Bought an old BMW M3, filled with regret...

If they write it off you could buy it back sell all the parts off for a decent amount if you're willing/able to.

If insurance was not an issue it is repairable. You can repair most damage if you throw enough money/time at it, but insurance companies don't like doing that.

I was lucky that for me my friend paid for the repairs (since he broke it!).

It is a balance out of buying another one, and buying back the "wrecked" one and selling the parts off (I know that a 350Z engine can fetch over £1k by itself, let alone exhaust, cats, wheels, doors, gear boxes etc...) so that might be a possibility? Though it is a massive faff.

Fingers crossed
 
You can't just declare an agreed value either, it has to be agreed and it seems unlikely any insurer would agree the value of an M3 cab of that age and mileage at 15k. It isn't a rare exotic, there are thousands of them.
 
ouch! sounds like you either claim whiplash(not "nice" but everyone does it) or buy it back and repair it yourself...
 
A couple of guys I know who have agreed values on classic Mustangs have to send in receipts, photos, bills etc... and then have a signed letter along the lines of;

Dear Mr XXX,

We can confirm we have an agreed value of £XXXX for vehicle ABC1234 on DD/MM/YYYY. This value is valid for 1 year from this date and will be used for a total loss claim.

Kind regards,
Insurance Man


If you had an agreed value on your policy you would know about it. You need to hope for;

1) They do not write the car off, and repair it correctly.
2) They write the car off and let you buy it back for cheap and then get it repaired yourself.
3) You start looking to see what £9k-£10k can buy you.
 
[TW]Fox;28912075 said:
You can't just declare an agreed value either, it has to be agreed and it seems unlikely any insurer would agree the value of an M3 cab of that age and mileage at 15k. It isn't a rare exotic, there are thousands of them.
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This when I had to increase the book value of my M3, I requested £16,000 which was essentially more than double the market rate.

I had to take photos of all the upgrades and car in general, they then came back with an offer of £12,000, after some explaining they came back with a best offer of £13,000 which has to be re-agreed every year.

They then sent an official document/letter for me to sign agreeing the value of the car at 13k and should it be wrote off the pay out value would be £13,000, no more, no less.

So unless you went through such a process with your insurer I am afraid unfortunately you will be looking at market price of what a good example goes for so you might get £10,000 at a push.
 
Gibbo said:
This when I had to increase the book value of my M3, I requested £16,000 which was essentially more than double the market rate.

I had to take photos of all the upgrades and car in general, they then came back with an offer of £12,000, after some explaining they came back with a best offer of £13,000 which has to be re-agreed every year.

They then sent an official document/letter for me to sign agreeing the value of the car at 13k and should it be wrote off the pay out value would be £13,000, no more, no less.

So unless you went through such a process with your insurer I am afraid unfortunately you will be looking at market price of what a good example goes for so you might get £10,000 at a push.
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But assume I did have this, would this still apply to me as it's not my insurer doing the paying out, but the other guy's insurer? Or will the other guy's insurer simply inherit that agreed value part?
 
What about on something like a CSL, which may have been purchased for £25k a couple of years ago as is now worth close to £40k? Would you need to inform the insurance company that the market value has increased significantly, or is this something they will already be aware of?
 
[TW]Fox;28912253 said:
No, everyone does not do it.
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Most people do, I would probably say about 3/5 do. It's too easy to do it, in fact its almost harder to not do it the amount of spam calls you get once your details are on an accident database.
 
panthro said:
What about on something like a CSL, which may have been purchased for £25k a couple of years ago as is now worth close to £40k? Would you need to inform the insurance company that the market value has increased significantly, or is this something they will already be aware of?
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I'd imagine you would have to go through the same steps of force feeding them the info that the car is now worth £40k.

It is you (hypothetically obviously) after all who wants that value for your car.

hurfdurf said:
Most people do, I would probably say about 3/5 do. It's too easy to do it, in fact its almost harder to not do it the amount of spam calls you get once your details are on an accident database.
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Funnily enough I just had a call from one company just now about an accident I had three years ago, I told her it was all dealt with and I was not injured and hung up. Just like I have done 10+ times since it happened.
 
