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General E46 Forum
This is the place to get answers, opinions and everything you need related to your E46 (sedan, coupe, convertible and wagon) BMW!

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Old 05-20-2014, 04:05 PM   #21
NOVAbimmer
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Originally Posted by generalvp View Post
So we are both wrong then because it varies state from state.
actually, no, your insurance company screwed you. This is from Minnesota statute:

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Subd. 6.Standards for automobile insurance claims handling, settlement offers, and agreements.

In addition to the acts specified in subdivisions 4, 5, 7, 8, and 9, the following acts by an insurer, adjuster, or a self-insured or self-insurance administrator constitute unfair settlement practices:

(1) if an automobile insurance policy provides for the adjustment and settlement of an automobile total loss on the basis of actual cash value or replacement with like kind and quality and the insured is not an automobile dealer, failing to offer one of the following methods of settlement:

(a) comparable and available replacement automobile, with all applicable taxes, license fees, at least pro rata for the unexpired term of the replaced automobile's license, and other fees incident to the transfer or evidence of ownership of the automobile paid, at no cost to the insured other than the deductible amount as provided in the policy;

(b) a cash settlement based upon the actual cost of purchase of a comparable automobile, including all applicable taxes, license fees, at least pro rata for the unexpired term of the replaced automobile's license, and other fees incident to transfer of evidence of ownership, less the deductible amount as provided in the policy. The costs must be determined by:

(i) the cost of a comparable automobile, adjusted for mileage, condition, and options, in the local market area of the insured, if such an automobile is available in that area; or

(ii) one of two or more quotations obtained from two or more qualified sources located within the local market area when a comparable automobile is not available in the local market area. The insured shall be provided the information contained in all quotations prior to settlement; or

(iii) any settlement or offer of settlement which deviates from the procedure above must be documented and justified in detail. The basis for the settlement or offer of settlement must be explained to the insured
You are entitled to the cost to purchase a similar vehicle, plus tax/tags/title fees, minus deductible. Not the "trade in value" of your car. Which makes a lot more sense, because "trade in value" is an inherently flawed basis of value. The trade in value is however low a number the dealer can get you to part with your car for, below the actual value of the car.
https://www.revisor.mn.gov/statutes/?id=72a.201
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Old 05-20-2014, 04:40 PM   #22
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The car is worth 10-11K. I believe SamDoe1 sold his 330XI manual for 10.5 with similar miles. You need to find comparable comps and present them. 2003-2005 330XI with Manual Transmission Comparable Options/Miles. You should be able to sort them through Autotrader, eBay and Craigslist Aggregate tool.

Note, the XI is worth more than the RWD Sedans.

Joe

There isn't a non m e46 on the planet worth over $10k with 100k+ miles on it. There may be an instance where a seller found the right buyer that wasn't educated and wanted that specific car, but as an experienced car buyer and seller I wouldn't pay anywhere near $10k - $11k for a 100k mile E46, and there is no way that an insurance company would value it near that.


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Old 05-20-2014, 04:58 PM   #23
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There isn't a non m e46 on the planet worth over $10k with 100k+ miles on it. There may be an instance where a seller found the right buyer that wasn't educated and wanted that specific car, but as an experienced car buyer and seller I wouldn't pay anywhere near $10k - $11k for a 100k mile E46, and there is no way that an insurance company would value it near that.


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there's plenty of 2005-2006 non M's that are listed for 10k+ on craigslist... and rest assured not everyone is as highly educated on these cars as you, they buy them
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Old 05-20-2014, 06:11 PM   #24
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there's plenty of 2005-2006 non M's that are listed for 10k+ on craigslist... and rest assured not everyone is as highly educated on these cars as you, they buy them

Yeah, that doesn't mean the car is worth that much.


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Old 05-20-2014, 06:35 PM   #25
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there's plenty of 2005-2006 non M's that are listed for 10k+ on craigslist... and rest assured not everyone is as highly educated on these cars as you, they buy them

I would hope that I'm a little more experienced than the average Joe in the value of BMW and other high end automobiles seeing as how I've made my living buying and selling them for almost 20 years now. As I said before just because someone asks said amount of money for a car doesn't mean that is the value. A seller can ask whatever he wants and he may actually find an uneducated buyer that falls in love and pays too much. That said the actual value of an E46 with over 100k on it is not $10k+.


