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Does anyone have any updated valuations they have received from insurance companies. My vehicle was just hit last night and I'm trying to get a sense of what insurance (USAA) is valuing these at today. -
I like their motto. Drive our reputation. based on that car I suppose their rep is overpricing cars?I noted this vert popped up for sale at a dealer near me... I might have to go look at it in person. 8k asking price! I'm a pretty dedicated e30 enthusiast, been driving them since 98, but I just can't believe the dealer thinks someone would pay that kind of money for one of these... what's all your take on this one? Are vert's actually commanding these prices or think this dealer has been hitting the crack pipe a little too hard?
I might even see if I can test drive it. I already have too many e30s, but if anyone wants me to take a look at it for them I will.
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Hate the rims, not a fan of the cloth seat reupholster.Leave a comment:
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In 1980 I bought a 2002. It was thrashed to sh!t. I was 18, got it cheap and loved it. I put waaay too much money into it (and had the Zipper BMW receipts to prove it) basically replaced the entire car.
I was driving home, on the 405 at 2am from Balboa Island to Beverly Hills and the right rear rim came off. There was no real shoulder and I was stuck in the fast lane. I ran across the freeway to a call box, started asking for a tow truck, heard a loud crash and saw my 2002 in a ball of flames. A drunk girl ran into the filler side fender.
I had asked for a tow truck, and then said nevermind, send the fire department. The firewall worked in reverse, all that was left was the front end. As it was burned beyond recognition, I said it was perfect and provided the receipts, got enough to get a virtually perfect 40k original mile 2002 Tii with AC and mini CS rims form the original owner in Malibu.
Good times....Leave a comment:
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I paid 14.5 last December for a two owner, fully documented 1990 325iC with 29k miles. It came with two covers, hardtop and trolley and oem windscreen. 5 speed, manual top, lsd, cold a/c already converted to R134a. I sold the hardtop and windscreen for $1,900 so my final cost was $12.5k. Everything worked (except cassette), no dash cracks, working odometer, and garage storage kept entire life.Leave a comment:
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Yes, plenty of nice clean verts go for $8k. That one, however, doesn't look like it's worth anywhere near 8Leave a comment:
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Recently Sold Verts as Proof of Value
I noted this vert popped up for sale at a dealer near me... I might have to go look at it in person. 8k asking price! I'm a pretty dedicated e30 enthusiast, been driving them since 98, but I just can't believe the dealer thinks someone would pay that kind of money for one of these... what's all your take on this one? Are vert's actually commanding these prices or think this dealer has been hitting the crack pipe a little too hard?
I might even see if I can test drive it. I already have too many e30s, but if anyone wants me to take a look at it for them I will.
Sent from my iPhone using TapatalkLast edited by LEANE30; 04-08-2017, 10:07 PM.Leave a comment:
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I had a collector policy with JC Taylor but they, like all the others, require a locked garage and that you have something else for a DD. While collector policies offer a degree of comfort based on "agreed value" the claims I've had were all settled based on a realistic fmv.Leave a comment:
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I just signed papers today to switch up my insurance policies to a different carrier. Havent decided what to do with the collectors policy on my 84 yet, might have to take a look at Grundy!
No real reason to wait till a policy renewal, it'll all get prorated and refunded accordingly if I understood it all correctly.
Bye bye, Allstate. Hope you thoroughly enjoyed giving me the run around on my car and home claims in 2016. LOL. - I do not recommend Allstate, to anyone, period.Leave a comment:
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All correct. When I was insuring my Touring with Liberty Mutual, I asked for agreed value. They said they could offer it, and then the phone agent probably made a mistake and explained that not only did I need to get an appraisal (not required by Hagerty), but a total loss would be the lesser of FMV or agreed value. I told him that was not actually an agreed value policy, and his response was, "Yeah, you're right".
One thing I don't like about Hagerty is all the restrictions. Grundy lets you drive the car to work and drive more miles annually. I will be switching to them when my Hagerty policies expire.
CoryLeave a comment:
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That is correct, and something that a lot of car enthusiasts learn the hard way. Insurance companies, of course, are not eager to inform you of this. Stated value can actually be used as a way to claim a lower value for your vehicle and reduce your premium.
