Need help determining my 04 330CiC ZHP actual value for insurance total loss

[ft330cic]

Sadly, I'm the former owner of an Orient Blue 2004 330CiC ZHP convertible, may she rest in peace. I was the second owner, acquiring it in April 2007. The first owner leased it for2 years 10 months & about 30k miles. It had not been abused.

It was a joy to drive. Twisty roads like the Back of the Dragon, Devil's Backbone, or Spearfish Canyon and numerous 2800+ mile cross-country trips for another 156k miles. I was planning on keeping it until... Friday night before New Year's an inattentive driver ran into the back end while I was stopped in a line of traffic waiting for a red light to change. Pushed me into the car in front & hit me at least twice before he gave up all his momentum!

I turned down the insurance company's first offer which was $8287. With the repair estimate of about $7400 an automatic total loss.

I came up with a group of eight "comparables". None were a complete match but a closer start than Audatex had used. Throwing out the overly ambitious high of $49K+ and the low, averaging the remaining six gave an average price of $14,300. I gave all of this to the insurance company along with side-by-side build list comparisons pulled from BMWVIN.com

The insurance company had an independent appraiser take a second look and magically came up with $10,900. Just over the 75% repair-to-value threshold for it not to be a total. But with electrical & mechanical unknowns not covered by the estimate, even if they came up several thousand, it's still a total.

I really don't believe in coincidences. Plus, none of the "comparables" they used had the "high performance" option, much less the rest of the package! I have VINs and side-by-side comparisons for all but one "comparable" used in both valuations. Mine had all the extras except nav & CD changer. High Performance package including engine mods & ZHP only exhaust system, Premium package (leather, Harman Kardon sound system), Cold Weather package (heated seats & mirrors, headlight washers), Hot Climate option, M sport suspension mods, M series aero package, M sport steering wheel, adaptive self-leveling Xenon headlights, big wide staggered 18 inch option M series alloy wheels & new Michelin tires, speed sensitive power steering.... I wasn't going to race it and bought it BECAUSE it had everything that an M3 had except the big engine. It was my daily driver & I even WANTED the automatic transmission for Atlanta, Phoenix, Washington DC type traffic! Comfortable! Handled great!! Quicker than it needed to be for streets or open roads!!!

It was well maintained and that's documented in the Carfax report pulled by the appraiser. Almost all of the maintenance and repairs were documented there. I have all the records from my ownership period.

There was no consideration in either appraisal that it was one of the few (hundred??) 2004 ZHP convertibles built. Rare and getting rarer by the day! They did add a bit for the "performance" option as if you could add that to a generic 330 convertible and turn it into a ZHP.

Should I pretend I'm happy with their check for $10,900 plus taxes or get another appraisal? I've already cashed the check but have reserved the right to have my own appraisal. I have until March 15th to get it done if I go that route. I used up some time acquiring something to drive.

If the consensus is that it's worth spending $$ on my own appraisal, any recommendations on an appraiser familiar with ZHPs, likely to have a higher opinion of what they are really worth, and willing to work with the insurance company's independent appraiser?

Any and all help appreciated!!

[curry]

Good luck, but the Insurance company will win. They always do.

Sadly, I'm the former owner of an Orient Blue 2004 330CiC ZHP convertible, may she rest in peace. I was the second owner, acquiring it in April 2007. The first owner leased it for2 years 10 months & about 30k miles. It had not been abused.

It was a joy to drive. Twisty roads like the Back of the Dragon, Devil's Backbone, or Spearfish Canyon and numerous 2800+ mile cross-country trips for another 156k miles. I was planning on keeping it until... Friday night before New Year's an inattentive driver ran into the back end while I was stopped in a line of traffic waiting for a red light to change. Pushed me into the car in front & hit me at least twice before he gave up all his momentum!

I turned down the insurance company's first offer which was $8287. With the repair estimate of about $7400 an automatic total loss.

I came up with a group of eight "comparables". None were a complete match but a closer start than Audatex had used. Throwing out the overly ambitious high of $49K+ and the low, averaging the remaining six gave an average price of $14,300. I gave all of this to the insurance company along with side-by-side build list comparisons pulled from BMWVIN.com

The insurance company had an independent appraiser take a second look and magically came up with $10,900. Just over the 75% repair-to-value threshold for it not to be a total. But with electrical & mechanical unknowns not covered by the estimate, even if they came up several thousand, it's still a total.

