What happens if somebody hits my E30?

[redsubdivisions]

I couldn't imagine someone smacking into my sedan. I would lose my fucking marbles.

[J308]

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.

This is true.

One addition I'd make is that receipts may not help after the fact. You need to get all mods of any value that could be destroyed declared on your policy before an incident.

I called my insurance company and told them that I had spent 10k with discounts restoring a $2k fox body Mustang. They were like, "cool, just save your receipts". My car got totalled, and the insurance guy was like "$2500 is the payout, and we take the car".

Screw you buddy. I got 20k in parts in this car, and here is a folder with 10k in receipts.

He told me that the most he could do was offer me max value for my car, $4500, and let me keep it and keep the clear title. Which I did, and it cost me an extra $1000 out of pocket to fix. I was ok with that because that included a new paint job and the car needed to be repainted anyway.

Now, I get everything scheduled in writing on my policies, or I plan to write it off. Needless to say, I sold that Mustang after I enjoyed it a few months. I hated to think if it had gotten mechanically damaged instead of just vandalized with 15lb rocks.

[Ninz30]

I would imagine getting your vehicle appraised some how and having solid proof of the vehicles true value would be the way to go.

Nevertheless, insurance companies are scammers and I honestly don't think an average joe can ever win. I would go ape shit if something happened to my e30. Its food for thought and all of us who care should take a minute and look into the possibility and outcome of such a situation.

[jeffnhiscars]

This is true.Now, I get everything scheduled in writing on my policies, or I plan to write it off.

Thats an excellent credo to go by.

There is no question that you have to be prepared to document EVERYTHING that you think adds value and to find out in advance how your insurance company treats "specialty" cars (declared vs book). Its not that different than if you went to buy a car that someone spent 10k on (like most of OUR cars). There is simply no way anyone will pay that so it boils down to arm wrestling. Yes, the insurance companies are better at it than most (most, not all ;) but you can often make headway if you do your homework and understand the rules of the game.

Its all based on "market value" which in our case is a moving target...keeping in mind that a worthless POS will always be a worthless POS and insurance companies dont make money when you pay your premium...they make it when they dont give it back to you :-)

[J308]

There is simply no way anyone will pay that so it boils down to arm wrestling. Yes, the insurance companies are better at it than most (most, not all ;) but you can often make headway if you do your homework and understand the rules of the game.

Yep. It was a hard lesson to learn.

One other negotiating factor I've seen is whether or not it is your insurance company, and whether or not it was your fault.

In my case, the sheriff caught the vandal mid-act, and he assaulted the officers. So my insurance company was willing to work with me after seeing the report.

Also, if if someone else hits me, you best believe their insurance company is going to give me some leeway or I'm going to lawyer up.

Worst case is if it's your fault and you're trying to go in with receipts. In that case: Good luck and godspeed. :drink:

[CHITTY]

I'm the one that is going through this right now. All I can tell you guys is that the insurance companies are a business and into it to make money. I have all the recipts I have done to the car, which total almost $9k. They could care less how much you put into the car, they are looking for market value of that said model. So when they came back with there comps they had 3 values ranging $1500 to $3500. None of these cars are even close to were I live so I can not see the actual car to see if they are even close to what I had. This process with the insurance company and my lawyer has been on going for 3 months. I will not take $3500 for car that was pretty much new, so I will most likely have to take the person that hit me to small claims court and have a judge settle the difference that I feel I am owed.

As for insurance on your e30, I had thought that I had done the right thing on my new ride. This one is 89 s52 swapped coupe. I told my insurance guy that I wanted at least it to insured for $8500. Well on the second of this month I was rear ended at a stop light. To my dismay I found that the others insurance will only pay fair market even though I declaed it's value for $8500. I am at the point that I don't even want to drive and this car once it's fixed since it a minor fender bender will almost total it based on insurance values.

[CorvallisBMW]

I've spoken to my agent about this (State Farm) and his recommendation is to save and print any For Sale ads that you come across for cars that are similar to yours. If you see a car with similar miles, mods, condition, etc just print out a copy and keep them in a binder. If you ever do get hit an they declare the car totaled (lets face it, they will) you can show your insurance the actual market value for the car.

I don't know if this will work with cheap-o insurance like Esurance or Geico, they may just go off of Blue Book. But State Farm bases their values off of similar cars in your area.

[jeffnhiscars]

I havent figured out how to quote multiple posts so bear with me...

