What happens if somebody hits my E30?

[bastianshaw]

Want to talk about how insurance works on these cars.

I think book on my 89 325is is like $3k, but with the low mileage, condition, and options I feel its worth at least $5k and I wouldnt sell it for less than$6k but id never sell it

anyway another dude here in the bay got hit by a cop no less, in a very similar car to mine and is basically fighting w insurance who wants o give him a paltry $1500!

what do you guys think? I know at some point he told the insurance "ok, just get me another 89 325is" they were like "thats not how this works"

isnt he entitled to have his car fixed at least?

im thinking about taking out more insurance but concerned it might cost a ton....

[Freude am Fahren]

Yeah curious question. I'm willing to bet the insurance companies use the book value of the car to assess your premium and things. In other words, if you feel your car is worth more than what the book value is, which is pretty much true for everyone's car in this forum, some more than the others, then you need to mention that to your insurance company so they increase the value of your asset accordingly. And this will undoubtedly increase your insurance premium. The way I look at it is that most of the items that make your car more valuable than the book are still undamaged after an accident. So you can pocket what the insurance gives you and sell the other pieces off your car on this very forum and recuperate most if not all of your losses. This process is time consuming and could be tedius, and in a way that's the service you buy from your insurance company when you declare the value of your car more than the book value. This is just my two cents. I could be full of horse manure as it's been suggested before. And the bitter reality is, there is always a "loss" associated with any accident and that is precisely what the insurance companies capitalize on. If you didn't lose anything in the event of an accident, then insurance companies will be out of business. Life is a biatch. And then you die.

[bastianshaw]

I see what your saying but to find late model cars in a desirable color w 5speed ect is not cheap anymore 5 years ago you could do it w some patience but now these cars market value far exceeds what they are worth parts dont matter, a bone stock 89 or 90 is is gonna be at LEAST $3k

[warmseth]

I think classic car insurance/specialty insurance is the way to go on this. There was an insurance thread a couple days ago and a lot of people reported using Haggerty for instance. I think you can have a mechanic testify your car is worth xx amount and then once you reach an agreement with the insurance company, you insure it for that amount. BEFORE you get in an accident obviously. ;)

[Freude am Fahren]

I see what your saying but to find late model cars in a desirable color w 5speed ect is not cheap anymore 5 years ago you could do it w some patience but now these cars market value far exceeds what they are worth parts dont matter, a bone stock 89 or 90 is is gonna be at LEAST $3k

I hear you. Truth of the matter is if today you are driving your dream car in the right color and model and interior and exterior and everything else you should consider yourself lucky. When you get into an accident with that car you should consider yourself unlucky. Regardless of how much money the insurance company gives you you are still one unlucky bastard and most likely you won't be able to replace your car. That's the way I look at.

[Sagaris]

Expensive AE86's and 240sx's are due to a mandatory Drift Tax
Expensive E30's are due to a mandatory Stance Tax

[jeffnhiscars]

Most insurance companies are open to the discussion about "market value" vs book, but that is 100% a conversation you need to have up front, as in when you are shopping for coverage. I was insured with JC Tayler for years based on my "declared value" of $6500. It cost me $78\yr for FULL coverage w ZERO deductible. The catch was, I had to keep it in a garage, had to have a DD that was newer than 4-5 yrs old, in theory I was only supposed to drive it to events and I had to have at least one vehicle per licensed driver in the house NOT county the e30...in other words collector insurance.

When I moved to NC JC Tayler did not offer coverage and lacking a garage neither would Hagerty or any of the others. In the end I piggybacked my home owners policy and I think we pay $800\yr for BOTH e30's with full coverage based on declared value with normal use limits (ie pleasure only, to or from work etc). Its cheap enough and the good news is that they cannot deny a claim cause I was not using it as stated.

As for damage, anything over 80% of "value" (which again is open to debate), is considered a total loss and they will offer you "value" less your deductible, then take your keys. Most insurance companies will sell you back the "salvage" for around 25% of "value". Ask, but keep in mind your title will most likely be "branded" and not all states will allow it to ever be licensed.

