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Discussion Starter #1 (Edited)
Re: M5 Totalled, Update & Insurance lessons learned.

Hi Folks,

Thanks for all your kind wishes in the other thread. I finally settled with the insurance companies, and would like to share my first-hand experience. I realize that not all insurance companies operate this way, so please take this as just one person's experience, nothing more.

Health: Still suffering from tense muscles from the shoulder to neck to tample areas. Acupuncture and acu-pressure treatments help some. I'm sore in my sternum, base of neck, and right chest area. It's been 24 days, it may take up to three months before all the sore spots show up.

Property Damage:
Since the other party's coverage limit is only $25k, I have to work with my own insurance to get the totaled value of my M5 covered. Here's what happened. They hire an independent appraisal company (ADP) and surveyed all comparable local M5 sales in the last 6 months. That sets the average value. ADP then looked at my specific car and gave me credits for pristine mechanical and physical conditions. I then sent them all the documentation of my 'enhancements' (SSK, coil-over, Power chip, IATS etc.), and ADP made a judgement call on how that would add value to the car. At the end, they exceeded my expectations by about $725. I'm really happy with the results. They add sales tax on that as well.

My insurance will subrogate the other side to get the $25k back. I will get refunds on the vehicle registration fee and insurance premium. The other side will reimburse my $1k deductible (good will gesture), plus a minimum amount for loss of use. If I had rented a car, they'll cover the rental. Since I didn't rent, the loss of use is an in-pocket amount to me. It's really minimal, and covers the period from the date of accident to when the insurance settlement amount was first proposed. The loss of use is part of the $25k limit, the $1k deductible reimbursement is not.

Buy Back:
I have first dib to buy back the car. They contacted a few salvage yards to establish value. It came to $11,750. However, as the engine breached the fire-wall, and the transmission has dislodged and sunk, I'm not sure those parts can be easily and cheaply salvaged. I passed on the chance for a buy-back.

Bodily Injury:
They have an insured limit on that as well, and that will cover my time off from work, actual medical bills, and a 'pain and inconvenience' amount. At the end of the day, I will have to sign a final waiver to conclude this part of the settlement. This may be a long time coming. If the pain lingers, I have up to two years to settle. If their coverage limit is too low, I'll have to go after the lady in court (civil or small claims). I hope it won't come to that, as I have no intention to get rich over such an unfortunate event, for all involved. I'll post update on this in the future.

So all in all, the total financial settlement as a result of the accident seems ample to replace my M5. I'm taking the opportunity to look at a number of cars/SUVs other than the M5, and will take my time deciding. In the mean time, I'm tooling around in my Highlander, with an occassional blast of the RUF (if it ever stops raining :mad: :mad:) tossed in for fun.

Nevertheless, I learned a lot about how insurance works in this particular matter. Until next time, please be safe.

CP
 

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Re: M5 Totalled, Update & Insurance lessons learned.

Geez Pong,
Just read the thread. Glad you're OK.
 

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Re: M5 Totalled, Update & Insurance lessons learned.

I'm glad that things are working out so far, so good. Hope the physical part goes as well or better. Now, after hearing about your trip back from Sacto in the Highlander, well,... we've got to get you into something more interesting to drive!
 

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Discussion Starter #5
Re: M5 Totalled, Update & Insurance lessons learned.

Need4Spd said:
Now, after hearing about your trip back from Sacto in the Highlander, well,... we've got to get you into something more interesting to drive!
Darryl,

I could use a spin in a brand new red M3. Know anyone who can give me a ride? :1: :1:

CP
 

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Re: M5 Totalled, Update & Insurance lessons learned.

I'm glad you're okay, Pong. I should be in the Bay Area soon..maybe I could tempt you with my Range Rover soon. She's been powerchipped! :hihi:
 

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Discussion Starter #8
Re: M5 Totalled, Update & Insurance lessons learned.

atomic80 said:
I'm glad you're okay, Pong. I should be in the Bay Area soon..maybe I could tempt you with my Range Rover soon. She's been powerchipped! :hihi:
Jason,

That'd be great. I just made friends with the slaes manager of San Jose European, they sell Jagures and Rovers. He invited me to go see the Land Rover L-3, won a lot of awards. I may go check that out if it stops raining.

CP
 

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Re: M5 Totalled, Update & Insurance lessons learned.

I could use a spin in a brand new red M3. Know anyone who can give me a ride?
THAT, can be arranged! :flag:
 

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Discussion Starter #11
Re: M5 Totalled, Update & Insurance lessons learned.

Rocket M5 said:
I Hope u are ok.. i am the one who took the photos of your wrecked M5.
Rocket,

Welcome to the board. Mine was a different accident. It happened in Santa Clara. Your incident was in Alameda I believe. The accidents happened within one week of each other though.

