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

First offer from Admiral is £9400. They said they only used Glass guide and only calculated for age and mileage, but have 2 other sources to recalculate the figures once I quizzed about that figure not being acceptable. They also asked for screengrabs of used examples of the same model year car and of similar mileage. I have sent them 5 examples of such cars that range from £12000-£13,000.

Cash in lieu is a promising option then it should be well above £5000 going that route, let's see what 2nd offer they come back with.
 
Pretty good first offer, would be surprised if they offer anything more than 10.5k tbh. Although cars are listed at 12-13k that doesn't mean they are selling and in addition that's listing price which means trade value is probably around 10k or so.
 
Yeah, they won't offer £12k, but hopefully between your £12k and their £9.5k you'll arrive at about £11k which would be great. And if they give you £6000 cash in lieu, you'd be laughing.
 
Gaygle said:
Yeah, they won't offer £12k, but hopefully between your £12k and their £9.5k you'll arrive at about £11k which would be great. And if they give you £6000 cash in lieu, you'd be laughing.
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Well, he is still stuck with a no fault accident on his insurance, which despite sounding like he is innocent still loads your premium, albeit not stupidly (unless a veyron t-boned you :p )
 
Elephant specifically stated to me numerous times my policy won't be affected by this as it's a non fault incident and the other party admitted fault virtually immediately and are handling the entire thing. So if they do ramp up my premium next year, I have some ammo! The call people state all calls are recorded for insurance purposes, so they have no excuse.
 
Will Gill said:
Well, he is still stuck with a no fault accident on his insurance, which despite sounding like he is innocent still loads your premium, albeit not stupidly (unless a veyron t-boned you :p )
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depends, I declared a non fault just to see what would happen if I was to have an accident and it literally did not change my premium - and I'm a very new driver. :confused:
 
mrk said:
Elephant specifically stated to me numerous times my policy won't be affected by this as it's a non fault incident and the other party admitted fault virtually immediately and are handling the entire thing. So if they do ramp up my premium next year, I have some ammo! The call people state all calls are recorded for insurance purposes, so they have no excuse.
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I had a non-fault accident Bob, did up my premiums a bit but not loads, still they say that is makes you more of a risk compared to someone who has never had an accident. In my case the other party did accept fault for it.
 
Hmm I'll definitely be keeping an eye on it come July next year when renewal time comes!
 
Will Gill said:
Well, he is still stuck with a no fault accident on his insurance, which despite sounding like he is innocent still loads your premium, albeit not stupidly (unless a veyron t-boned you :p )
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I think it was something like 38% of insurers add a loading of a few percent, 10% add a larger percentage and 50% add nothing.
 
[TW]Fox;28928558 said:
This is poor advice, just because you have psychological issues with cars doesn't mean he will. If its done properly then its done.
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I know I suffered from it, and plenty of other people have done as well. I guess I just don't trust something that is made one way, compromised and then put back together, to be as good as something that's never been compromised. Probably due to my lack of mechanical knowledge.
 
mrk said:
Hmm I'll definitely be keeping an eye on it come July next year when renewal time comes!
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Your premium will increase, probably not by too much. You won't lose no claims but you will have to declare this at renewal.

It's because statistically people who have been involved in an accident are more likely to be involved in another one, regardless of fault. This is something people around here REALLY struggle to comprehend.

Why are you more likely to be involved in another accident? It doesn't matter, statistical analysis shows that people are.. The insurers don't care about the reason behind the trends but they have data from millions of drivers. I guarantee someone will reply, totally missing the point, demanding that I explain why you're more likely to claim again.

Do you *deserve* it? Absolutely not, clearly there's no fault of your own here. But the system we have of premiums being based on statistics is the fairest all around and the factors which lack a "why" will have led to numerous things driving your premiums down in the past. If we had human based underwriting then they'd never want to insure young blokes in M3s. Insurance isn't about what you deserve, it's about your cold hard mathematical risk.

It sucks but it's part of life, I'd not be happy if it happened to me but I totally understand why the system is what it is.
 
I suppose that's why people mentioned some folks recoup such losses by using those injury claims people, as to them the system isn't fair - Which let's be honest it isn't fair to those not at fault for the accident. Doesn't make such claims morally right of course but the system allows them to do it, so it is done.

In an ideal world the at fault party should be footing all losses, expenses, bills and fee increases the non fault party goes through following the accident. But stats trumps fairness. I've looked through the Elephant Law paperwork in greater detail, and it does outline that they will recover from the third party any amount I've had to spend on anything as a result of the accident. So it's not just limited to claiming back from an uninsured driver, which is good. But I've not spent anything, so have little use for this as of yet.

I have spoken to my bodyshop guy this morning and enquired about a ballpark figure based on what has been described. He's estimated a mates rate of £1500 + parts. he's also given me the option of going the new BMW part route as he can get them at trade prices so this is also a possibility, especially for the exhaust bits, I'd still be pocketing a decent sum at the end. I'd also be paying a bit extra on top for a full respray.

A layer or two of 476s later and my car should look like it just left the factory.

I'll then use some of the pocketed change to consider the brake calliper refurb I've had on the to do list for a few months. £45 each. Essentially I'll be able to wipe out said to do list and still have plenty of cash left over to get the Evolve Eventuri airbox I've been lusting for finally :cool:
 
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The system is fair - the system is fair because even though somebody may not be deemed at fault, it's very rare that a non-fault accident was 100% unavoidable by the other party.

Even ones which seem completely unavoidable often are - how many rearer enders happen because the driver isn't paying attention, looks up and see's stationary traffic, brakes hard and stops safely - only for the inattentive guy behind to be doing the same thing but being unable to react to the harsh stop? In this fairly common scenario the guy who crashed is 100% at fault - but would it have happened had the other guy braked normally?

Ditto the other 'obviously not my fault' scenario - car hit whilst you are not in it. Perhaps if you'd have parked it with a little more care, remember the guy on here who once parked his car by the side of the road at the bottom of a steep hilly junction in the snow and had somebody slide into it...

If you are sitting in traffic minding your own business and somebody drives into you there is nothing you can do, nothing at all. But the insurers can't adjust at that level of detail so sadly you get tarred with the same brush.
 
[TW]Fox;28932021 said:
The system is fair - the system is fair because even though somebody may not be deemed at fault, it's very rare that a non-fault accident was 100% unavoidable by the other party.

Even ones which seem completely unavoidable often are - how many rearer enders happen because the driver isn't paying attention, looks up and see's stationary traffic, brakes hard and stops safely - only for the inattentive guy behind to be doing the same thing but being unable to react to the harsh stop? In this fairly common scenario the guy who crashed is 100% at fault - but would it have happened had the other guy braked normally?

Ditto the other 'obviously not my fault' scenario - car hit whilst you are not in it. Perhaps if you'd have parked it with a little more care, remember the guy on here who once parked his car by the side of the road at the bottom of a steep hilly junction in the snow and had somebody slide into it...

If you are sitting in traffic minding your own business and somebody drives into you there is nothing you can do, nothing at all. But the insurers can't adjust at that level of detail so sadly you get tarred with the same brush.
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I don't know why more people (not necessarily pointing any fingers at people on here; just in general) don't grasp this concept. It makes perfect sense.
 
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