The type of insurance that collectors/enthusiasts should actually be seeking is an "agreed value" policy, which does not roll back to the perceived actual cash value. Here's Hagerty's description of the difference: https://www.hagerty.com/articles-vid...value-coverageLeave a comment:
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Agreed. Don't let the insurance take you for a ride. Just last month my 89 bronzit 325ic was hit in a parking lot, very similar damage to yours actually. I had a collector policy on it with stated value of $5k. They first said it was totaled and they would pay kbb price of $1800. I told them to find me ONE that was listed for sale for that much, let alone one with records, not overly modified or molested, had good condition interior and top, and no rust, is similar condition to mine pre-accident. I referenced some BAT listings and found 3 for sale, one for $5k and two for $9k. There were no others listed for sale locally. They retorted that "OK, if we look it up as a collector car classification, our new valuation is now $5075, and is no longer totaled. Our estimated repair cost for this is $1.9k, how would you like us to send you this payment?"
FYI, stated value is only a value limit cap, if it is not accurate to the market appreciation, insurance will only pay you for the lesser of the two numbers, stated value versus actual market value.
Then I went and got 3 different repair shop quotes. insurance estimated repair didn't include hood or busted grill, etc. Was a total lowball. I got a high quote from a premier BMW only body shop and a medium (low side but very accurate IMHO) from a general European car body shop.
Insurance came out and supplemented their first repair estimate with the details from the European body shop. Then I agreed to them sending me that final payment amount to repair.
Catch 22 however is just filing a claim will likely show up on vin records in the future, I tried but not hard enough to get them to compensate me for lost future equity due to having an accident on the vin history. So I'm taking the money, buying an accident free example and swapping over the best condition parts and giving a fresh paint job to the replacement vert. Then i will crush the bronzit when I'm done stripping it.
Side thought, when registering the replacement, I'm going to claim the highest purchase price I can without effecting my sales tax, because these registration stated values is exactly the first thing that the insurance companies go to (as well as kbb) in order to tabulate their "market value".
Basically we as a community need to start being more honest when we register our cars' stated purchase price. I'm guilty of it too in the past, trying to just limit my taxable value yet ultimately hamstringing the accuracy of the enthusiast market value.
You pay a premium for insurance to "make you whole" after an incident, hold those bastard's feet to the fire!Leave a comment:
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not to shit on your parade, but when i wrecked mine the insurance said that the comparison cars had to be within a mileage radius of <50 miles. then they prceeded to show me cars in california that were cheap when i live in florida. GL man, insurance people are assholes.Leave a comment:
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My car was vandalized, the top was cut. These are M Technic evaluations I put together to argue the value. Tech 2 cars only.
E30 M Technic cars
Automatics
Currently listed
$11.000 White
2016
$7,300 White
2013
$10,800 White
2012
$5,500 White
2013
$12,800 White
2016
$10,000 White
2015
$7,800 White
2015
$5,500 needs restoration White
2015
$5,000 White
2013
$8,750 Red
2015 White
$9,000
2015
$6,800 White
2014
$7,500 White
2013
$7,000 White
Manuals
2015
$12,700 Red
http://www.ebay.com/itm/1991-BMW-3-S...vip=true&rt=nc
2016
$11,000 White
2016
$12,000 White
bottom of the page
2015
$18,500 White
2015
$15,100 Black, manual swap
http://www.ebay.com/itm/291352316611...TQ:MOTORS:1123
2013
$10,000 Black, true 5 speed, one of the 7 canadian black manual cars
2016
$32,000 White
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It also may be a good idea in the future to have your can insured by a specialty company with an "agreed upon value" policy. The only issue with these is they are often designed for show cars or cars that are not driven on a regular basis and have mileage restriction. My E24 M6 is insured in this way. The company lets you set the value yourself, within reason I am sure, and in my case I just provided pictures to detail the condition of the car.
The other good idea is to have the car independently appraised so if there is a catastrophic loss you have an independent appraisal assigning a more accurate value to your car. Book value of older cars does not necessarily reflect a true value. The book value on my M6 is no where near what these cars are currently selling for/valued at just because of their rarity and current demand.
Insurance companies are there to make money and will want to pay you the very minimum. I learned this the hard way with a garage fire. In my case I hired an independent insurance guy and instead of $65,000 the insurance company originally wanted me to settle for I ended up with $95,000Leave a comment:
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