Insurance Coverage to prevent the SHAFT - Page 2 - Bimmerfest - BMW Forums



Go Back   Bimmerfest - BMW Forums > BMW Model Discussions > 5 Series > E39 (1997 - 2003)

E39 (1997 - 2003)
The BMW 5-Series (E39 chassis) was introduced in the United States as a 1997 model year car and lasted until the 2004 when the E60 chassis was released. The United States saw several variations including the 525i, 528i, 530i and 540i. -- View the E39 Wiki

Reply
 
Thread Tools Display Modes
  #26  
Old 01-15-2020, 07:39 AM
abscate abscate is offline
Officially Welcomed to the 'Fest
Location: NYC
 
Join Date: May 2014
Posts: 1,622
Mein Auto: 2006 BMW X3... VOLVO... V
It really important to get guidance on insurance relevant to your state of registration. What Haggerty etc does in CA has no bearing on what happens in NY.

The language of coverage and process is state dependent.

In short, reading a post on insurance from someone out of state is a waste of time.

One thing that is common - if you think you can get cute and bend the rule on a policy limitation, the insurance companies are way ahead of you, and you will learn this when you go to try to get a check out of them.

Thats when they look to see of the car is really garaged, used in the zip you posted, drivers you listed, maintained as agreed.

Last edited by abscate; 01-15-2020 at 07:40 AM.
Reply With Quote
Sponsored Links
Advertisement
 
  #27  
Old 01-16-2020, 05:34 AM
540fan 540fan is offline
Officially Welcomed to the 'Fest
Location: Charlotte, NC
 
Join Date: Mar 2007
Posts: 352
Mein Auto: 2001 540iT
Quote:
Originally Posted by Joe-BMW View Post
Good thread Sam. Just full disclosure - I definitely had options, but none were appealing to me. I don't want a salvage title car and I am not sure the math would have worked, which means them giving me a value, me buying it back for a value, paying the shop to fix it and walking away in the black or even. My car is certainly fixable to someone resourceful.

None of these options were appealing to me. I still have not received an offer from the insurance company. Haven't heard from them for a week. I will use this thread to post the details as I receive them.
I have found I like salvage titled vehicles. The market attaches a stigma to them but the can be a real money saver. If you have a salvage titled 15 year old car that you already knew itís history, you buy it back from the insurer after they pay your claim. You get the car fixed and drive. This doesnít work if you are solely focused on current market value.

We are driving E39s and long ago gave up on service costs vs current market values...

Iíd take a repairable salvage titled car all day long.

A recent non BMW example. Bought a 15 Chevy 3500 crew cab long bed duramax High Country with 180k miles. Left front end damage with a salvage title. Paid 16k and repaired for 8K, put 1.3k in new tires plus some misc. Iím in for 27k. Truck listed for $69k in 2015. I could resell for 30 to 37k all day long. But Iím keeping it because you canít find this truck for that money and it will tow anything I need. The shop that repaired it works on the local exotics that people tear up and they are good. Truck specs out on the frame machine.

If you wreck your car and itís repairable, donít shy away from a salvage title. Our BMWs are enthusiasts cars so when you sell it, the title wonít matter.

I have a 325Ci that hit a curb and was totaled. Itís an 01 with 78k miles and was a 95% exterior and 95% interior. Had a broken right rear lower wishbone, bent axle, and damaged wheel, scuffed bumper. The insurance company was totaling it because the roll over bars tripped in the rear head rests. Made a deal with the owner, paid him before he finished the claim. Fixed the car for $400. Took 2 minutes reading the manual and retracted the roll over bars in less that 5 minutes.

Now I have a nice 325Ci for fun driving for $1400, clean title but would have taken it with a salvage titled if he would have taken the insurance payment.

Long post to say.... change focus and embrace salvage titled cars...

One more thing... with a salvage titled car, you can insure it with full coverage but if you make a collision claim by you or the other party if at fault, the paying insurer can deduct the previous payout less your cost of documented repairs from the payout. This has no bearing on liability coverage.