Chitty, you are pushing a rock up a hill to try and get value for a 24v swap. They may even tell you that makes it less saleable so thats one of those mods you have to write off when you do it (like many of them). Remember also that even if its someone else's fault and their liability coverage is paying you, you may still have the option to file a collision claim with your insurance company and let THEM go after the deadbeats.

J308...they do tend to sympathize if you are not at fault, but a lot of states are "no fault" meaning it doesn't matter if the damage is under xxx. In the end, as so many have said, its all about market value and what you can bring to the table to make your case.

CorvallisBMW...good advice..document, document document. I also think that its easy to bypass the "book value" argument if your car clearly doesnt not show "normal wear and tear" for its age. They love to blow smoke at you cause most people just cough and go away but the reality is that they have to "make you whole" based on market value.

In British Columbia where accidents over $2000 have to be declared and do effect market\trade value, you can get paid not just for repairs, but for loss of future value based on the fact thats its been in an accident.

Be realistic, leave your emotional attachment at the door, stay calm and dont roll over.

[Dj Buttchug]

I dont feel like reading all the long posts but I had my insurance appraise my e30 for special coverage. If someone were to hit my car I would get considerably more than book value and it doesnt cost much more monthly

[CHITTY]

I havent figured out how to quote multiple posts so bear with me...

Chitty, you are pushing a rock up a hill to try and get value for a 24v swap. They may even tell you that makes it less saleable so thats one of those mods you have to write off when you do it (like many of them). Remember also that even if its someone else's fault and their liability coverage is paying you, you may still have the option to file a collision claim with your insurance company and let THEM go after the deadbeats.

J308...they do tend to sympathize if you are not at fault, but a lot of states are "no fault" meaning it doesn't matter if the damage is under xxx. In the end, as so many have said, its all about market value and what you can bring to the table to make your case.

CorvallisBMW...good advice..document, document document. I also think that its easy to bypass the "book value" argument if your car clearly doesnt not show "normal wear and tear" for its age. They love to blow smoke at you cause most people just cough and go away but the reality is that they have to "make you whole" based on market value.

In British Columbia where accidents over $2000 have to be declared and do effect market\trade value, you can get paid not just for repairs, but for loss of future value based on the fact thats its been in an accident.

Be realistic, leave your emotional attachment at the door, stay calm and dont roll over.

Sorry for the confusion the car that was totalled was not the swapped car, it was just really clean and everything was pretty much new on it. And I'm not really wanting all of the money that I put into it, I am pretty much realistic on that, but the offers they have given me have been a joke. The first one was a $100! They are now around the $3000 mark, but I feel the car was a $5k-6k car if I had to sell it, and that is me taking my personal feelings out of it.

My swapped car is a different story, I thought that I had a declared value with allstate on it, and I found out different. Luckly it is a minor repair, but it was close to totaling it. I just wanted everyone to be causious with what they think they have for insurance on their e30's. I don't wish anyone to have to go through what I am going through.

[jeffnhiscars]

The first one was a $100! They are now around the $3000 mark, but I feel the car was a $5k-6k car if I had to sell it, and that is me taking my personal feelings out of it.

Sounds like progress. Dont let them wear you down.

I just wanted everyone to be causious with what they think they have for insurance on their e30's. I don't wish anyone to have to go through what I am going through.

Amen !!

[mr2peak]

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 :-)

Hahaha that's awesome, same thing happened to my Civic. Went to Hawaii at one point on insurance settlements :)

[jeffnhiscars]

Hahaha that's awesome, same thing happened to my Civic. Went to Hawaii at one point on insurance settlements :)

Come to think of it, that hit and run paid for my first trip to Europe.

I did a carb to fuel injection conversion on that car that required that I actually change the fuel tank, then did a 4spd>5spd upgrade that involved mounting a stalk to the steering column to actuate the electronic overdrive.

No idea what I was thinking !!

[Killacortes]

I would be excited for a new paint job

[swingard]

I bought an 89 is on December 13th for 5500. the reason I spent that much on it was because of the 11,000 worth of receipts on the car in the last 36 months. Needless to say in my opinion it was a near completed project. A week later it is totaled by a 16 year girl crossing the yellow line and hit me near head on, no injuries, car totaled.

Flashforward to this past week. Insurance offers 4200. I counter 5500, state my case that I had it a week. I provide the invoice for the car, some comps, etc. They counter me 4300 and state thats the highest they are going and I should feel lucky because that is alot of money for an "old 1989 car".

On the other hand my 87e that i bought for 800 and simply abuse I had appraised by a friend in the insurance business it came back valued at 2700.

I hate the insurance companies they stuck it up your pooper without any lube.