Insurance Claim Woes

[flake 0]

Hey guys, figured this would be the best place of any to get advice/hear storys from anyone that has had to claim insurance on they're BMW.

I seem to be having nothing but the up most trouble with trying to settle a claim for damage that was done to my M325i. How the accident happened nearly 2 months ago was that I was heading back from work and turned off the motorway to come up into town then onwards home which involved passing straight through a 4-way roundabout. My entry and exit to the roundabout was clear so I went for it, but as "luck" would have it, the driver to the left of me failed to anticipate my presence on the road and collided with my passengers side at the middle of the roundabout in a "V" shaped manor. Kinda like a "T-Bone" but more side-by-side impact. I'm all ok, just the car is looking very sad.

Which brings me to my insurer. Very helpful with advice about the accident (first accident I've been involved in so I was noob as), and with filling out the claim form. They gave me a list of reputable panelbeaters so I picked a local crowd, real good as dudes there, so I left the car with them for a few days to scope out the damage and pass on their quote to my insurance company.

That's where my trouble begins.

They want to write my car off because the repairs far exceed the value of the car. I didn't see how this was possible as the car is and has been insured with them the last 3 years at a value of 6k First Party. Their own valuation of my vehicle is a maximum of 2K and the fact that it is a NZ new, genuine M325i which I thoroughly explained to them, means no difference.

They did however give me the option to get my own valuation on the vehicle which they would agree to.

Sorry for the novel but here are my two questions:

1) Can anyone recommend a place in Wellington where I can have a valuation done.

2) Why the F@#K am I the one who seems to be drawing the short straw. My understanding of it is that the guy that crashed into me, his Third Party insurance would cover the entire repair of my car regardless of cost?

NB: But it would seem the way my insurance company is wanting it to go is that I have to pay my $900 excess in order to receive my 2k for having insurance cover and then spend $500 buying the vehicle back from them. And yet they stand by me in the fact that the cause of the accident wasn't my fault!

This whole ordeal has left a very dark taint on the relationship with my insurance company who I will never be using for anything again.

Any help is appreciated

Thanks.

Edited January 15, 2013 by flake

[Greg111 13]

Hey Flakey, i'm gathering the car wasn't agreed value of 6K?

Looks like the only way out is to get someone to "value" it. My insurace company put the agreed price down on the M3 so I went back to work, got a salesmen to put what I wanted on the back of his card and took it back to them which they then happily put the agreed value back up.

What's the extent of the damage? Door and rear quater?

Sucks by the way, badass car that one.

[yng_750 247]

if the other driver has insurance tell them your insurance company you want it repaired and dont budge. they are acting as your agent in this matter.

i have seen a broken ass 1987 mitsi rvr have 4.5K of repairs done on it because the owner didnt want a new car.

but at worst get it valued it should come out well above 6k

[qube 3568]

the real clincher is that when you thought ur car was valued at $6k, which you thought meant in the case of a write off, you receive $6k in hand after paying excess, when actually they are valuing the car on market value, which will disgard factors like that its a nz new / genuine m325 etc. basically some insurance companies work with "agreed value" in the case of greg and his m3, and some companies will tell you that they insured your car for an X amount of value then come back to you later on to say that its only worth BLAH market value.

a door and rear quarter panel damage probably will end up costing more then $2k (it cost $2k on my e36 door alone), it matches what they perceive as market value, hence would rather pay you $2k, then take $900 excess then if you want, buy your car back for $500, which leaves them with only $600 out of pocket, rather than the $2xxx or $3xxx it may cost..

in reality, you are not at fault, (it seems the driver to your left entered the roundabout while crossing into your lane) hence you are able to tell your insurance company that you want the car repaired which means the insurance will have to cough up the money for repairs then chase up on the other drive to get that money back.

anyways, i dont think i really said anything helpful but will post since i spent a good 2 minutes typing this

sorry to hear about your car... it took me 4 months to get my e36 door done..

[charles28 117]

You should be able to get a dealer valuation of at least 6k, as long as you choose a dealer that knows old BMW's.

Annoyingly my E30 is only insured for about $2500 still, owes me about 6k so far since I converted to manual etc, but yeah, they don't care what I think its worth, this sometimes puts me off owning an older car like this, last year I purchased an E39 528i for 4k and they were happy to insure it for 6k agreed value.. so its easier with newer cars for sure.

I'll have to go down the same path eventually, but I'm waiting until I tidy up the panel and paint.

[M3_Power 636]

My understanding of it is that the guy that crashed into me, his Third Party insurance would cover the entire repair of my car regardless of cost?

Has the other person admitted liability? If so contact his Insurance company (do this any way and ask whether they admit liability and get it in writing from them) and have them pay for the repair. If they haven't admitted liability, then tell your insurance company to pursue them for the damage under your insurance. There'll usually be a clause within your policy (if it's comprehensive full cover) that says the Insurer will waive your excess if you are not at fault (usually so long as you provide to them certain details to allow them to pursue the person at fault).

As for the valuation part - find as many genuine and import M325i for sale on the net and in NZ and possibility Australia or overseas in similar condition and km as yours and print those out - write a nice letter to the Insurer to say that you don't agree with their assessment of the "Market value" of your vehicle and show those adverts as proof - if you can find one sold recently, even better (as this has more bearing on market price than advertised vehicles).

But first, go read your policy wording!! Armed with the knoweldge of the terms of cover, go back to your insurer and tell them to shove it.

[Top Secret 2]

Is this your daily? Are you over 25? Do you do under 5000/8000/10000km? If so, give me a buzz. I may be able to help you out with some new cover

[Old_Skool_Bmw 0]

Flake:

1: Has the driver of the other car admitted fault?

And did you obtain his details, address, dob, registration plate, phone number etc?

- If the driver was at fault and you have obtained his details then you shouldn't have to pay the $900 excess. The excess applies to an 'at fault claim' or a claim with a 3rd party where their details are unknown.

2: Was you car insured for agreed value or just full cover with 'market value'?

- If agreed value you should refer to your insurance policy for the value specified. If market value consider obtaining 2 x quotes. Insurance companies will normally ask for 2 x quotes and the the average of them.

Makes sense to go to a BMW dealer to properly value a BMW. Try Jeff Gray on Hutt Road.

Consider looking in the wider wellington region for a 2nd quote if you can't find another BMW yard.

EDIT: If you don't mind me asking, What round-a-bout did this happen at?

Hope this helps.

Laurence

Edited January 15, 2013 by Old_Skool_Bmw

[Jono51 57]

give me a call

04 3801089

[Old_Skool_Bmw 0]

Flake.

How are you getting on?

Any luck with the insurance repairs?

Laurence

[charles28 117]

I just signed up with AA insurance online, $398 for the year for my 1989 E30 325i 4dr Manual, i declared modded suspension and computer chip.

$400 Excess and agreed value of $5650 *highest it would let me select* however AMI would only cover me for $2300 and charged me $480 a year, so I thought it was worth mentioning.

Going by the crazy asking prices for E30's now days I think the agreed value is about right.

[Jono51 57]

If you are going to get insurance it would pay to have the car valued first

then approach insurance companies

the last thing wanted is to under or over insure your vehicle, it isn't all that expensive and can save you hassles

[Top Secret 2]

^^ yes, we always recommend that if someone is insuring something a little out of the ordinary, or for a value higher than what would be realistically expected of a market value, then a registered valuation is definitely a good move.

[huff3r 347]

And for those in the wellington area, McGovern classics is a good place to go. He appreciates the real value of older cars, when I approached Jeff Grey they told me they could write me a valuation for $1k tops. He gave me one for $3500.