In the case of my duramax high country, I donít carry collision coverage.
Reply With Quote
  #28  
Old 01-16-2020, 01:45 PM
mattmar1's Avatar
mattmar1 mattmar1 is offline
Wingnut
Location: Louisiana
 
Join Date: Dec 2014
Posts: 3,396
Mein Auto: 1999 5281 5 sp msport
ive passed twice on the opportunity to buy e39's that were totalled, damage wasnt great and cosmetic, i regret having done so. would have only cost me what the insurance would have deducted from their payouts.
__________________
99 528i 5sp sport


be alert...the world needs more lerts
Reply With Quote
  #29  
Old 01-17-2020, 05:35 AM
SamD SamD is offline
Learning Every Day
Location: Wilmington, NC
 
Join Date: Dec 2015
Posts: 567
Mein Auto: 01 540i Sport 6-spd
Quote:
Originally Posted by 540fan View Post
I have found I like salvage titled vehicles. The market attaches a stigma to them but the can be a real money saver. If you have a salvage titled 15 year old car that you already knew itís history, you buy it back from the insurer after they pay your claim. You get the car fixed and drive. This doesnít work if you are solely focused on current market value.

We are driving E39s and long ago gave up on service costs vs current market values...

Iíd take a repairable salvage titled car all day long.

A recent non BMW example. Bought a 15 Chevy 3500 crew cab long bed duramax High Country with 180k miles. Left front end damage with a salvage title. Paid 16k and repaired for 8K, put 1.3k in new tires plus some misc. Iím in for 27k. Truck listed for $69k in 2015. I could resell for 30 to 37k all day long. But Iím keeping it because you canít find this truck for that money and it will tow anything I need. The shop that repaired it works on the local exotics that people tear up and they are good. Truck specs out on the frame machine.

If you wreck your car and itís repairable, donít shy away from a salvage title. Our BMWs are enthusiasts cars so when you sell it, the title wonít matter.

I have a 325Ci that hit a curb and was totaled. Itís an 01 with 78k miles and was a 95% exterior and 95% interior. Had a broken right rear lower wishbone, bent axle, and damaged wheel, scuffed bumper. The insurance company was totaling it because the roll over bars tripped in the rear head rests. Made a deal with the owner, paid him before he finished the claim. Fixed the car for $400. Took 2 minutes reading the manual and retracted the roll over bars in less that 5 minutes.

Now I have a nice 325Ci for fun driving for $1400, clean title but would have taken it with a salvage titled if he would have taken the insurance payment.

Long post to say.... change focus and embrace salvage titled cars...

One more thing... with a salvage titled car, you can insure it with full coverage but if you make a collision claim by you or the other party if at fault, the paying insurer can deduct the previous payout less your cost of documented repairs from the payout. This has no bearing on liability coverage.

In the case of my duramax high country, I donít carry collision coverage.



Great perspective and one of the reasons I started this thread - thank you!
__________________
'01 540i-6 Sport
...more fun with DSC off...

Reply With Quote
  #30  
Old 01-17-2020, 05:36 AM
SamD SamD is offline
Learning Every Day
Location: Wilmington, NC
 
Join Date: Dec 2015
Posts: 567
Mein Auto: 01 540i Sport 6-spd
Quote:
Originally Posted by mattmar1 View Post
ive passed twice on the opportunity to buy e39's that were totalled, damage wasnt great and cosmetic, i regret having done so. would have only cost me what the insurance would have deducted from their payouts.
Always appreciate your input as well Mattmar...
__________________
'01 540i-6 Sport
...more fun with DSC off...

Reply With Quote
  #31  
Old 01-21-2020, 04:54 PM
bobkatcurtiss bobkatcurtiss is offline
Registered User
Location: houston tx
 
Join Date: Jan 2015
Posts: 45
Mein Auto: 1999 540i
https://www.hagerty.com/Insurance/Cl...BoCtHwQAvD_BwE
Reply With Quote
  #32  
Old 01-21-2020, 05:11 PM
0w40X1 0w40X1 is offline
Officially Welcomed to the 'Fest
Location: Texas
 
Join Date: Jul 2013
Posts: 513
Mein Auto: 2014 X1 s28i Msport
I pay about $800/year on 2014 X1 with full coverage and liability of $300k on each person occurance, etc.

I dropped full coverage on 07 RX8 when I thought it was worth $10k or less.

That might have saved $400/year on that.

I pay about $1000/tyear on both cars now RX8 with liability and X1 with full coverage.

I just don't like insuring my careful driving.
Reply With Quote
  #33  
Old 01-21-2020, 06:41 PM
satyaban satyaban is offline
Officially Welcomed to the 'Fest
Location: Baltimore, Md USA
 
Join Date: Oct 2015
Posts: 228
Mein Auto: 2008 328xi
Quote:
Originally Posted by SamD View Post
That's what I'm looking for Edgy; thank you. Hagerty's is where my parents insure that 1959 356 Porsche too... Do they handle all sides of the auto insurance equation (liability, comp, collision)?
I appreciate this discussion because my car was sideswiped while parked in front of my house and I have full coverage. I am going to have the dude's insurance pay. I was planning on changing to liability in October but will have to think about it now. I was just thinking about what terrific condition my car was in inside and out.