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Old 05-20-2014, 06:42 PM   #26
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I've worked in Personal Injury law for over 20 years. In that time, I've dealt with probably something like 1,000 totaled cars. (It's probably more.) I would just ask to be forwarded a copy of the appraisal the insurance company prepared. MOST insurance companies don't even do their own evaluations anymore. They send it out to a 3rd party appraisal service, who doesn't have a dog in the fight, so to speak. Your car is appraised by a neutral just as when you have a home appraised. The appraisal company actually goes out into the marketplace (both dealers and private parties) and gets comps to come up with a true market value.

It's VERY hard to question that value on the legal end of things -- because it's based on actual sales. I find that KBB, Autotrader, NADA are all very unrealistic and poor indicators of true, current market value.

I would bet the appraisal was done by CCC Valuescope. I have disagreed with their values only TWICE in my career, and that's only because the adjusters missed either the correct trim level or the options. If in fact it was done by them, you're going to be hard pressed getting more than the value on the appraisal. You might be able to push them for another $500 because the adjuster needs to get the file off his desk. Good luck.
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Old 05-20-2014, 06:46 PM   #27
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I've worked in Personal Injury law for over 20 years. In that time, I've dealt with probably something like 1,000 totaled cars. (It's probably more.) I would just ask to be forwarded a copy of the appraisal the insurance company prepared. MOST insurance companies don't even do their own evaluations anymore. They send it out to a 3rd party appraisal service, who doesn't have a dog in the fight, so to speak. Your car is appraised by a neutral just as when you have a home appraised. The appraisal company actually goes out into the marketplace (both dealers and private parties) and gets comps to come up with a true market value.

It's VERY hard to question that value on the legal end of things -- because it's based on actual sales. I find that KBB, Autotrader, NADA are all very unrealistic and poor indicators of true, current market value.

I would bet the appraisal was done by CCC Valuescope. I have disagreed with their values only TWICE in my career, and that's only because the adjusters missed either the correct trim level or the options. If in fact it was done by them, you're going to be hard pressed getting more than the value on the appraisal. You might be able to push them for another $500 because the adjuster needs to get the file off his desk. Good luck.

Only twice? I disagreed with CCC values all the time.


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Old 05-20-2014, 07:47 PM   #28
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After both of accidents, I received what I thought to be more than a fair value for my E46s from my insurance company. I think threads like this are largely pointless and a byproduct of the impatience and anxiety that follows an accident. Just wait to see what the adjuster offers after the appraisal and go from there. Everything else is merely conjecture and a shot in the dark.
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Old 05-20-2014, 07:51 PM   #29
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My insurance company made me an offer when my car was totaled and it was low. I had to show them three comparable vehicles in my area, actual for sale add with no best offer detailed. I found the highest prices cars I could find. They then agreed to give me the avg of the three cars which I thought was fair.
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Old 05-20-2014, 07:53 PM   #30
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My insurance company made me an offer when my car was totaled and it was low. I had to show them three comparable vehicles in my area, actual for sale add with no best offer detailed. I found the highest prices cars I could find. They then agreed to give me the avg of the three cars which I thought was fair.
This is the process my company, (State Farm) followed off the bat. I'm located in California. They selected 10-15 other comparable e46s, average their listing prices and cut me a check that was significantly higher than what I paid for the car three years before, with 50,000 less miles.
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Old 05-20-2014, 07:57 PM   #31
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usually if you want to fight the insurance company for total loss value you have to find records of similar cars selling in your area recently. Not ads for sale, cars that sold, which is not easy to find. Which is also why they do that, they are looking out for their bottom line and don't mind putting it in your bottom to do so. You can talk with some dealers and see if they have sold any recently and may be able to provide proof of value, but it has to be the same area the car is insured in, generally within the last 90 days, and even then it's a pita. I went through it with my last car, and helped some customers with it as well. I ended up getting about $5k more than they initially valued it for, but it took a lot of time talking with every manager in the damn place and finally having my attorney contact them. I will never use state farm again for anything, even if they were free they can go fornicate themselves in an uncomfortable place with a rusty fence pole.
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Old 05-20-2014, 08:52 PM   #32
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These are awful cars to deal with in the event of a total loss. The values are extremely low and the cost of ownership is extremely high. That is not the situation that a car owner wants. Its just another thing that a perspective buyer should take into consideration when thinking about buying a used e46.


