I had a collision last month with my 2004 545i SMG, not a big deal, guy ran a stop sign and I couldn't avoid him in time. The car looked like it just needed a hood, front bumper and passenger headlight. I'll have the car back in a week I thought. WRONG, the guys insurance company (state farm) totaled the car, I was PISSED because I loved that car! Then when I heard how much they were giving me, I got over it really quick. I bought the car 4 months ago for 17K flat. State Farm gave me 25K. I'm now in a 2008 550i M-Sport!!!!

 

Sounds strange. How you managed to insure the car for more that you paid for it?

 

it doesnt matter how much he paid for the car. insurnace companies go off book value, or retail value, unless you have some shady insurance company who pays pennies on the dollar.

 

I don't see what's so strange, I paid 17k cash in a private sale. State Farm valued the car at 25k. If I had gotten the car for free as a gift am I not entitled to be reimbursed in the case of an accident? Insurance covers the value of the car regardless of what was actually paid for it.

 

I agree, this is your best option. Take the insurance payout and buy another car. Then buy it back and part it out. You can advertise some of the parts right here on this board. You should come out ahead, depending on the buy it back price.