time for a fight with insurance - The Unofficial BMW M5 Messageboard (m5board.com)

stevie53 · 5th February 2004, 00:39

Just found out about the S***E offer being made by Dick Turpin ins. co. was half expecting it but it still comes and a swift kick in the balls when it if finally happens

Have been sitting all night gathering for sale ads copying receipts and photographs so that I can send to them got to try and squeeze as much as possible out of them
they also doubled the buy back cost on me as well, so at this point I wont be pursuing the car anymore, just chasing as many pennies as possible to hopefully fund an E39 M5
any ideas on how to possibly increase the insurance settlement would be very welcome

stevie

Brian M5 · 5th February 2004, 01:44

Stevie

They always try it on for the first offer. I think your collecting of evidence is the best route to explain your reasons for a higher valuation.

If you end up being seriously adrift of a reasonable price, get an independant valuation and press for that. I was offered this by my Insurer when we didn't agree. Note that the insurance company gave prior agreement for the independant valuation which was to be binding on both parties (i guess this agreement is crucial). The cost was to be borne by me, however if the valuation was in excess of the Insurance company offer, then they would pick up the bill for the valuation also.

The cars are notoriously difficult to value as condition is everything, given potential repair bills to correct a dog. Book prices are guides only (thankfully or I screwed up buying mine)

And there is an insurance ombudsman but I am not sure how he is brought into play.

Brian

Brad Simpson · 5th February 2004, 16:22

I had an E30 M3 that had everything on it. EVO III parts, E36 M3 wheels, Dinan suspension and she was perfect. Well, she got nicked while we were at the theatre. Insurance Co.'s offer was 6K USD lower than what I thought was fair. I sent them a 3 inch stack of repair, upgrade and maintenance invoices with pictures, a summary and a demand. They didn't move. Frankly, I think the adjuster was blown away. I sent him ads from Roundel. He didn't move. He said that the magazine was a specialty magazine and didn't reflect actual values. I told him that the car was so rare ('91) that it would only appear in a specialty magazine. Finally we agreed to have three dealers say what they would sell the car for. I took all the documentation and photos to the dealers. The first gave me my number on his letterhead. The second gave me 2K USD more and the last 4K USD more. We averaged the numbers and he paid me 8K more than his offer and 2K more than my demand. Persistence and documentation are the key. Good luck!