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    Insurance Valuations

    My '87 325i was hit last night in a hit-and-run while parked outside my house and I just know USAA is going to lowball me in the valuation. Mine had been in the family since '89, but I just started really restoring it. If anyone has any recent valuations they have received from insurance companies (or know where to get some) please let me know or post below. Thank you.

    #2
    Contact 128keaton. He got a good payout after his accident.

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      #3
      This might help you: https://www.hagerty.com/apps/valuati.../1987-bmw-325i

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        #4
        wow. id never thought E30's would hover around 5 figures.

        Sorry about your E30 and good luck trying to get money out of USAA. I left them a few years ago because their products aren't the same level as their reputation anymore.

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          #5
          Sorry to hear about your car. I'm in the middle of dealing with someone else's insurance about a recent accident to my 1991 325i. I have USAA, but did not have collision. In my case, the other party was at fault.

          It's too late now, but having an Agreed Value policy would have helped. You pay based on the car being worth a certain amount of money. If you get into an accident, you make a claim with your company and get paid the agreed value. Then your company goes after the other person for what they had to pay you. I'm going to look into it for my 1989 sedan.

          First off, dealing with this is going to suck. Hopefully this advice makes it suck less.

          1) Start by trying to understand the market value of your car just prior to the accident. That Hagerty site is awesome, and may be useful as part of your justification. You'll need comparable vehicles with mileage from 50% to 200% of your car's odometer. The car should be +/- one year of your car's year. Use Bring-a-Trailer to get a list of cars. Start by looking at things close to your geographical area, and then spread out as needed to find 2 comps that sold in the last 90 days. Then try to find a sales ad for a comparable car you can actually buy today. The average price of the 3 cars is the value of your car.

          Based on your research, think about what you're comfortable accepting. Be realistic.

          Type up all this info and send it to USAA as an offer of the market value that you'll accept. This offer should be higher than you'll actually accept. Say that you're trying to avoid needing to get an appraisal. They're probably going to reject your offer.

          2) Make a list of all modifications and recent work done to the car. Document anything special that sets your car apart. Try to show that it's in perfect mechanical condition. You may want to add up all the receipts. Hold onto this, you'll need it later.

          3) USAA is going to use a Mitchell's or CCC-1 Report to determine the value of the car. It's going to be less than $5,000. Reject this offer because it doesn't match the current market value. Ask whether they want to hire the appraiser or if they'll accept an appraisal you supply.

          If you get an appraisal, the appraiser will likely write the report for whatever reasonable number you think the car is worth. There is always the chance they don't like your appraisal. If they get their own, they'll use the average of the two numbers. If you dont agree, it goes to arbitration.

          If they get the appraisal, make sure you get to speak to the appraiser. This is when you make the case for the value of your car and give them a list of modifications/recent work. It will be very difficult to get them to increase their offer once they have an appraisal, it will likely take a second appraisal from you to get them to budge on their number.

          4) USAA will take the market value and write up the settlement. In CA, that is the market value - salvage value (if you keep it). Calculate tax on the sub total. Figure out DMV fees. Add it all up, and you get your settlement.

          Remember, the point is to get enough money to go out an replace your car. In some states, like CA, if the payout isn't enough to buy a replacement, you can re-open the claim after 35 days. The insurance company has to find a suitable car and either buy it, or pay you the difference.

          So if you settle for $10k and that's not enough to buy a car. After 35 days the best you can find is $14k, insurance will either take your $10k and buy you the car, or they'll send you an additional $4k so you can buy it.



          sigpic
          1987 - 325i Convertible Delphin Auto [SOLD], 325i Convertible Delphin Manual [SOLD]
          1989 - 325i Convertible Bronzit m30b35 swapped [SCRAPPED], 325i Sedan Alpine Auto[DD]
          1991 - 325i Coupe Laguna Manual [Project], 535i Sedan Alpine [SCRAPPED]

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            #6
            Oh, try to find the Fair Claims Settlement Practices for your state. In CA it's "California Code of Regulations, Title 10, Chapter 5, Subchapter 7.5, Article 1, ยง2695.8.b.1.a"

            This law specifies how everything is supposed to work for the settlement. Good luck!
            sigpic
            1987 - 325i Convertible Delphin Auto [SOLD], 325i Convertible Delphin Manual [SOLD]
            1989 - 325i Convertible Bronzit m30b35 swapped [SCRAPPED], 325i Sedan Alpine Auto[DD]
            1991 - 325i Coupe Laguna Manual [Project], 535i Sedan Alpine [SCRAPPED]

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              #7
              McGyver, if you haven't already you should write up your process in another thread and that thread should be stickied. Great contribution.

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                #8
                ^ I feel like I wrote up something somewhere from when my convertible got totaled, I just don't remember where. I'll slap something together once I finalize this claim.
                sigpic
                1987 - 325i Convertible Delphin Auto [SOLD], 325i Convertible Delphin Manual [SOLD]
                1989 - 325i Convertible Bronzit m30b35 swapped [SCRAPPED], 325i Sedan Alpine Auto[DD]
                1991 - 325i Coupe Laguna Manual [Project], 535i Sedan Alpine [SCRAPPED]

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                  #9
                  Is anyone on this forum a vehicle insurance adjuster? I have a couple questions about insurance's process that I'd like to ask.
                  sigpic
                  1987 - 325i Convertible Delphin Auto [SOLD], 325i Convertible Delphin Manual [SOLD]
                  1989 - 325i Convertible Bronzit m30b35 swapped [SCRAPPED], 325i Sedan Alpine Auto[DD]
                  1991 - 325i Coupe Laguna Manual [Project], 535i Sedan Alpine [SCRAPPED]

                  Comment


                    #10
                    sigpic
                    1987 - 325i Convertible Delphin Auto [SOLD], 325i Convertible Delphin Manual [SOLD]
                    1989 - 325i Convertible Bronzit m30b35 swapped [SCRAPPED], 325i Sedan Alpine Auto[DD]
                    1991 - 325i Coupe Laguna Manual [Project], 535i Sedan Alpine [SCRAPPED]

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                      #11
                      Maybe try getting an interview with an adjuster by simply calling a local agent and asking for a quick, friendly referral.

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                        #12
                        I'm "friends" with an insurance guy, but we're not that close.. lol. if I had to ask a personal question, he'd probably answer, but strangers over the internet might be a harder sell..
                        Build thread

                        Bimmerlabs

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                          #13

                          Is this spam?
                          Last edited by nando; 06-21-2021, 09:54 PM.

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                            #14
                            Originally posted by e30davie View Post

                            Is this spam?
                            Yes, do not quote it with an intact hyperlink.

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                              #15
                              it was.. not sure how I missed that!
                              Build thread

                              Bimmerlabs

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