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      12-03-2020, 07:26 PM   #45
rlou
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Originally Posted by philooo View Post
very curious how much you are doing to get as well... that is the main problem of owneing instead of leasing. crash are deadly...to your wallet!
So true! Had my 2019 X5 been a lease with as little down as possible when purchasing, I would have been out a lot less money. Owning still makes sense to me, but with the assumption I would actually own it for longer than just 16 months...
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      12-12-2020, 09:17 PM   #46
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Originally Posted by rlou View Post
From my experience, no way you'll get reimbursed for the purchase price of the car. What you should be able to settle for is the cost to replace your vehicle with a similar year/model with similar options/mileage/condition. The insurance company will go through a process to evaluate your car, and then attempt to find "comparables" from your market area in order to determine the 'fair market value'.

From that point, you should have the opportunity to rebut their offer to try & get more. Again, from my previous experience I found 2 ways to get more from the claim:

1) make sure they have evaluated your vehicle correctly. They will enter the VIN into a system to determine the options, etc. But in my experience they missed some key options that helped to increase the value.

2) look for "comparables" on your own from your market area to see if you can find any higher listed comps than what the insurance found.

Good luck!
Yep their comparable missed over $10,000 worth of options. It's amazing the crap that this particular insurance company is trying to pull.
They were trying to compare a vehicle with a $65,000 list to a vehicle with a $75,500 list.
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      12-13-2020, 09:02 AM   #47
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Originally Posted by midwestbmwguy View Post
Yep their comparable missed over $10,000 worth of options. It's amazing the crap that this particular insurance company is trying to pull.
They were trying to compare a vehicle with a $65,000 list to a vehicle with a $75,500 list.
You would be lucky to get 5 cents on a dollar for options in a private sale and nothing on a trade. It has taken insurance companies many years to realize this fact and they have adjusted their payouts accordingly. The $10,000 that was paid for massaging seats, Executive this and Luxurious that is money that has evaporated in the real world.
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      12-14-2020, 10:46 PM   #48
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You would be lucky to get 5 cents on a dollar for options in a private sale and nothing on a trade. It has taken insurance companies many years to realize this fact and they have adjusted their payouts accordingly. The $10,000 that was paid for massaging seats, Executive this and Luxurious that is money that has evaporated in the real world.
Fortunately after a lot of fighting back-and-forth. The other parties insurance company came up and gave me a settlement offer that I will accept. They made the process very difficult but they finally understood they had to resolve this claim. I stood my ground regarding value and options and won. Don't be afraid to challenge them if you're right.
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      12-15-2020, 09:15 AM   #49
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Now that it is wrapped up, what was the difference between what you paid for it versus the amount they gave you?
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      12-15-2020, 09:25 AM   #50
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Originally Posted by midwestbmwguy View Post
Fortunately after a lot of fighting back-and-forth. The other parties insurance company came up and gave me a settlement offer that I will accept. They made the process very difficult but they finally understood they had to resolve this claim. I stood my ground regarding value and options and won. Don't be afraid to challenge them if you're right.
Getting paid from an insurance company is wildly different than what you receive in the open market, trade in or private sale. Insurance companies use the algorithm based NADA/Blue Book values which are fantasy land while the car industry uses the Manheim Black Book which is the bible of that business because it is based on exact prices paid at auction nationwide.
Anyone who works or has worked in this industry will verify the above statement.
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      12-16-2020, 11:36 AM   #51
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If the frame is bent which is why I think they totaled it, you will have a "salvaged" car title. Pretty much means it has zero resell value b/c only someone desperate will buy a car with a salvaged title.
Well not really mate. Still has re sale value, just takes a big hit is all.

A brand new X5 MSRP of 80k for example would at least be around $30k salvage title.

Now there's plenty of variables, but just trying to give an idea.

Depending on damages you can even buy back the car for a super low price, and have it fixed.

Believe it or not, some super cars you even see on the street. May or may not be salvage title
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      12-16-2020, 11:46 AM   #52
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dont forget to make sure they include sales tax on the agreed upon amount.
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      12-16-2020, 01:18 PM   #53
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dont forget to make sure they include sales tax on the agreed upon amount.
Good suggestion.
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