'06 BMW 530i Vs. Schwab ReadyMix Concrete Truck
12-26-2005, 11:52 AM
#101
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alright .. back at the office. previous respond post was from my blackberry.
West Field Insurance has been SLOW! its been damn near 4 months now ... and that AIN'T RIGHT!
I'm not sure if I acctually will get the new e60 ... i'm not about to spend any more money to get into the same car again ... i told them the only way this will work is if my lease payments remain the same .. in which case they would have to drop approximately $25,000 down, ontop of paying my old lease off $47,000.
in this case my $62,000 car would cost them $73,000 ... i just don't see that happening! especially since they might get about $25,000 back when they salvage the wrecked on ... thats if they are lucky. so this would cost them close to $100,000 ...... i doubt they will do that.
i just bought a house i moved into, ontop of already carrying a mortgage for a house i'm building and will be selling sometime in the next 6 months hopefully.
I just dumped ~$30,000-$40,000 for remodeling into the house i bought ... there went all of my money.
if it works, it works .. if it doesn't .. i'll look for something else smaller & more affordable to me right now. maybe the new 3 series .. if not, then maybe another Audi A4 ... really the only 4 cars i would consider .... BMW 530i & 330i ... Audi A6 & A4.
West Field Insurance has been SLOW! its been damn near 4 months now ... and that AIN'T RIGHT!
I'm not sure if I acctually will get the new e60 ... i'm not about to spend any more money to get into the same car again ... i told them the only way this will work is if my lease payments remain the same .. in which case they would have to drop approximately $25,000 down, ontop of paying my old lease off $47,000.
in this case my $62,000 car would cost them $73,000 ... i just don't see that happening! especially since they might get about $25,000 back when they salvage the wrecked on ... thats if they are lucky. so this would cost them close to $100,000 ...... i doubt they will do that.
i just bought a house i moved into, ontop of already carrying a mortgage for a house i'm building and will be selling sometime in the next 6 months hopefully.
I just dumped ~$30,000-$40,000 for remodeling into the house i bought ... there went all of my money.
if it works, it works .. if it doesn't .. i'll look for something else smaller & more affordable to me right now. maybe the new 3 series .. if not, then maybe another Audi A4 ... really the only 4 cars i would consider .... BMW 530i & 330i ... Audi A6 & A4.
12-28-2005, 11:31 AM
#103
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Jim,
I would not recommed buying the seats off a wrecked car, especially with heavy side impact such as in my case.
If you email me your contact info I will gladly ask the insurance company to get with you for salvage.
--mp
I would not recommed buying the seats off a wrecked car, especially with heavy side impact such as in my case.
If you email me your contact info I will gladly ask the insurance company to get with you for salvage.
--mp
12-28-2005, 11:38 AM
#104
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Glad you're OK.
But I personally wouldn't be OK until I got a check for a minimum of full replacement value of the car. In your case, $62k or whatever it would take to buy a new one. Exhuast all possibilities with your insurance company, as well as the concrete company. And get a lawyer to sue for that full replacement value.
If you were not given a traffic citation, and were in fact completely the victim in this accident, that's only fair.
Fight until you get what's right.
But I personally wouldn't be OK until I got a check for a minimum of full replacement value of the car. In your case, $62k or whatever it would take to buy a new one. Exhuast all possibilities with your insurance company, as well as the concrete company. And get a lawyer to sue for that full replacement value.
If you were not given a traffic citation, and were in fact completely the victim in this accident, that's only fair.
Fight until you get what's right.
12-29-2005, 06:02 AM
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Insurance should pay to replace the car whatever the cost might be. That is what INSURANCE is there to do - to make sure you will have the same car, same value, same comfort, etc whatever the circumstances might be. Fight for your money!
12-29-2005, 06:06 AM
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Originally Posted by TexaZ3' post='216788' date='Dec 29 2005, 10:02 AM
Insurance should pay to replace the car whatever the cost might be. That is what INSURANCE is there to do - to make sure you will have the same car, same value, same comfort, etc whatever the circumstances might be. Fight for your money!
On a related note, the credit union who gave me my auto loan just offered me GAP insurance for a onetime cost of $245. Think I should do it?
12-29-2005, 06:29 AM
#108
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Can anybody with actual knowledge chime in on the subject of replacement/ total writeoff payoff. I sure wouldn't mind getting the same vehicle again - that is what I would prefer, but with this being a lease i'm not sure what my rights are on this subject!
