Insurance lowball fun times...

[rtuite]

I mentioned in another post my recently totaled e30 (older gal on her phone ran a stop sign and destroyed my 7-year long restoration) and insurance, as expected, lowballed me. They offered me $4600 for my 450 HP, rust free e30. I can barely buy a rust free shell for that (and get it home). I'm trying to convince them to come up to a more reasonable offer without getting lawyers involved. I've snagged a few older links from here, but does anyone know of any stock cars near the condition of mine that sold recently and have links (like Panjo or eBay)? I know insurance won't cover the turbo modifications, and I'm OK with that. That's the game. I just want to recover the value of the car its self.

We spent 9 months repairing rust on that car. There was only one nickel sized spot left at the base of the windshield. We got all the hard spots (rockers, floorboards, trunk, fenders, etc). The engine was completely rebuilt (rings, bearings, full gasket set, etc.) and ran perfectly. The transmission shifted perfectly as well and had a new South Bend clutch. The shocks/struts, control arms, suspension bushings, were all under a year old and the rear subframe had been rebuilt (including brake lines) with an alignment kit. Every feature of the car worked flawlessly. I even put new tires on it this spring. The only thing this car needed was a paint job and it'd be a show car. From what I've seen, I'm not going to be able to get a late e30 in central Indiana in this condition for much under $9000.

Any help you can give is much appreciated. I'm trying to keep myself together, but I don't know if I have enough fight in me anymore to take this to court. This whole thing has basically destroyed me. I know it's just a car, but I put so much work into it and now I've got nothing to show for all those late nights in the shop. Adding insult to injury, my wife's Subaru was stolen out of our driveway last week. I just put a new engine in that 3 months ago... so you can imagine where I'm at mentally these days.

[msservices]

What is the extent of the damage? Were you/are you able to buy back the car from the insurance company? If you still have the car can you post pictures?

[Mahalaleel]

I'd mention invoking the appraisal clause, because you are not going to find something comparable on the market, which is the only way the insurance will change value. If you hire an appraiser ($300) the insurance company will hire one as well, then they will have a mediator if they don't agree. After you have their best offer, accept it, and buy the car back, part it out. Prepare documentation of all the restoration/repairs you have done. They won't add as much as you put in, but it's useful for the valuation anyway.

[82eye]

sorry for your loss..


wonder if throwing a pile of BaT auction results at them would do anything. e30's of all conditions can be found on there going for all kinds of cash.
also as mentioned above any bills or receipts for the work done and any documentation of that work could probably help.

[rtuite]

I have consulted with an attorney who's familiar with this insurance company (Founders out of Illinois) and after talking with him for nearly 45 minutes, here's what we came up with...

1) Force them to treat the property damage and medical separately (they are already handled by two separate groups within the company)
2) Send the agent several sold listings from multiple platforms showing that my car is much more valuable than they're offering
3) Be willing to settle for $8.5k (still makes me sick, but it's better than $4500)
4) Advise them that if they refuse, I will take them to local small claims court for $10k - a judgement that he said I'll win in 10 minutes without an attorney since they've accepted fault already and I can prove to a court the value of my car.

At worst, I won't get less and at best I'll get my $10k.

I'll report back (if anyone cares) how this comes out.

[msservices]

What is the extent of the damage? Were you/are you able to buy back the car from the insurance company? If you still have the car can you post pictures?

I’m interested to see how it works out for you, but still curious about this

[Jeffnhiscars]

There are 2 phases to a damage claim...liability, as in who is at fault...and quantum as in what's it worth. The fact that they've accepted liability is a separate matter and has zero to do with what that's worth. Beyond that a lawyer who tells you it's a slam dunk in court (even small claims) without representation is not being candid. I hope your consultation was free cause I'd say that's what the advice you got is worth.

gather your comps and duke it out with the insurance company. They know what a judge will say and would rather avoid that if it makes economic sense to them.

My 2c