
- Equipping your Lotus with available safety features such as air bags and passive restraints allows you to take advantage of additional discounts.
- If you can afford to pay for small claims like a broken windshield out of pocket, it will keep small claims off your record and give you a claim-free discount.
- Auto theft is a big problem that costs us all money, but if your car is on the list of the most frequently stolen autos, you might be paying a little extra because of the temptation to thieves.
- If you're not sure what your credit rating is, check it now. Car insurance companies use your credit score to determine the rates you pay, so the better your credit, the less you will pay.
- Successfully completing a driver's training class can help lower your rates if your insurance company offers that discount.
- Do not allow your current car insurance coverage to lapse or expire. Insurance companies have a simple way to find out when your last policy ended (called a CLUE report), and if you went without coverage for any length of time you may pay more for coverage.
- If you are a renter rather than a homeowner, you might pay a little more to insure your car. Owning a home takes financial repsonsibility and insurance companies reward those policy holders.
Step Three: Purchase a New Policy
Once you have compared identical rate quotes for your Esprit and made a decision on deductibles, coverages and other policy options, you are ready to buy your policy with the new company.
You can cancel a policy at any time, but just remember to make the effective date of the replacement policy the exact same as the date you cancel your old policy. You do not want any gaps in coverage between policies.
Coverage will extend from your current policy if you're buying a Lotus Esprit, but if you don't have a policy, you will need to make sure you have coverage in place before you drive it off the dealership lot. Your existing car insurance policy will give you some coverage if you buy a new or used Esprit, but unless you are already paying for full coverage, you won't have it until you add the vehicle to your policy.
At the end of buying your policy, you will be able to print out a new proof-of-insurance card to place in your vehicle. This card is required by law and must be produced if requested by law enforcement. Depending on your state's statutes, you may be required to file an SR-22 form if you've been convicted of an uninsured accident, DUI or license suspension. Make sure your new company is aware of this requirement and files it promptly.
More Educational Resources
To read more about filing a claim, choosing replacement parts, rental car insurance and more, visit the Insurance Information Institute.
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