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Old 06-07-2012, 03:19 PM   #1
ItsPat
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Insurance Settlement Advice

I didn't want to have to make a post on this but before I take a settlement I think I should get some more opinions.
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Two fridays ago my poor e90 was rear-ended in stop & go traffic. I had come to a stop (not an abrupt stop by any means) and a woman behind me claims to have, "looked down for one second" and introduced her Odyssey to the back of my 325, also pushing me into a nice sturdy steel tailgate step on the truck in front of me.

So the grille is caved in, hood buckled, bumper wrecked, ditto for the rear and rear quarter panel.

The car is deemed a total loss and the incident is a no-fault collision to me - repair quote came in over $13k with taxes, and insurance says the car is worth $16,500 with taxes (after haggling with them).

I've owned the car only 11months, I put about 40,000km on it in that time. The insurance company's offer is not unfair IMO, but it's definitely not generous either. They are not willing to budge any more on their valuation and offer of settlement, though I haven't necessarily exhausted the following options:

- Insurance says I can hire my own appraiser and see if their valuation is higher, then they will consider an adjustment

or

- On the advice of a BMW tech - tell them to simply go and find me an identical replacement of my vehicle (06 325i, 6spd, sport package). They'll realize this won't be easy and perhaps buckle. The rationale here is I have nothing to lose so why not try?




Thoughts? TIA.
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Old 06-07-2012, 03:31 PM   #2
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I would actually suggest you give them the examples of similar E90 325(before it became a ti) and how much they cost. You can suggest that they go look themselves but once you prove where the market is they should have no issue giving you better market value. If its no-fault to you they will go after the ins company of the woman anyways. I cant seem them fighting with you so much over it.

Good luck!
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Old 06-07-2012, 03:48 PM   #3
ItsPat
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Originally Posted by DANIMAL View Post
I would actually suggest you give them the examples of similar E90 325(before it became a ti) and how much they cost. You can suggest that they go look themselves but once you prove where the market is they should have no issue giving you better market value. If its no-fault to you they will go after the ins company of the woman anyways. I cant seem them fighting with you so much over it.

Good luck!
Just looked on auto-trader and there are 11 6spd manual 2006 325's in Ontario and none have sport package. I havent had time to look on kijiji, craigslist or pour over the dealer ads just yet.

I honestly thought I would get a bit better treatment since it was no-fault, but so far they have been pretty firm in their discussions with me. They told me on the phone that MY insurance covers the cost, they do not go after the other driver's insurance. That didn't make sense to me, they still maintain that my deductible is being waived and my premiums won't be affected. At times they sound like they know what they're talking about and at other times they don't...for example, when I told her "Due to no fault of my own I'm stuck losing money on a car because you say the market values my car at 16 grand?" She replies with, "Well sometimes when you sell your house you will take a loss" - Ya, cuz houses get rear-ended all the time...BS.

Last edited by ItsPat; 06-07-2012 at 03:59 PM.
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Old 06-07-2012, 04:54 PM   #4
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Hey,

I'm a bit tight on time, owe a few guy here quotes and have to chase a few companies to get them. When I get a min to breathe i'll post something for everyone. I pm'd you my # if you wanna chat about it.
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Old 06-07-2012, 09:04 PM   #5
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Get 3 quotes...
1 - BMW dealership
2 - AutoTrader/Kijiji/CarPages
3 - Blue Book value (or whatever color it is)

Usually Insurance will take either the average of all 3 or the highest, if you can make a fair argument.

But you have to find 3 prices of a car EXACTLY as yours.
Careful if you list any modifications you did, that might get you in trouble as you didn't state the TRUE VALUE of the car to the insurance company.

$17K for a 2006 E90 325i is a pretty good price... If it was a 328i or 330i you would have got more for sure.

Personally... I would take it and run.
I highly doubt they will go over $20K.
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Old 06-08-2012, 08:14 AM   #6
ItsPat
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Quote:
Originally Posted by blakneto View Post
Get 3 quotes...
1 - BMW dealership
2 - AutoTrader/Kijiji/CarPages
3 - Blue Book value (or whatever color it is)

Usually Insurance will take either the average of all 3 or the highest, if you can make a fair argument.

But you have to find 3 prices of a car EXACTLY as yours.
Careful if you list any modifications you did, that might get you in trouble as you didn't state the TRUE VALUE of the car to the insurance company.

$17K for a 2006 E90 325i is a pretty good price... If it was a 328i or 330i you would have got more for sure.

Personally... I would take it and run.
I highly doubt they will go over $20K.
I've given the adjusters 18 ads from Auto-trader, a mixture of bmw dealer, independents and private ads. Prices ranged from $16k-23k They won't accept the private ones so that's fine, there weren't many anyway. Most of these cars were way lower km's than mine, which is fine. None of them had sport package with manual transmission as there weren't any listed at the moment.

I didn't list any modifications because I barely had time to do anything to the car. I listed the maintenance I did - new battery, spark plugs, brakes, tires, tints, etc.

Again, I'm not looking to stiff the insurance company here - I wouldn't expect them to go over $20k, not sure why you made that assumption. Just trying to minimize my losses over 1 year of ownership and having been hit clearly from behind while my car was sitting at a stop light.
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Old 06-08-2012, 08:19 AM   #7
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Threaten to hire a lawyer - my buddy did that. He wasn't going to, but the last conversation he had with them, he said "Well I guess then I'll have to hire a lawyer and sue for an appropriate valuation plus legal costs." and hung up.

10 minutes later, he got a call, upping the offer but $3K (what he was asking for) and all was good...
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Old 06-08-2012, 08:52 AM   #8
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Is it $16.500 final total or plus taxes?