Thanks.

CP
 

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Re: M5 Totalled, Update & Insurance lessons learned.

Good to hear that your insurance company is reasonable. What ins co are you using?

I, too, lost an M5 to a careless driver. Things work out, eventually. Glad to hear that you are doing well.
 

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Re: M5 Totalled, Update & Insurance lessons learned.

chunpng said:
Rocket,

Welcome to the board. Mine was a different accident. It happened in Santa Clara. Your incident was in Alameda I believe. The accidents happened within one week of each other though.

Thanks.

CP
oh ok, I get it now.. thanks
 

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Discussion Starter #14
Re: M5 Totalled, Update & Insurance lessons learned.

de Witt said:
Good to hear that your insurance company is reasonable. What ins co are you using?

I, too, lost an M5 to a careless driver. Things work out, eventually. Glad to hear that you are doing well.
Paul,

I'm with All State. Did you loose your E39 M5 to an accident? or another model? Did you replace it?

I'm doing as well as can be expected after such a serious hit, so I'm very thankful for being lucky.

CP
 
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Re: M5 Totalled, Update & Insurance lessons learned.

Pong,

I am glad that this is finally settled; at least for the most part it seems over. I would definitely take my time with a new car, and would wait for the new M5, as it will likely be far more attractive in person and after a test drive, than it may seem now.

Cheers, Daniel.
 

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Re: M5 Totalled, Update & Insurance lessons learned.

chunpng said:
Darryl,

I could use a spin in a brand new red M3. Know anyone who can give me a ride? :1: :1:

CP
Play some cards right and I have said in the past you could romp an E30 Red M3 through 84 with an exchange in the Ruf. Good lucking feeling better, and I hope all is well with you Pong.
:cheers:
 

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Re: M5 Totalled, Update & Insurance lessons learned.

chunpng said:
Paul,

I'm with All State. Did you loose your E39 M5 to an accident? or another model? Did you replace it?

I'm doing as well as can be expected after such a serious hit, so I'm very thankful for being lucky.

CP
I lost one of my E28 M5s to an accident. The bum, without insurance, ran a red light and I got nailed at 50mph. Straight up T-boned on the b-pillar. My passenger in the front seat was riled, but we both played rugby the next day. I have replaced the car, but I have the wrecked chassis at home, complete with engine, transmission, etc etc etc. I am looking into picking up a cheap, but well-cared for E28 528e, 533i, etc etc and moving the M5 parts into it.
 

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Re: M5 Totalled, Update & Insurance lessons learned.

Hey Pong

Your a tough cookie! :viking: It's great that the M5 protected you like it did, and that for the most part your ok and still here talking to us. :M5thumbs:

Did any of your airbags go off? and did you think that their rate of deployment was appropriate?

I think that you won't realize how much you were spoiled until you drive something else in it's place for a while, then it will sink in.. :sad2: :sad2:
 

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Re: M5 Totalled, Update & Insurance lessons learned.

chunpng said:
Jason,

That'd be great. I just made friends with the slaes manager of San Jose European, they sell Jagures and Rovers. He invited me to go see the Land Rover L-3, won a lot of awards. I may go check that out if it stops raining.

CP
LR3 is nice although a bit of a porker at 5900+ pounds. 300hp isn't bad, but next years Range Rover Sport (or whatever the official name will be) will be a slightly nicer LR3, body more like a Range Rover, no third row seat option, but availability of the Jag supercharged 390 hp motor!! Hmmmmmmm :2:
Regards,
Jerry
 

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Discussion Starter #20
Re: M5 Totalled, Update & Insurance lessons learned.

Ocean's M5 said:
Hey Pong

Your a tough cookie! :viking: It's great that the M5 protected you like it did, and that for the most part your ok and still here talking to us. :M5thumbs:

Did any of your airbags go off? and did you think that their rate of deployment was appropriate?

I think that you won't realize how much you were spoiled until you drive something else in it's place for a while, then it will sink in.. :sad2: :sad2:
Hi Sam,

The front cabin air bags all deployed. It happend so fast it was hard to judge if the deployment speed was appropriate. I'm sure the fact that I was wearing seat belt, and we have all these air bags helped save me from much more serious injuries.

As to your point that driving other cars will remind me of what an M5 can do. That already happened. Check this thread.
http://www.m5board.com/vbulletin/showthread.php?t=51043

There were stretches where I was stuck behind SUVs or trucks and I couldn't pass with my 4-banger Highlander. If I was in my M5, or my RUF, it'd be: Adios. That's one main reason why I still rate an 2003 M5 acquisition a 50% occurance. The M5 is no-doubt a great car.

CP
 
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