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Old 05-20-2014, 08:53 PM   #33
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When my 323i was totaled some months ago, I got the insurance company to increase their initial offer by 50%.
We went through the same process of having CCC find several "comparables" for sale in the area and calculate the value based on their options, mileage, and asking prices. Sounds like a fair process, but it wasn't because all these "comparables" were cars no one in his right mind should buy even for a dollar.
The thing is CCC or the insurance company doesn't care if the leather seats are ripped or the engine is spewing oil. They just collect ads from Autotrader and compare data.

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Old 05-20-2014, 08:58 PM   #34
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These are awful cars to deal with in the event of a total loss. The values are extremely low and the cost of ownership is extremely high. That is not the situation that a car owner wants. Its just another thing that a perspective buyer should take into consideration when thinking about buying a used e46.
Unfortunately this is 100% correct.
Sucks to have your old, but well maintained car totaled.
People should drive either new cars, or beaters.
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Old 05-20-2014, 10:55 PM   #35
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Unfortunately this is 100% correct.

Sucks to have your old, but well maintained car totaled.

People should drive either new cars, or beaters.

Most of the e46s out there are beaters which is why the values have decreased so much. Even a lot of the cars that appear to be decent on the exterior and the interior are covered underneath with corrosion that is literally eating the car away from the inside out. I pay close attention to a lot of the DIY pictorials and videos and I'm sorry to say but most peoples e46s are corroded and rotten underneath. In the grand scheme of things these are awful cars to own unless you are an enthusiast that has an unmolested and corrosion free car that isn't driven on a daily basis and plenty of cash to where if the car is totaled its just a little bump in the road and not a financial crisis. If I only had one car and was on a budget an e46 would be one of the last cars I would buy. Huge maintenance costs, extremely low value, and old enough now that most of them are literally being eaten away.


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Old 05-21-2014, 12:17 AM   #36
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insurance companies pay based on what similar cars are selling for in the area, NOT based on KBB...
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Old 05-21-2014, 02:32 AM   #37
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Most of the e46s out there are beaters which is why the values have decreased so much. Even a lot of the cars that appear to be decent on the exterior and the interior are covered underneath with corrosion that is literally eating the car away from the inside out. I pay close attention to a lot of the DIY pictorials and videos and I'm sorry to say but most peoples e46s are corroded and rotten underneath. In the grand scheme of things these are awful cars to own unless you are an enthusiast that has an unmolested and corrosion free car that isn't driven on a daily basis and plenty of cash to where if the car is totaled its just a little bump in the road and not a financial crisis. If I only had one car and was on a budget an e46 would be one of the last cars I would buy. Huge maintenance costs, extremely low value, and old enough now that most of them are literally being eaten away.


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That may be the case where you are. But out here in the southwest, with mild winters and minimal road salt, practicaly every E46 I see, and I see a lot of them, "appear" to be in pretty good condition
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Old 05-21-2014, 03:06 AM   #38
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That may be the case where you are. But out here in the southwest, with mild winters and minimal road salt, practicaly every E46 I see, and I see a lot of them, "appear" to be in pretty good condition
Not the case in SoCal, unfortunately. Weather is very forgiving, no salt, almost no rain, most car haven't even seen snow.
However, longer than average commute, high annual mileage, heavy traffic, careless owners, and expensive mechanic and auto body services have taken their toll. Not many of the E46 BMWs on the road around here are still worth looking at.
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Old 05-21-2014, 07:25 AM   #39
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That may be the case where you are. But out here in the southwest, with mild winters and minimal road salt, practicaly every E46 I see, and I see a lot of them, "appear" to be in pretty good condition

Even the cars that are only a few years old in my area are already corroding under the surface. I wouldn't buy a car locally or anywhere in the snow states for myself under any circumstances. There are however a lot of people that do. It's crazy to me that people would buy the older higher end cars that require lots of upkeep because after all that you have to invest in them you still end up with a pile of corrosion under the car and in the cracks that you can't see. I would hate spending thousands refreshing cooling systems, suspension parts, cosmetics, etc, on a car that is covered with crap underneath. It just doesn't make sense to me. I want my personal items to be pristine and in such a condition where they would last a lifetime if I choose to hold on to them and maintain them.


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Old 05-21-2014, 07:27 AM   #40
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Not the case in SoCal, unfortunately. Weather is very forgiving, no salt, almost no rain, most car haven't even seen snow.

However, longer than average commute, high annual mileage, heavy traffic, careless owners, and expensive mechanic and auto body services have taken their toll. Not many of the E46 BMWs on the road around here are still worth looking at.

People are still buying these beat cars though. We see it everyday even here on the forum. It's just part of the reason values have tanked.


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