How much are you asking for?

A quick search in autotrader.ca for 2006 325 series;
the average price is around $18,000, dealer's pricing is of course is much higher
you also have to bear in mind, that is the asking price and I bet you wouldnt
pay the $18,000 average asking price .. isnt it?

Also auto transmission is higher in the initial selling price, you might add the difference of the sport's package pricing.

If it is $16,500 plus tax then personally I think its quite a good value,

Even only after 11 months of owning the car, it has depreciated, sorry about the accident tho, maybe try to split the difference with the Insurance company and move on
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Old 06-08-2012, 09:00 AM   #9
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Originally Posted by damameke View Post
Is it $16.500 final total or plus taxes?

How much are you asking for?

A quick search in autotrader.ca for 2006 325 series;
the average price is around $18,000, dealer's pricing is of course is much higher
you also have to bear in mind, that is the asking price and I bet you wouldnt
pay the $18,000 average asking price .. isnt it?

Also auto transmission is higher in the initial selling price, you might add the difference of the sport's package pricing.

If it is $16,500 plus tax then personally I think its quite a good value,

Even only after 11 months of owning the car, it has depreciated, sorry about the accident tho, maybe try to split the difference with the Insurance company and move on
$16,500 WITH taxes is their offer after I argued with them on the phone yesterday, they came up about $600 to arrive at that 'final offer', she actually had the nerve to say 'take it or leave it'.

I'm asking for roughly 16,500 plus taxes, so we're still a ways apart. I agree with you that splitting the difference and moving on is the best way to go but at this point it seems like it'll be pulling teeth just to get to that stage.

When I last spoke to the adjuster's supervisor she was pulling lines out of the air like, "Just because you see a price online that's not the price someone is going to pay" which is common sense. I then ask, "Okay, so then the 10 comparable ads you provided me in your valuation are subject to the same scrutiny then right?" She didn't have a snappy comeback for that...their 10 ads ranged from $11,500 to $16,999.

I'm aware that auto trannies cost more from the dealer, and they've adjusted my value -$365 to allow for that. I think something worth bringing to their attention is that even if I wanted to, I couldn't go out and get a (near) exact replacement of my car whether they're giving me 16k or 18k, it's just not available on the market right now from what I've seen.

And I agree - cars depreciate no matter how long you own them and I'm cool with that. The other side of it is - we pay thousands in insurance so that when something shitty happens, we're covered. I don't pay a premium to drive a nicer car just so that my insurance company can give me the absolute bare minimum for my vehicle according to market conditions, especially when I'm basically an innocent bystander and am caught in a bad situation because some woman can't drive a minivan. /rant

Thanks for everybody's thoughts so far, will keep you posted on my progress or lack of it.

Last edited by ItsPat; 06-08-2012 at 09:10 AM.
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Old 06-08-2012, 09:34 AM   #10
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I'm going through similar BS with my insurance... I hope you're not with Aviva.
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Old 06-08-2012, 09:39 AM   #11
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We are going through a similar thing with The Personal(my fiance's). We are completely in the dark, assuming the car will be written off (been told nothing yet) and I am worrrieddd.

Notirious, I am with Aviva...*gulp*
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Old 06-08-2012, 09:45 AM   #12
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So the difference is $2145 and if you are willing to split the difference
;final payout is $17575.00 ($16500 plus $1075(difference of the tax of $2145)
it's roughly about a $1000 more, if you think that is a fair value, put it to them, I am sure they will agree with that amount instead of wasting more of their time on this.

Really, its good that they wrote your car off else, you might have a hard time selling it in the future dues to its "accident" depreciation.

we are so attach to ur car.. pity...lol

Hockeyfan27 can provide you with more insight on this...
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Old 06-08-2012, 10:00 AM   #13
ItsPat
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So the difference is $2145 and if you are willing to split the difference
;final payout is $17575.00 ($16500 plus $1075(difference of the tax of $2145)
it's roughly about a $1000 more, if you think that is a fair value, put it to them, I am sure they will agree with that amount instead of wasting more of their time on this.

Really, its good that they wrote your car off else, you might have a hard time selling it in the future dues to its "accident" depreciation.

we are so attach to ur car.. pity...lol

Hockeyfan27 can provide you with more insight on this...
Yea, I would have thought $1000-1500 isn't a lot of money to an insurance company but considering I had a heated half hour debate with the supervisor just to get $600 out of them, I guess I was wrong. It would be nice if they were willing to "agree with that amount instead of wasting more of their time" but clearly I had (foolishly) underestimated the folks dealing directly with my settlement.

And you are right - getting stuck with a repaired car isn't good for business. I was in a similar situation as m5lover, waiting for that week-10 days without hearing anything was not fun. I had a feeling, with my luck, it would come up just shy of being a clear write-off and I'd have to argue for a total loss, thankfully the repairs were more than enough to guarantee a write-off. My BMW techs knew it was a write off when they saw the pictures, a couple co-workers who drive domestic POS's/know little about cars said, "Oh that's just cosmetic damage, you should repair it." The body shop actually advised me to repair it, which was very surprising. I can understand they're looking for business and i trust the shop, but evidently that was bad advice.
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Old 06-08-2012, 10:07 AM   #14
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you have to fight tooth and nail with them especially in Ontario. rarely have I heard of a reasonable opening offer.

Took me a couple of months to settle with mine even with receipts and examples. They just want to throw everyone under the bus.
I was fighting with them over a 10 yr old car that had been insured with them since day one. They had long since made their money and they still wanted to be greedy bastards.
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Old 06-08-2012, 10:14 AM   #15
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Stand your ground, took me almost 3 months to get the same money as the value of my Lexus.
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