What happens if somebody hits my E30?

[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.

[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.

[redsubdivisions]

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

[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

[Kershaw]

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

[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 :-)

[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!

[bastianshaw]

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

[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.

[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.

[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

[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.

[Sagaris]

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

[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.

[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. ;)