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Discussion Starter · #1 · (Edited)
Today while sitting at a red light, a delivery truck veered and clipped me. Need help with insurance for claim and value. Should I get a lawyer because it's pretty straight forward, but I'd like to get an appraisal for retail replacement value, which is next to impossible.



The Coupe was an 08, and according to VIN lookup, 1 of 1, exceptional rarity. The paint and interior was in 100% off the dealer lot mint condition and all mechanical repairs had been done with 100% BMW original equipment.

I tried to look up comps, but there are none for coming up with value. I spoke with an appraiser and the guy said that the car isn't that rare... I disagree.

Any recommendations?
 

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In my experience all of my apraisors never knew BMW and even denied a couple of claims because of it. But the production numbers should show the rarity of the car. Or have the dealer talk to the apraisor to have him get an idea of the value of the car. Insurance people seriously are the worst though.
 

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Be sure to get a lawyer and be sure to get diminished value, if your state allows for diminished value. I tried to work with their insurance and even after a lawyer they did not want to recognize the correct amount of diminished value and they should have listened to me in the beginning and totaled my X3. They figured I would not lawyer up and they tried to take advantage, they lost, but not enough in my book. Also good luck with any adjuster that knows anything about BMWs.

Steve
 

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Get your lawyer and dealer to work with the appraiser.
Sorry this happened to you. I am going through a similar situation with my E46/325i. The shop & insurance wanted to go with used parts for the repair because of age.
I hope you come out okay.
Insurance people...:eek:uch::eek:uch:
 

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Discussion Starter · #7 ·
Spoke with a buddy who's been through the ringer a few times and he said I'll probably be poop out of luck. :(

Best case, I'll wait for adjuster, press for diminished value if they want to repair. Or accept nothing less than the last highest price sold at a BMW stealership within the last year.

Anything less than this, lawyer up.
 

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Glad you weren't hurt. It breaks my heart to see such a lovely car in that state.

I'm on the wrong coast to be of much help. However I went through a recent experience with my insurer and had the pleasant surprise of an appraiser who went the extra mile for me. At least he did after he got over the initial shock of learning that a 10 year old Subaru with 117K miles could still be worth so much! He even found dealers who agreed with me that several of the modifications on my car made it *more* valuable rather than less. I received what I consider to be a fair value for the car, which was totaled. Hopefully your outcome will be a good one as well.
 

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Big question: Are they going to total the vehicle? Did the airbags deploy?

If your vehicle is as valuable as you say it is, they may elect to repair rather than total. I think the damages have to be 80% of the value of the vehicle before they will total it.

A friend of mine went through a similar experience with a non-BMW vehicle. Airbags had deployed which raised the repair costs through the roof so it was totaled. Since it was the other driver's fault (I assume), their liability has to cover your loss (but no more). My friend ended up getting full retail book value. If it was your own insurance company, you would definitely have an uphill battle. Insurance adjusters' fiduciary responsibility is to their company and they need to defend against excessive claims as well as outright fraud so you have to understand where they are coming from.

Appraisals can be had from Edmunds.com, KBB.com and NADA.com, to name the common ones. The adjusters will work from those sites as well.

What insurers won't pay for is your emotional attachment to the vehicle or the rarity of the color combination - it is a production car, after all.
 

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Discussion Starter · #12 ·
Standardized appraisal figures don't adjust for current supply and demand figures. They simply take the MSRP of the vehicle, adjust for loss in value over time and mileage to similar models, etc.

These cars are unique because there were so few of them made and collectors are keeping them garaged. There were literally less than a few hundred for 2008 and in my case, only three in white with the wood trim, EVER!

I spoke with an appraiser this morning and he seemed pretty shocked when I told him about the production numbers.

I'm trying to get an official letter from BMW of North America to send me an 'official' letter explaining the rarity of the car.

We will see...
 

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First off I'm glad you weren't injured in this, and really feel for your loss in having that happen to such a beautiful vehicle. With respect to what you'll get offered if they decide to total it, most of the large insurance companies use a third party company to determine market valuation of your car. They have apps they run that screen through car ads in your region for same model car prices, and the apps are biased toward selecting the lower valued cars, then they apply an arbitrary "negotiation factor" that lowers the price further. They don't use KBB, NADA, or Edmunds. To fight this you'll have to research each of their comps, find a reason that it's not comparable, and fight to get a comp you've provided substituted. Hopefully your state insurance statutes require them to provide the valuation details so that you have what you need to win the fight.
The most unfortunate part of this is that standard auto insurance policies don't recognize rare cars, they treat all models alike. To get unique valuation for a rare car you have to go to one of the companies that writes a defined value policy. Part of issuing the policy is an appraisal process to certify the rarity and value of the car and that's used to establish the associated premiums for that policy. You can't hold an ordinary policy and pay the lower "ordinary car" premiums and then expect to get a rare car valuation and pay off if the car is totaled.
That being said, I'm pulling for you to be the exception to what I just stated. :thumbup:
 

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Discussion Starter · #14 ·
Does someone have access to dealership BMW sales history?

If so, can you look up BMW dealership comps for an 08 E86 M Coupe with wood trim interior, premium package, less than 60k miles that have been sold since April of this year?
 

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As others have said - you are in control of what happens here. I would personally want the car totaled with the damage pictured. Do research and find similar cars for sale(I know there isn't going to be an exact match, but find 06-08 M Coupes with similar mileage). Make sure they know they are dealing with an M and not an si. Don't settle as this is what insurance is for. You pay the premiums for a reason. You shouldn't be anything less than "made whole" when this is done. One question I ask when they make an offer is "show me where I can buy a car similar to what I had for the amount you are offering..."
 

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"One question I ask when they make an offer is "show me where I can buy a car similar to what I had for the amount you are offering..." "

This is the one I always love, I asked them to do this when my X3 had $15,500 worth of damage and they were working the diminished value numbers. I said, ok where are these $19,000 X3 low mileage CPOs with my color combo and premium package? And if it was only worth $19,000 why it was not totaled? I never got an answer and my lawyer never got one. The insurance company replaced the 'snake' of an adjuster right after my lawyer told me "Do not talk to her, she is a liar and is not to be trusted" I hated to get a lawyer, but it was worth it in the end. When I traded the X3 off the extra cash made a difference, even if it was not the amount we agreed on, but we avoided court.

Steve
 

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They have apps they run that screen through car ads in your region for same model car prices, and the apps are biased toward selecting the lower valued cars, then they apply an arbitrary "negotiation factor" that lowers the price further. They don't use KBB, NADA, or Edmunds.
In the case I mentioned in my original reply, the insurance adjusting company used NADA (my friend showed me the worksheet). They did take mileage into account.

One thing that was not mentioned by the OP, and a lot of people here have been assuming one way or the other, is who was at fault and whose insurance company is paying. If it was the other guy's, this is a liability claim and you don't have do deal with the same restrictions as if it was a collision claim on your own policy.

As for all of this "rarity" stuff, you do realize white was a free color and was cheaper than the metallics and the wood dash trim can be retrofitted to any E85/E86.
 
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