I really don't believe in coincidences. Plus, none of the "comparables" they used had the "high performance" option, much less the rest of the package! I have VINs and side-by-side comparisons for all but one "comparable" used in both valuations. Mine had all the extras except nav & CD changer. High Performance package including engine mods & ZHP only exhaust system, Premium package (leather, Harman Kardon sound system), Cold Weather package (heated seats & mirrors, headlight washers), Hot Climate option, M sport suspension mods, M series aero package, M sport steering wheel, adaptive self-leveling Xenon headlights, big wide staggered 18 inch option M series alloy wheels & new Michelin tires, speed sensitive power steering.... I wasn't going to race it and bought it BECAUSE it had everything that an M3 had except the big engine. It was my daily driver & I even WANTED the automatic transmission for Atlanta, Phoenix, Washington DC type traffic! Comfortable! Handled great!! Quicker than it needed to be for streets or open roads!!!

It was well maintained and that's documented in the Carfax report pulled by the appraiser. Almost all of the maintenance and repairs were documented there. I have all the records from my ownership period.

There was no consideration in either appraisal that it was one of the few (hundred??) 2004 ZHP convertibles built. Rare and getting rarer by the day! They did add a bit for the "performance" option as if you could add that to a generic 330 convertible and turn it into a ZHP.

Should I pretend I'm happy with their check for $10,900 plus taxes or get another appraisal? I've already cashed the check but have reserved the right to have my own appraisal. I have until March 15th to get it done if I go that route. I used up some time acquiring something to drive.

If the consensus is that it's worth spending $$ on my own appraisal, any recommendations on an appraiser familiar with ZHPs, likely to have a higher opinion of what they are really worth, and willing to work with the insurance company's independent appraiser?

Any and all help appreciated!!

[dhurley34]

I would consider $10,900 a fair assessment for that mileage and age.

[charter21p5]

I can emphathize with you they are special cars as I also own one, a 330i zhp. I think if it was me I would accept their 10.9k offer as it is fair and another zhp with lower mileage could be found for same price or go the m3 route as they are also in that same price range.

[Mless5]

I'd take the check for that kind of mileage for sure.

[Honolulu]

You can fight the insurance company and refuse their offers for just so long. I did it when my 2002 tii was smashed. They will lowball you at first with ridiculous "comparables", but you can reject these (sounds like you already have). I made up a 4-page single-spaced explanation why the tii (my tii) was not the same as a carbed 2002. Eventually (third phone call) they came across with enough to fix the car, and I wasn't damaged by a salvage title.

You could, on the other hand, let them take the car, get the payment, buy it back and fix it. Whether this is possible in your area I know not; some jurisdictions require certification by a certified body and frame tech that the car is roadworthy. If you don't have the technical abilities and plan to do the work yourself, it's probably not gonna work out, and cashing their best offer is where you should go.

[dutchhome]

I went through this recently. As the others have said, the insurance company will win. The only way to get all your money out it is to keep the car and either fix it, part it out, or transplant everything into a project car. I chose the transplant option for my m3.

Your best option of you want to keep fighting insurance is to go through arbitration. Be aware that if you took their "free" rental, once you go through arbitration they will make you pay for it. Also, arbitration is similar to going through court. It will take a long time. You will need to hire an independent appraiser to value your car and then argue your case in a process similar to court. It will cost you money to fight and you might end up with less money and lots of wasted time.

For my m3, I fought them as long as I could before going to arbitration and stopped. They wore me down and I did want the process over. I started getting concerned about them retaliating by raising my rates. They still might, I have to wait and see what happens. BTW, the comparisons they used were all SMG cars except one 6mt that was the biggest POS they could find. I even caught them intentionally trying to hide the fact the comparisons were effectively automatics. The legal advice I got was that I wasn't going to leverage that against them and to take their top offer.

Best of luck to you and sorry about your loss

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[OnTheFence]

$11k for a 150k+ convertible
Move on.

[dutchhome]

According to my insurance company, it's $11k for a 2003.5 6MT, 150k, jet black coupe with cinnamon interior with zero subframe issues, fully sorted vanos, new brakes and tires. That includes credit for my car being in exceptional quality (according to them). After fighting with them, they raised it up to $13k. The comparisons were all against SMG's. Eventually they added a single 6MT that had halogen lights and was a pile of crap (sale price of $9k).

Bottom line is they will find comparisons that devalue your car. It's their entire business. The only way to avoid this is to not wreck your car or to pay for a different class of insurance where you agree to a valuation up front and have that valuation regularly updated.

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