Hmmm my E46 cost £3.5k to fix at the dealer and that was the rear bumper and tailgate damaged only. Boot pan and exhaust were fine.

On a sidenote if they agree to repair you could ask the bodyshop how much extra to the rest of the panels and pay the difference as you wanted a full respray no?
 
hurfdurf said:
Most people do, I would probably say about 3/5 do. It's too easy to do it, in fact its almost harder to not do it the amount of spam calls you get once your details are on an accident database.
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Did you really just say that 1 out of 5 people claim whiplash fraudulently? What planet are you on?

I bet the reality is closer to 1/1000.
 
pepsilol said:
Hmmm my E46 cost £3.5k to fix at the dealer and that was the rear bumper and tailgate damaged only. Boot pan and exhaust were fine.

On a sidenote if they agree to repair you could ask the bodyshop how much extra to the rest of the panels and pay the difference as you wanted a full respray no?
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It doesn't really need a full respray, I only wanted to get the front bumper done to get rid of the stone chip "belt" as I like to call it :p That was done months ago, all nice and excellent. Asked my guy to put a heavier coat of lacquer on to further add protection, worked out well.

If they (BMW) do repair it, and they make a pigs ear of the colour match, then I can hassle them directly and get results.
 
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mrk said:
It doesn't really need a full respray, I only wanted to get the front bumper done to get rid of the stone chip "belt" as I like to call it :p That was done months ago, all nice and excellent. Asked my guy to put a heavier coat of lacquer on to further add protection, worked out well.

If they (BMW) do repair it, and they make a pigs ear of the colour match, then I can hassle them directly and get results.
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If you have the option pay to have the entire car painted.

To repair it needs bumper, boot, rear quarters painting. Being a convertible that leaves just the doors, wings, front numper and bonnet, might as well get them painted whilst it is being done so a full re-spray, should be around £500-£800 of your own money to pay, £1000 tops.

You can get a car fully painted for as little at £1000 these days, average job though, a decent full re-spray on just the exterior is generally £2500-£3000. When it comes to paint/re-sprays prices and quality vary hugely.
 
teenwolf said:
unbelievable some of these posts about frauding an injury.
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I was shocked my mate did it when he had a very minor rear end. He even went through the physio stuff just to make it look legit. Pretty disappointed in him, certainly doesn't bode well for trusting him on anything in the future. I find people who will lie about money matters are the ones who will lie about anything and everything.
 
hurfdurf said:
Most people do, I would probably say about 3/5 do. It's too easy to do it, in fact its almost harder to not do it the amount of spam calls you get once your details are on an accident database.
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This statistic is nonsense. Stop it.

It's not harder. You say "I have not had an accident", they say "we have information that suggests you do" and I say "you are wrong". Call over.
 
hurfdurf said:
Most people do, I would probably say about 3/5 do. It's too easy to do it, in fact its almost harder to not do it the amount of spam calls you get once your details are on an accident database.
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Total rubbish.

I was rear-ended earlier this year and didn't claim whiplash.

Mrk is the same

Can we find three other people on this forum with the same story to therefore conclusively prove that 100% of people DON'T claim for whiplash injuries?
 
Just had a call from Admiral and spoke to the guy now handling the rest of my case with them. I asked about getting the injury claim call today and he said they definitely have not passed my details on as they are the at fault party, so must have been Elephant (my insurer) :mad:

Anyway, I said I have no intention of making any injury claims and he said they'd be prioritising my case. How much this matters I have no idea.

He gave me a few options to consider regarding the hire car they have provided me too which I wanted to see what you guys would do.

1) Keep the E Class I have for the duration my case is open.
2) Have no hire car at all and be given £50 per day.
3) Downgrade the car to something lower in the grouping, like an Insignia, and be given £25 a day as well.

I like the E Class, it's a neat car with some cool toys. I am not desperate for extra cash, although £25 a day if the case remains open for a few weeks is quite a bit of extra cash :eek:

Option 2 is a no go, I need a car. What's a new Insignia like by comparison? I have no experience with them whatsoever :p
 
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