It seems to me your parents would be a great resource for the info you need.
Reply With Quote
  #34  
Old 01-22-2020, 08:09 AM
Edgy36-39's Avatar
Edgy36-39 Edgy36-39 is online now
Constantly Learning
Location: Northern Virginia
 
Join Date: Jan 2008
Posts: 1,961
Mein Auto: 2016 X5, 2006 M3, 2002 M5
540fan - I agree with you re salvage in general. However...

Quote:
Now I have a nice 325Ci for fun driving for $1400, clean title but would have taken it with a salvage titled if he would have taken the insurance payment.
$1,400? The insurance offer had to be higher than that if car was 95%. Sounds like the 325C owner made a stupid deal.
__________________
BLUE HEAVEN:
Interlagos Blue 06 M3, Autologic tune, K&N CAI, Agency Power midpipes and exhaust, Fortune Auto coilovers, ///M Pedal Kit, UUC SSK. MRegistry listing here.
LeMans 2002 M5, Black/Tech Graphite, Rogue SSK, Dinan exhaust, PSS9 coilovers, Euro rotors, iPod integration. MRegistry listing here.

Wife's chariot - 2016 xDrive 3.5i, Sapphire over Black. M Sport, Premium, Cold Weather, Driver Assist and Plus, Luxury and MultiContour Seats, Roof Rails, Harman Kardon
Reply With Quote
  #35  
Old 01-22-2020, 11:31 AM
ohiwish ohiwish is offline
Registered User
Location: Poulsbo
 
Join Date: Jan 2015
Posts: 35
Mein Auto: 325xi S/W
Thanks from the upper seats here. I so love my 2002 325xi wagon I went balls out with a new performance 3.0 engine and transmission and, since the heater core was done a few years ago, why not? The 3 majors are now taken care of. Including purchase 5 years ago I've got $23,000 and would not like to lose either the car or cash. I will also looking into insurance for my '66 Volvo Saloon, also a wagon (sickness for wagons?) I restored 12 years ago. Gads I have nightmares what an whimsurance company would offer me for that total. I have an outside policy for 100% replacement value on both cars. Repair now is a different story.....
If I might add to the discussion of worth/procedure/owner insured. I just received a court judgement in a motorcycle accident last March. I Totaled my V-Star 950 t-boning a Volvo and because I pray 8>) ..I landed 30 feet down with no injuries. Great judiciously, not so great as the responsible(?) party had 13 DWLS in the past 8 years. So he owes me for the damages, I probably wont see a dime. With our type of cars and with our love to keep them performing, a good defensive insurance plan is so important.

Thanks for all the tips here and general good nature in discussions. Also reading Santyana,,as bonus.

Cheers
Reply With Quote
  #36  
Old 01-22-2020, 11:48 AM
Hitdog540's Avatar
Hitdog540 Hitdog540 is offline
Hitdog540
Location: Stoughton, MA
 
Join Date: Apr 2005
Posts: 301
Mein Auto: '03 540/6, '15 550
Hate to say this but we are all delusional about our cars. Mine is an '03 540/6 in amazing shape, drives great! It still has 235k miles and to me, I'm not sure I would take $6,000 - $10,000 if I were to sell it because of its value to me. Remember, the insurance company cares not the value to us...they only care about the vehicle's value by age, mileage, etc. There's only one option if you think you have a gem...GET IT APPRAISED and insure it for that amount. Otherwise, just enjoy the hell out of it until...well you know.
__________________
Reply With Quote
  #37  
Old 01-22-2020, 02:32 PM
DouglasABaker DouglasABaker is offline
Officially Welcomed to the 'Fest
Location: Westminster, MA
 
Join Date: Nov 2006
Posts: 104
Mein Auto: 2002 Chiaretto Red M5
I think the fundamental issue in this thread is that people are confusing the total dollars invested in their car with the vehicle's value. I have a 2002. It is worth, let's say for giggles, about $15K. I just put a new head unit and other electronics in it that cost me about $1500 in materials and another $1500 in labor. The value of my vehicle is..... still $15K. The car had a stereo before, it has a stereo now. If you want to quibble, it might now be $15.5K. But it definitely is NOT $18K because the market simply isn't willing to pay that much more for a new stereo.

