tarfoot7

Hello all. They have officially totaled her and deemed the car a "total loss" after severing the main wiring harness sadly. Still sad about it...

I wanted to get everyone's thoughts on how to go about convincing the insurance company that my upgrades should increase the value of the car and ultimately the payout? The two biggest tangible upgrades were 1) the OEM M-Tech kit and the 2) OEM M166 M5 wheels. Insurance is saying that these don't add true value to the car and diminished them to merely "personal preference" likening it to choosing black sapphire metallic vs. alpine white. I have receipts for the parts and labor for the M-Tech install but they declined them and stayed with the base price of a 2005 545i that they came up with.

I considered paying for an independent 3rd party appraisal but haven't done so yet. If I go this route and pay for an appraisal, the insurance company said they too will get an independent appraisal to compare. If the two are close they'll go with that figure, however, if they are not close, they'll enlist a 3rd appraiser who will have the final final say and at that point it's a done deal whether its higher or lower than the original value they've already committed to.

Any insurance experts out there?

I'm happy to share details. Just PM me. The car has 111,600 miles, sport package, cold weather package, m-tech kit, M5 wheels, iPod hookup, and overall was still in great shape.

alexbaldy

Best thing for any task like that would be hiring knowledgeable lawyer. Of course if numbers ($$$$) are worth it...

Hope it will work out in your way.

advancedlogic

Generally, unless you declared your aftermarket parts when your policy was underwritten, insurance companies will be reluctant to replace it. While we know and understand the perceived value, unless you can find a dealer-optioned M-tech 545i with a cost breakout to compare to, you may be out of gas.

The reason for declaring your add-on/aftermarket parts is to ensure proper replacement value should the need occur. The insurance collects an extra amount in monthly premiums, but, like the insurance itself, you are paying for peice of mind. Without this optional coverage, your insurance company can optionally decide to pull the BS you are experiencing.

The appraisal matter is risky. I didnt see a link to a thread explaining the damage beyond severing of the main electrical bus. If the added parts are undamaged, try to request them back and resale them here. Do you still have the OEM parts?

nomis_nehc

What were you trying to do before that had you mess up the wiring harness?

Also, I am not understanding why this is a difficult situation. Just part out then. Trade someone for OEM wheels plus cash, and same with the body kit, bam, you've got money.

tonyb635

It would be nice if you could swap out these parts with the old one if still available and keep or sell them. Often though, they won't allow you to access the car other than to remove your items. If you still have car, then maybe a swap out with someone who has stock parts and color. My son was in a position recently where someone backed into his car he had photos and an estimate with a filed claim, then the following week before first payout his wife rearended someone which ultimately totaled the car. The first insurance co did not want to pay and then his second claim to his insurande was being low balled. He had just put in a new engine as well. After complaining they reviewed receipts he had and paid a little more. It seems as they all want to get away as cheap as possible.

BMW535xia

don't take their first offer for settlement...

BL 5

Remember when a car is declared a total loss the value is called 'ACV' or Actual Cash Value. This is based off similar vehicles in similar condition, similar options, similar miles. This is not NADA, Kelly Blue Book, Black Book... Actual 'comparable' vehicles in your market.

With that said, take your 04 BMW 545i with your upgrades. Park it next to a similar 04 545i no upgrades (wheels, bumper, ect). For the avenger person (not one of us) how much more is your custom 545i worth? That's how the insurance looks at it.

Your car needs wheels to drive right? So how about putting the stock wheels back on? The sell the M5 wheels, re-coup some of your loss. Your insurance company might allow for this?

Do your own research, find your own 'comparables' for sale in your market. Your insurance company will negotiate, just needs a reason to do so. A third party appraisal is another option, look to pay a couple hundred for this.

How far the the gap between your take price and their offer?

andymax

I'd use the argument that since they referrred to the items as "personal" then they should be considered personal property and allow you to remove them and replace with the originals.

The other option you have is to buy the car back from the insurance company. I did this with, of all things, a minivan once. I then sold it to my buddy that owns a body shop. He rebuilt, re-titled it and sold it. See if this option is available to you and maybe part the car out...

I'm curious who your insurance company is...