--mp
--mp
12-29-2005, 05:26 PM
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Sorry for your troubles, I may have some insights that will be helpful. Your "rights" are that you are entitled to be made "whole". In the law you are not entitled to profit unless there is cause for punitive damages. This is unlikely in a normal car accident situation. You may have the ability to collect damages from an insurance company that acts in bad faith in settlement of your claim. The way these things work will vary from state to state.
What it takes to make you whole is what you can argue in the legal system. This of course assumes that fault is clearly on the other party. Making you whole when you lease a car is a problem. You do not own the car. You pay a monthly fee to use that car. The insurance company will argue that you are whole if once you are unable to use the car; you no longer have to pay the lease payments. They will usually roll over fairly easily on pro-rating any of the origination fees and taxes you paid at the inception of your lease. The insurance company will not take the view that you were driving a 530i for X dollars a month and to make you whole means you can continue to do so. They will not easily accept that you have any equity in a leased car. What this often means for people that are leasing a car is that the bulk of the insurance premiums they pay are really for the protection of the financial institution that provided them the lease.
Our legal system is adversarial in nature. The insurance company sees its primary responsibility is to maximize returns for its shareholders. That means settling with you for as low a cost as possible without violating the bad faith regulations of the state they are operating in. This also means that it is your responsibility to fight for as high a settlement as possible. This often means you will need to retain a lawyer to represent your side. Insurance companies will make their calculations based on what they see as the maximum liability of a given case. If they view this case as limited to the actual damages done to the vehicle, they will be very tough in their position on making you whole for the vehicle. This is sunk money for them and case law is pretty clear. If on the other hand they see the potential expensive costs for injuries, lost wages, continued pain and suffering they will have a hard time establishing their total risk in the case. They will usually settle for some amount in excess of the value of the vehicle. Also, if the damages are not limited to the lost vehicle and include other issues then other insurances such as general liability of the cement company may come into play. This would allow the companies to share the costs of settling with you.
In protecting your rights it is never advisable to speak to a representative of the insurance company directly (often even your own). They will ask you all kinds of questions that seem casual but are designed to limit the value of your claim. Insurance companies also depend on cash flow issues that cause you to want to settle as fast as possible. In order to protect your credit during the settlement period, you may still have to make payments on your lease even though you don't have the car to drive. You may need the settlement money to get a new car, pay medical bills, make up for lost work days, etc.. It costs the insurance company little to wait; it may cause great hardship for you. They know this.
In short it is a sh***y system, but given that this is the way it works you must play the game the way the rules are written. Their idea of whole and your idea of whole will be different, its up to you to advocate your position as strongly as possible.
As another note about the "Gap Insurance" mentioned by another poster. What this type of insurance does is protect the bank when you are "upside down" on the value of the car. Banks often make very loose loans where they know that for a time you will owe more for the car than it is worth. Should the car be totaled during that period, they will settle with the insurance company for the value of the car and have to come after you for the balance of the loan. Borrowers often are unable to pay in this circumstance. The bank loses money either in the lost loan principle, or the cost of collection. If you buy gap insurance you protect the bank from this risk, of course you also protect yourself from having to pay the difference in case of a total. In general you don't need this insurance if you have made a reasonable down payment.
By the way, I am not an attorney. I am a businessman and have been involved in both the insurance and car lending businesses. I have seen it from both sides.
What it takes to make you whole is what you can argue in the legal system. This of course assumes that fault is clearly on the other party. Making you whole when you lease a car is a problem. You do not own the car. You pay a monthly fee to use that car. The insurance company will argue that you are whole if once you are unable to use the car; you no longer have to pay the lease payments. They will usually roll over fairly easily on pro-rating any of the origination fees and taxes you paid at the inception of your lease. The insurance company will not take the view that you were driving a 530i for X dollars a month and to make you whole means you can continue to do so. They will not easily accept that you have any equity in a leased car. What this often means for people that are leasing a car is that the bulk of the insurance premiums they pay are really for the protection of the financial institution that provided them the lease.
Our legal system is adversarial in nature. The insurance company sees its primary responsibility is to maximize returns for its shareholders. That means settling with you for as low a cost as possible without violating the bad faith regulations of the state they are operating in. This also means that it is your responsibility to fight for as high a settlement as possible. This often means you will need to retain a lawyer to represent your side. Insurance companies will make their calculations based on what they see as the maximum liability of a given case. If they view this case as limited to the actual damages done to the vehicle, they will be very tough in their position on making you whole for the vehicle. This is sunk money for them and case law is pretty clear. If on the other hand they see the potential expensive costs for injuries, lost wages, continued pain and suffering they will have a hard time establishing their total risk in the case. They will usually settle for some amount in excess of the value of the vehicle. Also, if the damages are not limited to the lost vehicle and include other issues then other insurances such as general liability of the cement company may come into play. This would allow the companies to share the costs of settling with you.
