1995 Model - Need Help with Insurance Co. (Value)

[Tom Hall]

Just found this forum and hope you can help and I am posting in the right place.

I was involved in an accident last week. The other driver was at fault and his insurance is handling the repair estimate. I have a 1995 318ti in excellent condition that I was planning to drive "forever." My fear is that the insurance company is only going to reimburse for the KBB value if it's totaled. The car always been garaged and the only major thing I've done is replace the headliner. Mileage is about 175,000, automatic transmission, sunroof, cruise control, A/C, and power steering, locks & windows. I always have followed the scheduled maintenance.

Although I was not at fault, I feel as if I'm the one who has to pay if the insurance company isn't going to consider that will have to go out and get a new car and make payments, pay more taxes, etc. I really hope that they will not total the car, but the front right fender, hood and radiator were damaged (from what I could see; don't have the repair shop's estimate yet).

Does anyone have any advice on how I should handle negotiations with the other driver's insurance company if that's even possible? Will they even car that this model is a collectible and valued based on more than just its mileage?

Thanks!

[cultureslayer]

I had to fight with nationwide when my motorcycle was run over by a drunk in a parking lot. This was when gas was $4 a gallon and my bike's model was going for close to twice the NADA value. They paid for a shop to take off all the aftermarket parts and replace with the stock ones I had saved, then after talking with enough people they gave me a decent price for it. You have to fight. Never take the first offer or even the second. Always ask for more.

[Tom Hall]

The insurance company just called to say the car is totaled and offered me $3,255. The repair would be $3,477 (if I choose to keep it, they would deduct a salvage value and only send $2,739.50). The KBB trade-in value is $800 and the private party value is $1,815, so do you think this is a fair deal?

[cultureslayer]

Never take the first offer. Tell them they will have to do better and you get a couple hundred extra on the spot.

[bird67]

They owe you the value of your ti in the millisecond before it was hit.

The older the car the harder it is to establish (and prove) this value.

One helpful way to think about what they owe you is this - what would it cost to buy your exact car on the open market? In other words, assume you saw an ad for your exact car - same equipment, mileage, condition, year - what would it take to buy it? You should assume the seller is a dealer - you are entitled to the retail price.

To find that information out, use the internet to research what they have been listed for over the past six months or so. It shouldn't be hard to find.

My guess is that you will find their offer is in the ballpark. If you love the car, try to squeeze a few hundred more, then buy it back and get it repaired. It will likely then have a salvage title, but with that mileage and your intent to keep it forever a salvage title doesn't matter at all.

[amancuso]

Well, it is a fair offer. I did a search and there are 2 TI's for sale with slightly more mileage asking price no more then $2995.00 Granted they may not be in as good mechanical shape as yours. You have to decide whether it's worth buying back to repair or to move on to another car.

[Kiponator]

What part of your car is destroyed?

If you have the spare time, selling off the remaining usable parts will net more than the $500 difference between letting you keep the car and them taking it.

I imagine you could end up with $4000 if you take the $2739.50 and part out whatever else is left.

[Mad-Machine]

yes.. we need to see the car to tell how bad the damage is.

personally, these cars are very undervalued, but their price is one of the few E36s who's value is holding steady