Insurer Wants To Total My M Coupe – Looking For Help

[Patrick Gent]

I am going to post this same question in several different Z4 forums where I am a member. My 2007 M Coupe was in an accident, and my insurer wants to total it. They are using as a base value $15,500 from Kelly Blue Book, with subtractions for some peeling clearcoat. I never had any intention of selling the car, but I have kept an eye on values on several of these forums, and while the KBB value is in line with a couple of other services, I think it is horribly low compared to the market. JD Power suggests a similar value, but when you click on the link on that site to buy a similar car it shows about eight or ten cars nationally, the lowest asking price from them is $27,000 for a car with 184,000 miles on it. Mine is high mileage at 160,000. I am looking for a few things:

1. Other than these forums, BMW CCA, Bring a Trailer, Cars.com and Auto Trader, any suggestions for places I can look for M Coupes for sale so I can gather a list of actual selling prices?

2. Is there anyone on this forum who has had this battle in the past who might be able to share their experiences and their ideas how to fight this?

3. I recognize the cost for this may not be justifiable in light of the dollars involved, but do you know of someone who might qualify as an expert on the actual market value of these cars?

4. Any other thoughts you might have would be very much appreciated.

Thanks

[clarkitect]

That seems pretty low to me. Maybe try to get an appraisal of the car’s pre-loss value. These guys appear to have coverage in your area:
https://www.autoappraisal.com/total.htm

[Patrick Gent]

Thanks Clarkitect--I had never heard of appraisal service before this issue, and both you and another person hae clued me in.

[KeysCoupe]

How bad was your car hit? Is it something you could “ buy back” from your insurance company, and rebuild?
-Donny

[Patrick Gent]

Donny--that is plan B. My concern is that the salvage might be worth a lot--tough to make it work if they can resell as a parts car for $10,000. If 2 or
3, then yes. I don't have a problem with a salvage title on a car I want to keep forever, but on another forum one poster suggested I may have a problem insuring a salvage title. Of course, I am certainly not insuring with this insurer again!

[Patrick Gent]

I am coming back to close this out. Esurance (now National General adjusters) upped the value of the car to $19,995. With their repair estimate at approximately $13,000, adjuster told me "Mr. Gent, we are not going to repair your car." My policy has no 70% or 80% rule. Policy says that their limits are the lower of market value of cost to repair. Florida Statute says that repair over 80% is a total, but that specifically applies only to uninsured cars. From my research, the car was probably worth between $20,000 and $25,000 because of the high mileage. I spoke with an appraiser who came across to me as helpful and knowledgeable; he told me that a small parking lot accident that I was pissed about so I called the cops, though it only left a small scratch on the bumper cover, would screw me in the appraisal process.






The killer to me is the salvage value was about $7500. Many useable parts. So the net to me if they pay me like a total but I keep the title, with a small amount of prior damage I can't complain about, was around $11,000. Add to that that the replacement hood is $4,000, the bumper cover almost $2,000, neither of which could I find in the used market, and other parts are BMW priced, and the actual cost to repair would be more like $20,000 to $22,000. I would not do that without repainting the failed clearcoat on the rear bumper cover, and at that point I might as well and should paint the rest of the car. That would come up to ballpark $25,000, maybe less if I could do a better used parts search and find a shop that is reputable and wiling to let me find the parts (the good ones are crazy backed up here and have no need to accommodate a weird job), and it just began to make no economic sense. Leaving aside the domestic pressure not to put so much money into a 16 year old car. So sad to say I have sold the best car I will ever own to the insurance company and need to begin a search for a replacement. I was perfectly willing to own a 16 year old, 160,000 mile car that I had owned and maintained since 30,000 miles, not as willing to buy one someone else maintained. Probably looking at a Miata or GR86; open to suggestions in the $35k range.

[B328iC]

Without seeing the damage it's hard to figure out how bad it truly is. Using their numbers the loss is 65% of value and the value is at the lowest end of the scale. Might be time for a lawyer.