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E36 M3 (1992-1999) {Euro - S50 B32 321hp @ 7400 rpm} {U.S. - S52 B32 240 hp @ 6000 rpm}
Total Produced: 71,212 - Years Produced: 1992 to 1999


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Old Wed, May-10-2017, 12:26:49 AM   #11
qwkslvrnsx
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Default Re: Anyone who has bought or sold a M3 recently...

The e36 M3 has reach collector status and it is probably wise at this point to switch from a conventional insurer to Hagerty, which is stated value and super easy to do. All of my M3's from the e30 to e46 are insured by Hagerty for this very reason that is the subject of the thread.
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Old Wed, May-10-2017, 01:37:58 AM   #12
omairtheman1
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Default Re: Anyone who has bought or sold a M3 recently...

I am with Qwkslvrnsx. I am soon changing my M3's insurance to Hagerty. I was quoted 725 dollars a year for 10k miles and 25k evaluation.
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Old Wed, May-10-2017, 11:49:00 AM   #13
tsmith25
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Default Re: Anyone who has bought or sold a M3 recently...

Quote:
Originally Posted by Poorhouse View Post
Enact your appraisal clause.

Check your policy to confirm it has it but most all do.

Once you enact the clause all negotiations and b.s. stop.

You hire an independent appraiser to value the vehicle. Your insurance company does the same. If the appraisers can't agree on value they decide on a 3rd appraiser to act as umpire to make a final decision.

The beauty of this is that independent appraisers aren't bound by internal insurance company rules. They will be open to comparable vehicles from around the country. You show a couple BAT and Ebay sold comps for $15k. That is the value. Comparables carry much more weight than book value.
It is the other driver's insurance company. I asked them about appraisal and they said no. My insurance company (Progressive) suggested the same thing. Unfortunately, I wasn't carrying comprehensive at the time, or I would get Progressive to pay for it and then let them deal with Allstate.
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Old Wed, May-10-2017, 12:44:39 PM   #14
Poorhouse
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Default Re: Anyone who has bought or sold a M3 recently...

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Originally Posted by tsmith25 View Post
It is the other driver's insurance company. I asked them about appraisal and they said no. My insurance company (Progressive) suggested the same thing. Unfortunately, I wasn't carrying comprehensive at the time, or I would get Progressive to pay for it and then let them deal with Allstate.
That's a bummer.

What is the small claims court limit in your state?

If you are over the small claims limit it might be worth hiring an attorney.
If you do all the work on the vehicle value and have a presentable package.
The attorney will have to do minimal work. Rate could be $500 - $1k.

If Allstate is offering $6k or $7k on a veh worth low to mid teens it would be worth it.
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Old Wed, May-10-2017, 02:55:55 PM   #15
tsmith25
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Default Re: Anyone who has bought or sold a M3 recently...

They are offering "actual cash value" of $4,400 plus tax and fees. That's less than the rebuilt titles out there.

From my research, my car, 98 M3/4/5 black on black, should be in the $7k-10K range. I have maintained two files, one with all the cars, and one with a few outliers removed. With the outliers, it calculates to about $8,600, and without it calculates just over $7,000. Obviously, I will be sending them calculations based on the entire data set since that benefits me.

It has 189,000 miles, but is in good mechanical condition with a few normal cosmetic flaws. I paid $6,750 for it, including a second set of wheels, about 9 months ago with 180,000 miles at that time. Based on the market increases since then, I should be making a slight profit on the insurance payoff, but at this point I will be happy just to get my money back out of it. It would be nice if I could get my money out of it, and keep it as a parts car.

Last edited by tsmith25; Wed, May-10-2017 at 02:57:41 PM. Reason: make it prettier
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Old Wed, May-10-2017, 03:14:24 PM   #16
spaghettiM3
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Default Re: Anyone who has bought or sold a M3 recently...

Quote:
Originally Posted by qwkslvrnsx View Post
The e36 M3 has reach collector status and it is probably wise at this point to switch from a conventional insurer to Hagerty, which is stated value and super easy to do. All of my M3's from the e30 to e46 are insured by Hagerty for this very reason that is the subject of the thread.

That's great info. I had no idea that was even an option. If my car doesn't get totalled out, i'll be doing that!
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Old Wed, May-10-2017, 03:29:01 PM   #17
Bimma360
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Default Re: Anyone who has bought or sold a M3 recently...

Quote:
Originally Posted by tsmith25 View Post
They are offering "actual cash value" of $4,400 plus tax and fees. That's less than the rebuilt titles out there.

From my research, my car, 98 M3/4/5 black on black, should be in the $7k-10K range. I have maintained two files, one with all the cars, and one with a few outliers removed. With the outliers, it calculates to about $8,600, and without it calculates just over $7,000. Obviously, I will be sending them calculations based on the entire data set since that benefits me.

It has 189,000 miles, but is in good mechanical condition with a few normal cosmetic flaws. I paid $6,750 for it, including a second set of wheels, about 9 months ago with 180,000 miles at that time. Based on the market increases since then, I should be making a slight profit on the insurance payoff, but at this point I will be happy just to get my money back out of it. It would be nice if I could get my money out of it, and keep it as a parts car.

I have never been in this type of situation specifically, but if I were in your shoes the first thing that would come to mind for me is to file a civil suit against the other driver. At the end of the day, the other driver is at fault and damaged your property and his insurance is obviously trying to get away with paying as little as possible which can very easily be shown is below market value of your vehicle.

I think at this point the other driver isn't directly involved nor does he care how much his insurance is going to pay you. What he will care about is being taken to court b/c his insurance company isn't playing ball. Hell I would imagine, even having a lawyer draft a letter stating intent that you will go after the driver directly for the difference might be enough to get him to start putting pressure on his own insurance.
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Old Wed, May-10-2017, 03:42:40 PM   #18
tsmith25
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Default Re: Anyone who has bought or sold a M3 recently...

That is another option that I have considered. The small claims limit is $5,000 in Florida, so I could cover the difference if I have to go that route.
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Old Wed, May-10-2017, 06:19:07 PM   #19
Double E
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Default Re: Anyone who has bought or sold a M3 recently...

On this thread, I just got a Hagarty policy for 18K agreed value.
Hate that you have this hassle to deal with.
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Discussing Anyone who has bought or sold a M3 recently... in the E36 M3 (1992-1999) Forum - {Euro - S50 B32 321hp @ 7400 rpm} {U.S. - S52 B32 240 hp @ 6000 rpm}
Total Produced: 71,212 - Years Produced: 1992 to 1999 at BMW M3 Forum.com (E30 M3 | E36 M3 | E46 M3 | E92 M3 | F80/X)