If you think its worth more than they do, get written opinions from dealers and if you've made upgrades provide receipts. On older cars the adjusters typically will make a few phone calls and come back to you with an average value, but the door is always open for you to make your case. Just keep in mind that for every AutoTrader ad or eBay listing you show him, he will show you 6...they do this for a living. The good news is many adjusters are paid a flat fee and do try to be fair.

Some adjusters will even let you do your own repairs and will cut the check to you. Bottom line is, you get more flies with honey and most of these guys want to move on to the next claim.

[TurboJake]

expensive ae86's and 240sx's are due to a mandatory drift tax
expensive e30's are due to a mandatory BMW tax

ftfy

[Cletonius]

I see what your saying but to find late model cars in a desirable color w 5speed ect is not cheap anymore 5 years ago you could do it w some patience but now these cars market value far exceeds what they are worth parts dont matter, a bone stock 89 or 90 is is gonna be at LEAST $3k

I paid $2350 for my 90 is. As always, deals can be had If you look.

[Wschnitz]

I paid $2350 for my 90 is. As always, deals can be had If you look.

Lucky. Ive been looking 2 months for an is that isnt moddedor completely destroyed.

[bastianshaw]

yea i bought a 90 is for $2100 but that was 7 years ago? condition is a major factor

[bastianshaw]

Most insurance companies are open to the discussion about "market value" vs book, but that is 100% a conversation you need to have up front, as in when you are shopping for coverage. I was insured with JC Tayler for years based on my "declared value" of $6500. It cost me $78\yr for FULL coverage w ZERO deductible. The catch was, I had to keep it in a garage, had to have a DD that was newer than 4-5 yrs old, in theory I was only supposed to drive it to events and I had to have at least one vehicle per licensed driver in the house NOT county the e30...in other words collector insurance.

When I moved to NC JC Tayler did not offer coverage and lacking a garage neither would Hagerty or any of the others. In the end I piggybacked my home owners policy and I think we pay $800\yr for BOTH e30's with full coverage based on declared value with normal use limits (ie pleasure only, to or from work etc). Its cheap enough and the good news is that they cannot deny a claim cause I was not using it as stated.

As for damage, anything over 80% of "value" (which again is open to debate), is considered a total loss and they will offer you "value" less your deductible, then take your keys. Most insurance companies will sell you back the "salvage" for around 25% of "value". Ask, but keep in mind your title will most likely be "branded" and not all states will allow it to ever be licensed.

If you think its worth more than they do, get written opinions from dealers and if you've made upgrades provide receipts. On older cars the adjusters typically will make a few phone calls and come back to you with an average value, but the door is always open for you to make your case. Just keep in mind that for every AutoTrader ad or eBay listing you show him, he will show you 6...they do this for a living. The good news is many adjusters are paid a flat fee and do try to be fair.

Some adjusters will even let you do your own repairs and will cut the check to you. Bottom line is, you get more flies with honey and most of these guys want to move on to the next claim.

Thanks for your post enjoyed reading and good info!

[jeffnhiscars]

Thanks for your post enjoyed reading and good info!

You're welcome.

I had a 71 Volvo 144S that I think I paid $1800 for. It was hit a few times including 1 hit and run where the cops actually caught the guy and of course, it was never MY fault :) By the time I sold it, every body panel was a different color and the hood was held down with a bungee...but I must have pulled $3000 out of it from settlements AND I drove it for 4 years.

Who says you cant make money driving an old car :-)

[Kershaw]

i got paid $3100 for my 87es that i had bought 7 months prior for $1300. lol.

[Cletonius]

Lucky. Ive been looking 2 months for an is that isnt moddedor completely destroyed.

I looked for 6 months before I found my car. It's maybe 7/10 overall. Needed brakes, blower resistor, radio, and a t-belt. Ended up having to do a fusebox too but I'm still under $3k total. :D