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Thread: Help with Insurance appraisal

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  1. #1
    Join Date
    Aug 2019
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    Pembroke Pines, FL
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    5

    Help with Insurance appraisal

    Hello all,
    I have a problem, on the weekend of the 4th of July a drunk driver hit me from behind and damaged the drivers side rear quarter and now insurance wants to total my car, but it is still drivable and all the parts are available new from BMW and estimated at $6000 to repair which I want to do. However insurance only appraise our cars at around $5800 which is a travesty as we all know. I was hoping someone knows of a reputable appraiser in the South Florida area that is sympathetic and knowledgeable enough on the scarcity of our ZHPs to be able to provide a more respectable value for my car so that I may get the insurance company to fix it.
    I am sick at the thought I may not have my car back, I am the original owner of an '04 ZHP I bought on Dec 31, 2003 with only 1.9 miles on the ODO.

    Any Help is greatly appreciated, Thank you.

  2. #2
    Join Date
    Nov 2016
    Location
    Charlotte, NC
    Posts
    2,540
    Your best bet would be to search around for comparable cars listed for sale. How many miles are on it? EAG would be the best resource for inflated price comparisons.

  3. #3
    Join Date
    Aug 2019
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    Pembroke Pines, FL
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    Quote Originally Posted by ZHPizza View Post
    Your best bet would be to search around for comparable cars listed for sale. How many miles are on it? EAG would be the best resource for inflated price comparisons.
    Thank you, What is EAG? not familiar with this.

  4. #4
    Join Date
    Feb 2013
    Location
    Austin TX
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    5,587
    Quote Originally Posted by IgnacioIII View Post
    Thank you, What is EAG? not familiar with this.
    EAG : enthusiast auto group. It's a dealer based in Ohio.

    www.enthusiastauto.com
    2005 IR / black / 6MT
    148,000 miles

  5. #5
    Join Date
    Jan 1970
    Location
    Branford, CT
    Posts
    15,669
    Quote Originally Posted by fredo View Post
    EAG : enthusiast auto group. It's a dealer based in Ohio.

    www.enthusiastauto.com
    They are going to laugh in his face. lol

    Sent from my Pixel 3 using Tapatalk
    BP
    2005 330i ZHP / 6MT
    Imolarot / Naturbraun



    It's not the car you drive, it's how you drive it.

  6. #6
    Join Date
    Apr 2019
    Location
    BC, Canada
    Posts
    8
    I went through something similar last fall. Here's how it went, hope it applies or helps you.

    I was able to deal with my insurance adjuster who originally valued my car somewhere around $3K (CAD) by way of a 3rd party appraisal report. Report is supposed to be based on similar cars in the local market. I requested to see the 3rd party report. I could then see that they used different 3-series as comparables. Mine was an '03 330i5, comparables in the report were, 320's 325's and 330ciA. For each comparable vehicle the report shows asking $$, km's, adjusted selling price reduction of +/- 10% and maybe a few other things. With that info I was able to deconstruct their valuation process. Then I could see that the insurance company was valuing things like "3-series" and "2003" more than "30", "i" and 5spd. So after that I just had to be polite with my adjuster and let them know that my cars comparables were things like LCI (03-05), sedan with a 5 speed transmission. Once that was understood we could then select proper, fair comparable cars in our local market.

    In the end the insurance company needed at least 3 comparable vehicles. Luckily , that's all that were for sale in regards to sedan LCI 30 5spd. And ZHP or not, that combo has a much higher asking price, my payout doubled, and rightfully so.

    The only danger I can see when talking to your insurance company about the value of your car is that you set the parameters in such a way that make your car too rare and you are unable to find 3 different comparables in your local car market.

    On a side note, I also started my journey by talking with a friend of a friend who deals with representing (not a lawyer) people against the insurance company and help them get things like compensation for the de-valueation of a rebuilt title or claims on titles etc. He was the one who told me about the Mitchel Report (3rd party appraisal). But when dealing with cars of such a relatively small value he wasn't able to offer more help.

  7. #7
    Join Date
    Aug 2019
    Location
    Pembroke Pines, FL
    Posts
    5
    Quote Originally Posted by Natban View Post
    I went through something similar last fall. Here's how it went, hope it applies or helps you.

    I was able to deal with my insurance adjuster who originally valued my car somewhere around $3K (CAD) by way of a 3rd party appraisal report. Report is supposed to be based on similar cars in the local market. I requested to see the 3rd party report. I could then see that they used different 3-series as comparables. Mine was an '03 330i5, comparables in the report were, 320's 325's and 330ciA. For each comparable vehicle the report shows asking $$, km's, adjusted selling price reduction of +/- 10% and maybe a few other things. With that info I was able to deconstruct their valuation process. Then I could see that the insurance company was valuing things like "3-series" and "2003" more than "30", "i" and 5spd. So after that I just had to be polite with my adjuster and let them know that my cars comparables were things like LCI (03-05), sedan with a 5 speed transmission. Once that was understood we could then select proper, fair comparable cars in our local market.

    In the end the insurance company needed at least 3 comparable vehicles. Luckily , that's all that were for sale in regards to sedan LCI 30 5spd. And ZHP or not, that combo has a much higher asking price, my payout doubled, and rightfully so.

    The only danger I can see when talking to your insurance company about the value of your car is that you set the parameters in such a way that make your car too rare and you are unable to find 3 different comparables in your local car market.

    On a side note, I also started my journey by talking with a friend of a friend who deals with representing (not a lawyer) people against the insurance company and help them get things like compensation for the de-valueation of a rebuilt title or claims on titles etc. He was the one who told me about the Mitchel Report (3rd party appraisal). But when dealing with cars of such a relatively small value he wasn't able to offer more help.
    Thank you for this great advice I have my homework cut out for me now.

  8. #8
    Join Date
    Sep 2018
    Location
    San Antonio TX
    Posts
    7
    you should also be able to use the auction history on BAT...... to establish the value

  9. #9
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    Aug 2019
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    Pembroke Pines, FL
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    Quote Originally Posted by Johnzerd1 View Post
    you should also be able to use the auction history on BAT...... to establish the value
    I have already told them about that, but I do not believe they looked into it. That is why I am now at the stage I am at with finding an appraiser.
    Thank you

  10. #10
    Join Date
    Sep 2018
    Location
    San Antonio TX
    Posts
    7
    which insurance co are you having to deal with ?????

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