Total Loss - Insurance Tips?

[crystalworks]

Unfortunately, the only way to come out "right" on this one would be to part it out I think.

As others said, insurance will not reimburse for maintenance, though you could mention it to them to speak to condition of the vehicle when negotiating settlement. As for mods, there are many, many, companies that will reimburse you for those as Josh mentioned.

[ylwjacket]

Originally Posted by crystalworks

Unfortunately, the only way to come out "right" on this one would be to part it out I think.

As others said, insurance will not reimburse for maintenance, though you could mention it to them to speak to condition of the vehicle when negotiating settlement. As for mods, there are many, many, companies that will reimburse you for those as Josh mentioned.

I am thinking they will mark down for mileage, but I can make the case that it was in better condition than comparable cars, probably even with less mileage, because it was ready to go another 100k miles with all of that done.

If I buy a used one with 130k miles, I will be expecting to do all of that work all over again.

I think that would add value if I were reselling it.

[srmmmm]

Originally Posted by ylwjacket

I am thinking they will mark down for mileage, but I can make the case that it was in better condition than comparable cars, probably even with less mileage, because it was ready to go another 100k miles with all of that done.

If I buy a used one with 130k miles, I will be expecting to do all of that work all over again.

I think that would add value if I were reselling it.

I have had very good luck with State Farm on two previous occasions with similar circumstances involving claims on the collision portion of my policy. The important considerations were; 1) I was a long time State Farm policy holder, 2) I always maintained collision on my vehicles no matter what the mileage, and 3) I maintain my vehicles well enough to qualify as a "certified pre-owned" vehicle that could be placed on an extended warranty. I also let State Farm periodically inspect my vehicles so they can make a note of their general appearance and condition. With mildly persistent persuasion, I've never had a problem with them assigning the highest possible value towards any repair or replacement situation.

2002 X5 3.0 310,360 miles
2014 428i 21,500 miles

2004 325i sold at 123,600 miles
2001 325i sold at 66,000 miles

1970 Firebird - under restoration

[jsoto]

3) I maintain my vehicles well enough to qualify as a "certified pre-owned" vehicle that could be placed on an extended warranty. I also let State Farm periodically inspect my vehicles so they can make a note of their general appearance and condition. With mildly persistent persuasion, I've never had a problem with them assigning the highest possible value towards any repair or replacement situation.

[/QUOTE]

Just looking for clarity. You actually call SF and either you head down to their location or they come to you for a visual ~inspection~ of your car ?

That's a 1st I've ever heard of.

I can see if you want to add a rider *which does costs extra above the stated premium*, that covers add-ons, custom wheels, etc - in which they may want a inspection or just receipts. That I've done in the past.

[srmmmm]

[/QUOTE]

Just looking for clarity. You actually call SF and either you head down to their location or they come to you for a visual ~inspection~ of your car ?

That's a 1st I've ever heard of.

I can see if you want to add a rider *which does costs extra above the stated premium*, that covers add-ons, custom wheels, etc - in which they may want a inspection or just receipts. That I've done in the past.[/QUOTE]

I take it to them every couple of years just to show them it's well maintained and in excellent condition. I've had the same agent now for 30 years, so the relationship is solid too.

[sunny5280]

Glad to hear everyone is OK. That's what is most important.

To address the insurance issues:

• The maintenance work you performed will be recovered indirectly because you could claim the vehicle was in "excellent" condition as opposed to "good" condition. This is similar to how a buyer would view it. They would not pay you the actual costs you put into it but they're much more likely to pay a higher amount for it because it's in "excellent" condition (just throwing out condition qualifiers).
• You may receive some compensation for performance / aftermarket items. The insurance company gave me extra for custom wheels I had on my car which was totaled. They also gave me extra for the performance exhaust on a sport bike which was totaled.
• I've really not had a problem with an insurance company low balling me on the value of my vehicles which have been totaled. The insurance company paid me fairly for both the aforementioned vehicles (in fact I received more for the motorcycle than I paid for it). Perhaps it was because these vehicles were not new and, for the most part, fully depreciated at the time of loss.
• Very, very, very pleased with State Farm. Always have had great experiences with them.

Let us know how it goes. I think you'll be treated fair without much effort.

[ylwjacket]

Originally Posted by sunny5280

Glad to hear everyone is OK. That's what is most important.

To address the insurance issues:

• The maintenance work you performed will be recovered indirectly because you could claim the vehicle was in "excellent" condition as opposed to "good" condition. This is similar to how a buyer would view it. They would not pay you the actual costs you put into it but they're much more likely to pay a higher amount for it because it's in "excellent" condition (just throwing out condition qualifiers).
• You may receive some compensation for performance / aftermarket items. The insurance company gave me extra for custom wheels I had on my car which was totaled. They also gave me extra for the performance exhaust on a sport bike which was totaled.
• I've really not had a problem with an insurance company low balling me on the value of my vehicles which have been totaled. The insurance company paid me fairly for both the aforementioned vehicles (in fact I received more for the motorcycle than I paid for it). Perhaps it was because these vehicles were not new and, for the most part, fully depreciated at the time of loss.
• Very, very, very pleased with State Farm. Always have had great experiences with them.

Let us know how it goes. I think you'll be treated fair without much effort.

Very encouraging - thanks. I know I would pay more for an X5 with all of the work that I just did on this one, knowing I wouldn't have to do it for 75-100k miles.

Will report back once I get more info - just taking baby steps.

[ylwjacket]

Originally Posted by srmmmm

I have had very good luck with State Farm on two previous occasions with similar circumstances involving claims on the collision portion of my policy. The important considerations were; 1) I was a long time State Farm policy holder, 2) I always maintained collision on my vehicles no matter what the mileage, and 3) I maintain my vehicles well enough to qualify as a "certified pre-owned" vehicle that could be placed on an extended warranty. I also let State Farm periodically inspect my vehicles so they can make a note of their general appearance and condition. With mildly persistent persuasion, I've never had a problem with them assigning the highest possible value towards any repair or replacement situation.

2002 X5 3.0 310,360 miles
2014 428i 21,500 miles

2004 325i sold at 123,600 miles
2001 325i sold at 66,000 miles

1970 Firebird - under restoration

Good to know, thanks. I have not done any inspections, but I hope to convince them that this car was better mechanically than most of similar vintage, because it was.