Question– do you know what they do with cars they take possession of it? I assume they'd re-sell it, or maybe the insurance company has its own subsidiary company as a used car dealer?Well you are going to have to work with somebody's insurance Co. But go slow. Did you get a police report?
I would speak with your insurance co first and see what the appropriate course of action is. In many cases, your insurance co. will work with the other driver's insurance co.
I would not bother getting an estimate right now.
The best outcome is that one of the insurance companies pays to have it repaired.
But be prepared. While the damage from the single picture looks relatively minor, I bet it is at least $5k of body work.
And if it's at least $5k of body work, an insurance may try to "total" it. If they do that, they may offer you two amounts.
1. take your car and pay you what they think it is worth.
2. Pay you a slightly lower amount and let you keep it.
you can select option #2 and use the money you got to go get it fixed.
But, if they total it, it will likely end up with a salvage title (reported by insurance co)
If you want to keep and drive it, this is okay. However, it will hurt resale value.
Since it appears that the cost of repair exceeds a reasonable fraction of the value of the vehicle, why would they not junk it?Question– do you know what they do with cars they take possession of it? I assume they'd re-sell it, or maybe the insurance company has its own subsidiary company as a used car dealer?
They auction them off. They never even take physical possession of them - they are towed straight to the auction yard. Google ‘Copart’ and ‘IAAI’ - those are the biggest names in the business.Question– do you know what they do with cars they take possession of it? I assume they'd re-sell it, or maybe the insurance company has its own subsidiary company as a used car dealer?
(first, what state???)Oh yeah
Oh yeah I didn't get a police report. I called but they said it was optional for officers to come out. I did shoot a short video though showing the damage & position of the cars, and the other drive lives in my building. But I thought that if I tell my insurance company (Geico) about an accident, that would cause MY rates to go up. Not sure if that's the case if it wasn't my fault.
Agreed value policies are the only way to go for high value, and specialty cars. Super nice condition E39s would fall under this...but most agreed value or stated value policies are limited to "pleasure" vehicles and not daily drivers. They also usually have mileage limits, require you have a secure garage, and proof of a "daily driver". But prices are reasonable for the policies, and coverage limits can be as high as you want (and can afford). I have always used them on Ferraris I have owned...even had a couple claims and worked out fine.I'm following this. I just put an agreed value policy on the wagon and it was super cheap. I went with only 5000 miles per year but could go up to 7500. Could be an option for others if you don't daily your e39
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I'm in California.(first, what state???)
This driving around and fining stuff is REALLY going to undermine your case. Take it to a shop, ask them for an estimate.
Well I have no intention of giving up my car. It really was in SUPERB condition whenI got it. A couple minor blemishes here and there, but mechanically itt's in excellent shape. Zero leaks of any kind, no oil burn at all. If I put in 6.5 quarts + 3 tablesppons of oil and drained it in a couple months and measured, it would still be 6.5 quarts and 3 tablespoons. The coolant is the only thing that goes down ever so slightly. But it's hot as heck here in SoCal. I just add a few sips here and there and she's good to go.Since it appears that the cost of repair exceeds a reasonable fraction of the value of the vehicle, why would they not junk it?
Well the latest is, drumroll...Five days after getting rear-ended, I was hit a SECOND time by another driver! Front right fender this time. T-bone accident, I had the right-of-way. So I've been running around getting estimates for BOTH.OP what's the latest? Have you had a convo with any insurance co? Yours or the other guy's?