Insurance question

[yng_750 247]

Ok quick details

My flatmate backed into my poor e34 525i a few weeks back

smashed my headlight housing, grill, guard, indicator and possibly a few other bits.

He has full insurance i have none as that car wasn't being used much

His insurance company is FMG and they are repairing mine as an uninsured third party

Rough quote put repairs at between $1400 and $1700

Is anyone in the know of how i would go about convincing them to give me a cash payout rather than repair it?

Am i entitled to this option?

i have access to parts to repair it myself as its all bolt on stuff

any help would be greatly appreciated

Edited March 9, 2012 by jason H

[Guest Ari Gold]

Looking at the photos as someone who quotes insurance jobs day in, day out; you'll need at minimum:

RH Headlight

RH Indicator

RH Headlight filler panel

RH Headlight grille

RH Guard

Now, as an uninsured 3rd party, you're never going to get the "new" value of those parts because you don't have track record with an insurance company, and simply put, any damage over 3K is going to write off an e34 525i. Sorry to say, but that's how it works.

Your best option is to go along with whatever your flatmates insurance company offers; they're going to want to fix it with second hand parts, but to be fair, that's no biggie, as there is a fairly big second hand market in NZ for quoting insurance jobs of this kind.

You're not entitled to a cash payout on this one sorry dude.

[yng_750 247]

as a side note my flatmate was abit gutted that his excess jumped from $300 to $600 because he was under 25

he was really quite lucky, most insurance companies jump it up to $1200 or $1500

[westy 614]

Your only real chance is to negotiate a lower settlement in cash.

Tell them what you want to do and you're willing to take $1000-$1250 cash as settlement.

They might jump at it or not but doesn't hurt to try.

[yng_750 247]

thats what im hoping to do

the local fmg repair agent said they are sometimes keen to pay you whats quoted (minus cost of repairer quoting the job ) just to avoid the chance of more damage showing up mid repair

otherwise i will try for less cash

[yng_750 247]

as expected a 4 day quote is now going to take a week

[yng_750 247]

Thought i might update

Was abit slow getting quotes from the wreckers but FMG were very helpful

Its actually their preference to settle with cash aparently so when i suggested it they jumped at the oppertunity

4 days later $1475 in the bank, not bad for a headlight and grill

I though i would have to settle lower but that figure was exactly half way between the two repair quotes.

yes they actually paid more that what it was quoted to fix.

Edited May 6, 2012 by jason H

[_ethrty-Andy_ 2122]

i wonder if i backed into my own E34 if id get the same.... lol

[cliffdunedin 8]

I was wondering why you would not get paid out but obviously you have...

I have been in the same situation twice, once for an uninsured Subaru that a Maui Camper crashed into and they actually paid out about 1k more than the car was worth (plus i kept the car) and another time when my neighbour backed his boat and trailer into the back of my 3rd party insured Holden Acclaim and they paid me out the cost the panel beaters quoted to repair approx 2.5k by memory and i replaced the bumper and boot for about $800...