I purchased a 2002 M5 for 8K with a clean title.
Transmission has to be rebuild, Vanos problems, electrical, needs new struts etc, etc.
I am going to register it next week. Since the purchase price was 8K, I am going to put this amount in the Bill of sale, then put the vehicle back on it's feet and hopefully drive it.
Please note, that I'm paying for all the parts and will do most of the work myself.
Here's the Q: in case on water damage, heavy collision or theft will the ins. company look a the Bill of sale and I'll be entitled to the initial 8K or will they compensate in full, according to the KBB?
Thanks
__________________ '01 M5Black/Silverstone
Supersprint complete cat-back system
Supersprint race mufflers
Hella clear euro headlights
Umnitza 6000K Predator Ice V2
Bimmian black shadow grills
545 SSK w/E46 M3 CSL suede shift knob
TEC cup holder
Up north the purchase price of the vehicle is not considered if and when the vehicle is written off. A lot of the times people are picking up cars for cheap and getting back more then what they paid. My friend picked up a 91 MR2, for 5300. It was written off 7 months later and he got 9100 from ICBC. And by no means was it in good condition, faded paint, consumed both oil and coolant, had 2 major accidents prior and had 260,000kms.
I am not sure how it goes down there, but full KBB value would seem right.
__________________
2000 Alpine White M5
Performance: Custom CAI, Tubi Exhaust, Open Brake Ducts, UUC Evo3 + DSSR
Exterior: Euro Mirrors, Black kidney grilles, MY01+ Updated, Mtec 3W AE, Altec retractable license plate
Interior: 16:9 Nav, MK3 Navigation, MY01+ dash, Silverstone Leather
Wheels: Volk CE28N Time attacks 19x10.5 275/30/19, 19x8.5 245/35/19 Pilot Sport PS2
The bill of sale price wouldn't come into play if your car was totalled. Insurance companies have their own system to determine the value of cars. It looks at prices for the same car in your area. Most of the time the values are less than what KBB states. Well pretty much all of the time.
If your car was totalled, and the insurance company comes back with an offer, you can decline it if it is low and try to get a higher pay out. You will have to show proof of local sales and such, but in general insurance companies are like any other business and do not want to give away money.
__________________ 2003 Sterling Grey M5
Dinan Front Strut Brace, Rear Sway Bar & CAI
Eisenmann Race & X Pipe
UUC Evo 3 & DSSR
GC Coilovers
Confronti Shark Injection 93 Octane
Brake Duct Mod
Intravee II
Rear Wheels Up Front (275's all around)
Ultimate Pedals
V1/S1
Since I just had a claim with progressive on my 7, I know exactly what they do.
They will have an adjuster come out and look at your car and determine it's "condition" and then consult the N.A.D.A. book value for your car in it's condition. if it looks clean on the outside, you will get high value and not much more unless you've had it specifically appraised and insured for that value. In your case, if you totalled it tomorrow, you'd get around 25k.
Rebuild the transmission? I was under the impression that the transmissions from E39 M5s didnt allow for this.
The transmissions are completely rebuildable - BMW just doesn't sell the parts to do so, so if you'd like to you need to find a "donor" or similar parts that you can use...
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