In protecting your rights it is never advisable to speak to a representative of the insurance company directly (often even your own). They will ask you all kinds of questions that seem casual but are designed to limit the value of your claim. Insurance companies also depend on cash flow issues that cause you to want to settle as fast as possible. In order to protect your credit during the settlement period, you may still have to make payments on your lease even though you don't have the car to drive. You may need the settlement money to get a new car, pay medical bills, make up for lost work days, etc.. It costs the insurance company little to wait; it may cause great hardship for you. They know this.
In short it is a sh***y system, but given that this is the way it works you must play the game the way the rules are written. Their idea of whole and your idea of whole will be different, its up to you to advocate your position as strongly as possible.
As another note about the "Gap Insurance" mentioned by another poster. What this type of insurance does is protect the bank when you are "upside down" on the value of the car. Banks often make very loose loans where they know that for a time you will owe more for the car than it is worth. Should the car be totaled during that period, they will settle with the insurance company for the value of the car and have to come after you for the balance of the loan. Borrowers often are unable to pay in this circumstance. The bank loses money either in the lost loan principle, or the cost of collection. If you buy gap insurance you protect the bank from this risk, of course you also protect yourself from having to pay the difference in case of a total. In general you don't need this insurance if you have made a reasonable down payment.
By the way, I am not an attorney. I am a businessman and have been involved in both the insurance and car lending businesses. I have seen it from both sides.
12-30-2005, 11:29 AM
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You need to read 2 documents
A) Your lease agreement with BMW, If you have GAP protection built into the lease, then BMW agrees to accept whatever the insurance company pays as a result of the total loss of your vehicle and you are discharged from your lease agreement with BMW and are free to negotiate a deal on a new BMW or any other vehicle. The GAP insurance looks after any shortfall between what your insurance company pays out and what the balance of your lease obligation is with BMW.
Your insurance policy. If you have replacement cost on your policy then the insurance company has to pay for a new car, same model number and list of options. If you had a 2005 and you cannot find a brand new 2005 they have to cough up for a 2006.
If you have neither A or B then you should be building up a case on what the current retail value of your car is. How you do this is to go on the net and find a car similar to yours, same model, year with similar mileage and you print out copies of the ads either from the net or local newspaper classified ads. When the insurance company presents you with their offer you pull out all your research and show them what similar cars to the one you lost are worth.
Don't be scared to be tough with them, they have jerked you around for 90 days when in fact this should have been put to bed within 30 days of the loss. Insurance companies are like banks, they hate contraversy and bad publicity, tell them that if they do not settle this within the next 10 days, you will post your experience with them all over the internet.
Also speak to BMW Financial, after all in the end this is still their car and if you have a walk away lease after the term is finished then BMW owns the car, if it repaired it needs to be done properly. If you have a lease in which you have to guarantee the residual value, it will be worse for you as BMW will have to declare that the car was accidented when your lease is over and they will not get top dollar for the car so you would have to make up the balance.
Good luck, looking foward to reading some good news from you.
A) Your lease agreement with BMW, If you have GAP protection built into the lease, then BMW agrees to accept whatever the insurance company pays as a result of the total loss of your vehicle and you are discharged from your lease agreement with BMW and are free to negotiate a deal on a new BMW or any other vehicle. The GAP insurance looks after any shortfall between what your insurance company pays out and what the balance of your lease obligation is with BMW.
Your insurance policy. If you have replacement cost on your policy then the insurance company has to pay for a new car, same model number and list of options. If you had a 2005 and you cannot find a brand new 2005 they have to cough up for a 2006.If you have neither A or B then you should be building up a case on what the current retail value of your car is. How you do this is to go on the net and find a car similar to yours, same model, year with similar mileage and you print out copies of the ads either from the net or local newspaper classified ads. When the insurance company presents you with their offer you pull out all your research and show them what similar cars to the one you lost are worth.
Don't be scared to be tough with them, they have jerked you around for 90 days when in fact this should have been put to bed within 30 days of the loss. Insurance companies are like banks, they hate contraversy and bad publicity, tell them that if they do not settle this within the next 10 days, you will post your experience with them all over the internet.
Also speak to BMW Financial, after all in the end this is still their car and if you have a walk away lease after the term is finished then BMW owns the car, if it repaired it needs to be done properly. If you have a lease in which you have to guarantee the residual value, it will be worse for you as BMW will have to declare that the car was accidented when your lease is over and they will not get top dollar for the car so you would have to make up the balance.
Good luck, looking foward to reading some good news from you.