Insurance covers you for what it would cost to replace your vehicle with an equivalent one, NOT what you paid for it, not what you want it to be worth, and not what a new one costs.

Buying a CD is an interesting idea, but has nothing to do with insurance. How much you pay for the CD is based on the duration, so unless you can predict when you are going to total your car in advance of doing so, you'll simply be left with a wrecked vehicle and a CD that doesn't mature in time to help you buy a new one.

Not saying you shouldn't insure your car for more than it is worth, just recognize that the insurance company is in it to make money. You want $30K on a $15K car then you should expect to pay the risk-adjusted, time-discounted value of the incremental $15K, plus a small profit margin, for the privilege of doing so. This is really only a good deal if you are a bad driver or live in an area with bad drivers - good drivers will simply end up paying a premium for a policy they are never able to redeem.

Doug
Reply With Quote
  #38  
Old 01-22-2020, 02:54 PM
Burning2nd's Avatar
Burning2nd Burning2nd is offline
Under the lift arms
Location: Under the lift Arm
 
Join Date: Aug 2010
Posts: 12,589
Mein Auto: e39, e83, e60
register the car as a classic... start here

no one is going to give you 10grand for a 20 year old car that realistically even on a good day is worth about 2grand

you guys need to come to terms with the fact that its nothing special... even the mtech crew.. Its nothing special.. Its just an old car

you dont have a m5, you dont have a special car
__________________
Specializing In Breaking Things Professionally


15486372<-----
Reply With Quote
  #39  
Old 01-22-2020, 03:30 PM
DouglasABaker DouglasABaker is offline
Officially Welcomed to the 'Fest
Location: Westminster, MA
 
Join Date: Nov 2006
Posts: 104
Mein Auto: 2002 Chiaretto Red M5
I have an M5. It still isn't special, except to me. To everyone else it is just a car that has a market value.
Reply With Quote
  #40  
Old 01-22-2020, 03:45 PM
satyaban satyaban is offline
Officially Welcomed to the 'Fest
Location: Baltimore, Md USA
 
Join Date: Oct 2015
Posts: 228
Mein Auto: 2008 328xi
Quote:
Originally Posted by ohiwish View Post
Thanks from the upper seats here. I so love my 2002 325xi wagon I went balls out with a new performance 3.0 engine and transmission and, since the heater core was done a few years ago, why not? The 3 majors are now taken care of. Including purchase 5 years ago I've got $23,000 and would not like to lose either the car or cash. I will also looking into insurance for my '66 Volvo Saloon, also a wagon (sickness for wagons?) I restored 12 years ago. Gads I have nightmares what an whimsurance company would offer me for that total. I have an outside policy for 100% replacement value on both cars. Repair now is a different story.....
If I might add to the discussion of worth/procedure/owner insured. I just received a court judgement in a motorcycle accident last March. I Totaled my V-Star 950 t-boning a Volvo and because I pray 8>) ..I landed 30 feet down with no injuries. Great judiciously, not so great as the responsible(?) party had 13 DWLS in the past 8 years. So he owes me for the damages, I probably wont see a dime. With our type of cars and with our love to keep them performing, a good defensive insurance plan is so important.


Thanks for all the tips here and general good nature in discussions. Also reading Santyana,,as bonus.

Cheers
I am just trying to sort this out. You bought the 2002 325 five years ago and have spent $23,000 for that privilege to date. Do I understand you to mean you have your BMW insured for an amount several times it's worth? I can understand personally valuing a car beyond book values as I do mine but doesn't the insurance premium go up as well?

Is it similar to buying term life insurance but for a car?
Reply With Quote
  #41  
Old 01-22-2020, 03:51 PM
Burning2nd's Avatar
Burning2nd Burning2nd is offline
Under the lift arms
Location: Under the lift Arm
 
Join Date: Aug 2010
Posts: 12,589
Mein Auto: e39, e83, e60
Quote:
Originally Posted by DouglasABaker View Post
I have an M5. It still isn't special, except to me. To everyone else it is just a car that has a market value.


i didnt want to be rude (*or more rude then normal) lol
__________________
Specializing In Breaking Things Professionally


15486372<-----
Reply With Quote
Reply

See More Related BMW Stories


Forum Navigation
Go Back   Bimmerfest - BMW Forums > BMW Model Discussions > 5 Series > E39 (1997 - 2003)
Today's Posts Search
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On



Forum Jump


All times are GMT -7. The time now is 10:42 AM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.
© 2001- VerticalScope Inc. All rights reserved.