by Guest » Thu Jul 15, 2010 11:00 pm
I bought a 2002 BMW 325i with sports and premium sound package at 55000 miles for around $13500 two months back. The car was in very good condition till I bumped into a tree in the parking lot last week.
The damage was minor, the bumper is broken, the hood has a dent and the radiator frame is broken.
The body shop quoted around $6000 for the repairs and Progressive initially agreed. Today they called me and said they wanted to total the car.
Doe anyone think this is reasonable? They haven't given me any offer yet, but i am hoping to keep the car even if it means I have to pay money out of my pocket. I like this car.
What do you guys think? How much is my car really worth? Does this happen only with progressive?
The damage was minor, the bumper is broken, the hood has a dent and the radiator frame is broken.
The body shop quoted around $6000 for the repairs and Progressive initially agreed. Today they called me and said they wanted to total the car.
Doe anyone think this is reasonable? They haven't given me any offer yet, but i am hoping to keep the car even if it means I have to pay money out of my pocket. I like this car.
What do you guys think? How much is my car really worth? Does this happen only with progressive?
Posted: Fri Jul 16, 2010 05:30 am Post Subject:
I'd certainly say it was more then a "bump".
Check NADA for a good indication of it's value. I'd say around $7200 if they think its a total loss. If the repair cost is $60000
Posted: Fri Jul 16, 2010 11:52 am Post Subject:
Just as Todd suggested, find the value of your vehicle, ACV (Actual Cash Value). If the repair amount exceeds 75-80% of the ACV, it is considered a total loss. I understand that you would want to keep the car, but would you consider the investment worth it?
Posted: Fri Jul 16, 2010 01:41 pm Post Subject:
Ho do I find the ACV of my car?
Posted: Fri Jul 16, 2010 04:53 pm Post Subject:
nada.com Put in your vehicle's information (miles, options etc) Should give you a ballpark idea of the value.
Posted: Fri Jul 16, 2010 07:10 pm Post Subject:
I did it and these are the prices I got.
Rough Trade in $9,937
Average Trade in $11,412
Clean Trade in $12,662
Clean Retail $15,862
While I am not expecting to get the retail price, Can I expect something around 12K, since the car was in pretty good condition.
Are insurance companies also looking at these prices?
Posted: Fri Jul 16, 2010 07:30 pm Post Subject: insurance
I'll just tell you MY personal experience, with my vehicle being 'totalled' last summer. I was driving a Jeep Cherokee. Someone rear-ended my vehice. I didn't think it was totalled because I drove home after it was 'all done and over with'. The other drivers Insurance comapny adjuster came out and looked at the vehicle. He took into consideration the age of the car, the miles, etc. He was showing the prices of a 'good condtion', 'fair condition', 'bad condition', etc. According to the prices, the car was STILL worth more than the repairs. When he was done 'subtracting' the age, miles, etc. The damages was more than the value of the car. SOO..he had to 'total' it.
Posted: Fri Jul 16, 2010 07:37 pm Post Subject:
The progressive claims adjuster called and offered around $11k. I don't think this is a reasonable offer, since I loose around $3k if I include sales tax. Is it worthwhile to consult an independent appraiser?
I would've agreed if I had used the car for more than 2 months. As far as I am concerned its my new car. Hope you guys understand my position.
Posted: Fri Jul 16, 2010 07:45 pm Post Subject: insurance
Yep..you DID get a "new car." However...as soon as you drive a car off the delers lot, the price of the car 'depriciates' (but I don't know how much, though). That would be YOUR decision, if you wanted to talk to another appraiser. It's always good to get a 'second opionion' on things. However....it might cost you money to do it. I think you DID get a reasonable offer.
Posted: Fri Jul 16, 2010 08:10 pm Post Subject:
I'm guessing the repair cost is actually closer to $9,000 then.
Did he just pull this number out of a hat? You need to know how he arrive at the number he did. Perhaps its correct... perhaps not. But its hard to tell someone their amount is incorrect when you don't know how they arrived at it.
Posted: Sat Jul 17, 2010 12:40 am Post Subject: insurance
If he is an LEGIT adjuster ( and I'm NOT saying he's not), he would sit down with you and go step by step. Actually...the OTHER driver's Insurance company (in MY case) was Progressive. He sat down with me and showed me every detail of numbers, etc. that he could.
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