Is my car totaled ?? - need advice

[sid21177]

Originally Posted by delta-9-ginseng

I'm sorry to hear about your car. May be time for a upgrade? Hehe

Good luck with your search

It all depends on the $$ the insurance dishes out

[sid21177]

So the insurance called and offered a settlement number, which is about 2k less than what I expected.
The agent said the number cannot be negotiated. Though she asked for my window sticker just to check if they have not missed out on anything.

My questions:
Do I need to accept their offer ??
What are my options if I do not ??

[tuphdc]

Originally Posted by sid21177

So the insurance called and offered a settlement number, which is about 2k less than what I expected.
The agent said the number cannot be negotiated. Though she asked for my window sticker just to check if they have not missed out on anything.

My questions:
Do I need to accept their offer ??
What are my options if I do not ??

You can contest their offer, but its tricky. You have show what the fair market value is for your car, then you have to explain why your car is worth more or less than the fair market value. This is very hard to do if you don't have every service record. Good luck!

[sid21177]

Originally Posted by tuphdc

You can contest their offer, but its tricky. You have show what the fair market value is for your car, then you have to explain why your car is worth more or less than the fair market value. This is very hard to do if you don't have every service record. Good luck!

I do have every service record, I bought the car brand new.

[NorthernDancer]

Do a search in various sites (cars.com for example) for a car very similar to yours. Do the dollar amounts match? I did a quick search and came up with only 3 cars. Dollar amounts were $29,992 to $28,983. I think all 3 were from dealers; you could get those cars privately (if available) for $3K - $5K less.
If the numbers don't match, ask the company b/c they are supposed to provide enough funds to replace exactly.

Did you ask the company what it would cost to buy the car back?

[sid21177]

Originally Posted by NorthernDancer

Do a search in various sites (cars.com for example) for a car very similar to yours. Do the dollar amounts match? I did a quick search and came up with only 3 cars. Dollar amounts were $29,992 to $28,983. I think all 3 were from dealers; you could get those cars privately (if available) for $3K - $5K less.
If the numbers don't match, ask the company b/c they are supposed to provide enough funds to replace exactly.

Did you ask the company what it would cost to buy the car back?

I'm getting similar prices like you. And the cars have more mileage than mine.
The insurance sent me a report where they have 2 cars for comparison.

One from the BMW dealer 2012 model/20k miles @27k & one from a private dealer 2013/20k miles @25k

By comparison my car is 2013/11k miles and has more options than the above 2 cars, plus 2.5 yrs of no-cost warranty/maintenance left

So I don't know why they are undervaluing my car.

Can I refuse their first offer ??, what happens if I refuse ??

[tuphdc]

Originally Posted by sid21177

I'm getting similar prices like you. And the cars have more mileage than mine.
The insurance sent me a report where they have 2 cars for comparison.

One from the BMW dealer 2012 model/20k miles @27k & one from a private dealer 2013/20k miles @25k

By comparison my car is 2013/11k miles and has more options than the above 2 cars, plus 2.5 yrs of no-cost warranty/maintenance left

So I don't know why they are undervaluing my car.

Can I refuse their first offer ??, what happens if I refuse ??

You need to discuss this with your adjuster. I think you need to submit a rejection in writing. But talk to your adjuster first, if their offer is obviously low they will probably correct it.

[850tgul]

as others have said, search for as similarly equipped and local cars as possible (same year, similar mileage, similar options, etc) and then call each dealership and ask if the price listed online is the final price. Get the name of whomever you speak with at the dealership and pass the findings along to your insurance. I've had 2 cars totaled and was able to get the price up +1k each time with this method. Good luck!

[zx10guy]

Originally Posted by sid21177

I'm getting similar prices like you. And the cars have more mileage than mine.
The insurance sent me a report where they have 2 cars for comparison.

One from the BMW dealer 2012 model/20k miles @27k & one from a private dealer 2013/20k miles @25k

By comparison my car is 2013/11k miles and has more options than the above 2 cars, plus 2.5 yrs of no-cost warranty/maintenance left

So I don't know why they are undervaluing my car.

Can I refuse their first offer ??, what happens if I refuse ??

Yes, you can refuse. I went through this with State Farm. My 06 Focus ZX3 got totaled due to hitting a deer. I went back and forth with State Farm for about 2 to 3 months. I finally got tired of the whole thing and accepted their offer.

[iminhell1]

State Farm is good for lowballing. It's the main reason I won't deal with them any longer.


Misconceptions are,
Insurance will pay fair market value.
- You'll have to read through your policy. It's nice when they pay for an equal replacement to your car, but not required by law. The repair estimates are based on your car only and average cost for the repairs.

If I were you I'd get some fuel of your own. Shop for a similar car (as others said) and get those prices to the adjuster. If they require travel of more than 100 miles, include fuel and time off from work in the prices. The insurance adjuster has to see that not having transportation is an inconvenience and costing you and them money (you're not paying premiums while you don't have a car). The sooner they see things your way the sooner they can suck more money from you ... but you may want to think of jumping companies if they make things too difficult.

[champignon]

You would not want to have had the car fixed when it comes time to sell it or trade it in. The Carfax and similar services would show the major accident and airbag deployments. Can't speak for anyone else here, but not only would I not buy a used/vintage car with a branded (e.g. Salvage, Rebuilt, etc.) title, but also would not buy a car that had been in a serious accident. Any airbag deployment for me would mean an accident serious enough that I would not buy your car. You will find that many people, probably the majority of used car buyers who bother to actually get a Carfax or similar report, and who read it, will avoid a car that has had airbag deployments in an accident.

I have bought several used/vintage cars in the last year including 2 from the 1-series (1M and 135i). Assuming you want to stay with a 1-Series, you are going to have to cast a wide net and be a little bit flexible about exactly what you will buy to replace your former car. I would forget about trying to buy exactly what you lost, e.g. same color, same mileage, same remaining warranty, etc. Instead, take a step back and try to decide on what you really want, NOW, not what you wanted when you bought the now totaled car 2 years ago. Granted, you may need to go through the exercise of finding similar cars for valuation purposes to present to the insurance company, but once you have your settlement negotiated, you can buy a Yugo for all they care with the proceeds.

Make a list, what kind of transmission, what color(s), would you consider a 135i instead of a 128i, what year(s), what options, leather necessary?, etc. etc. etc. What is your budget now, with the insurance settlement in hand, your other funds, your ability to borrow, etc?

Then start looking on Craigslist, Autotrader, Cargurus, cars.com, carmax, and any other website you can think of, if you have decided that you want to more or less replace your 1-series with another one. I would forget about the idea of replacing like for like with zero impact plus or minus on your financial situation. That is simply not going to happen, especially if you are looking for something very specific that probably is not going to be available to you locally unless your tastes are extremely generic. Accept the fact that you likely will be out transportation costs for the vehicle at the very least.

Or, perhaps you will decide instead that this is the time to get something else, either used or new, either BMW or other, then cast a wide net and buy whatever it is that you want to buy now, not 2 years ago.

Good luck.