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Old 01-04-2018, 07:44 PM   #1
dutchhome
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Help with total loss valuation

My M3 is no more and my instance company is offering me $13k as a total loss valuation. This would be ok if the car was a high mileage SMG, but this car is a high mileage 6MT. The valuation report shows that all three comparison cars are SMG's.

Has anyone else had luck getting insurance companies to appreciate that 6MT's are worth significantly more? Any tips you can share?

By the way, I have an excellent policy and have over 20 years with them. I have 6 cars, a motorcycle, and house with them. I don't think they are trying to screw me over but rather I don't think they appreciate the vast differences in value between SMG/6MT and perhaps convertible/coupe.

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Old 01-04-2018, 09:30 PM   #2
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Sorry to hear about the totaled e46 =(. What kind of mileage are we talking here? +200k?

Try to dig on craigslist / autotrader / eBay sold listings for local 6spd manual m3's with similar miles & condition to yours & take the average price of all your findings.

http://www.m3forum.net/m3forum/showthread.php?t=594259
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Old 01-04-2018, 09:43 PM   #3
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Thanks for the link. I'll read through it all in the morning.

The car is jet black / cinnamon with 130k miles. 6MT, cold weather, and pretty much everything except nav. Rear subframe panel is brand new with Vince bar and Reddish plates. Vanos recently rebuilt, valves adjusted, new brakes & tires, all rear bushings, etc. Mechanically it is as nice as you could hope for with this mileage.

I don't expect to get full credit for all the preventative maintenance and I'm not going to lawyer up to fight them. I just think I need to make sure they compare the right options for comparison cars, but I don't know this process. I'll take a look at that other thread and see if it helps.

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Old 01-04-2018, 09:47 PM   #4
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Keep in mind that they are working from the book. The SMG-equipped car cost more than a MT.
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Old 01-04-2018, 09:56 PM   #5
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Keep in mind that they are working from the book. The SMG-equipped car cost more than a MT.
That probably explains why they felt it was safe using them as comparisons. They may even have felt they were doing me a favor. I can say the comparison cars in their report were from Autotrader so if I can get them to use 6MT cars I should be ok. Unfortunately I run the risk of them using cars with subframe damage, etc with lower valuations. Up to this point I have resisted sending them links to cars but I have offered to send them. I don't know the rules they use for what is acceptable (like location and how to determine sold car prices other than eBay)

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Old 01-04-2018, 10:05 PM   #6
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That probably explains why they felt it was safe using them as comparisons. They may even have felt they were doing me a favor. I can say the comparison cars in their report were from Autotrader so if I can get them to use 6MT cars I should be ok. Unfortunately I run the risk of them using cars with subframe damage, etc with lower valuations. Up to this point I have resisted sending them links to cars but I have offered to send them. I don't know the rules they use for what is acceptable (like location and how to determine sold car prices other than eBay)

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The universal problem (not just yours) is that while an enthusiast will pay a bit more for a MT - its a small percentage of cars that are sought by enthusiasts. Put another way - the 95% percentile of value is driven by non-enthusiasts.

And keep in mind that asking price in ads - is not the sold price.
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Old 04-08-2018, 03:18 AM   #7
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You paid 5k I think the 13k they are giving you is a blessing.


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Old 04-08-2018, 03:20 AM   #8
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Oh no My babe was totaled!


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Old 04-08-2018, 07:43 AM   #9
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You paid 5k I think the 13k they are giving you is a blessing.


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I didn't realize you were the previous owner, so I apologize for my original reply. Yes, you sold it pretty cheap, but we spent a LOT of money sorting everything out. We ended up breaking even on the money we spent, which didn't cover any of the labor we put into it. Regardless it doesn't matter - we added significant value to the car that insurance refused to acknowledge. I hope you never have to go through that process.

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Old 04-08-2018, 08:43 AM   #10
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I just went through this with my ZHP. Their first offer is going to be a lowball offer. I think I ultimately went back and forth for a month before settling. The offer is going to be based on comparable cars selling in your area so you need to emphasize the 6mt any options you have and try to find examples that mention the subframe, vanos and anything else youíve done to the vehicle. After you do that they are going to lowball you again and youíll just need to argue with them until they stop making exceptions. You should also find out what the buyback value is so you can separately sell the drivetrain and anything else that isnít trashed. They will deduct that cost as well as the tax rate for your county from the offer but itís likely worth it depending on the condition of the components.

Good luck, itís a pain but in the end I got a number that I was comfortable with and more importantly I upgraded to an e46 m3!
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Old 04-08-2018, 09:35 AM   #11
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This was an old thread that was resurrected. Insurance won in the end. I took it all the way to the point of arbitration and finally backed down. They refused to compare it to 6MT's and even went as far as hiding the transmissions in the final valuation they sent. I spoke to a lawyer friend about it and he told me the juice wasn't worth the squeeze and to take what they were offering and be happy with what I got. It really sucks considering I've been a customer for over 20 years with full coverage and low deductible. They didn't appear to care but maybe had I been a newer customer it would have been worse somehow. At this point I've bought a project car and have transferred must of the good parts over from this one.

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Old 04-08-2018, 10:16 PM   #12
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Just curious, how much did it cost you to fix that subframe?


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Old 04-08-2018, 10:19 PM   #13
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I've searched your old post in hopes of seeing how she was looking these days...


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Old 04-10-2018, 07:01 PM   #14
dutchhome
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Just curious, how much did it cost you to fix that subframe?


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I tried to find the exact figure but it's being elusive at the moment. I believe we spent around $5000 to repair and reinforce the subframe area. We ended up having to replace both the trunk floor panel as well as the rear axle carrier panel. While it was all apart we also installed a Vince bar and Redish reinforcement plates.

Since we had to disassemble the entire rear end of the car, every piece of rubber was replaced as well (not included in that price). Also did brakes and tires, new headlight lenses, new taillight and side grills, rebuilt vanos, valve adjustment, and plenty of other things that I can't recall right now.

All in we spent a little over 13k plus hours and hours of blood sweat and tears. My son was eventually able to take it to a track event over there in NJ. It's quite sad to see it all torn apart now sitting in a barn. Soon the engine will be pulled and the frame will make its way to the scrap yard :-(

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Old 04-12-2018, 06:51 PM   #15
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Any pictures?


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Old 04-12-2018, 06:52 PM   #16
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You rebuilt the vanos? I had that done already. Do you before and after picturess?


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Old 05-15-2018, 06:17 PM   #17
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Any pictures?


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Old 05-15-2018, 06:19 PM   #18
dutchhome
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Sorry I went silent on you. I don't have many pictures myself. It was my son's car so he would have more than me. I do have some photos from his track day.

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Old 06-10-2018, 02:06 PM   #19
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Please share if you could


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Old 06-10-2018, 03:06 PM   #20
dutchhome
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Here is what I have on my phone. A few pics from the track and a couple pics from the barn. The last one is from the body shop who installed the Vince bar - they actually came out and removed it to install in another M3.

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