Need Insurance Help Virginia

[jmr_1602]

Im hoping anyone in VA can provide me with some help/advice.

On the 18th I got into an accident with my 71 1602, which left the nose panel, hood, ps fender and radiator smashed.

My insurance company (USAA) is now totaling the car and are only agreeing to a value of $1,900. Of course I'm upset, and when asked why they priced it so low, their answer was that was the price range of similar 02's that have sold for within my state (at dealerships and private sellers). I asked if they could compare prices nationally and they said it was against VA state law to do so.

Does anyone have any links to 1600's or 2002's in the state of VA that have sold recently or are currently being sold comparable to the condition of my beloved '02?

Any advice. I've never dealt with insurance companies before, and have been a member of USAA for 10+ years without any accidents.

Below are links to my "project" blog, and a more recent photo shoot.

http://www.bmw2002faq.com/component/option,com_forum/Itemid,50/page,viewtopic/t,353632/highlight,/

http://www.bmw2002faq.com/component/option,com_forum/Itemid,50/page,viewtopic/t,339727/highlight,/

I'll post images of the damage a little later, still waiting on the picture to upload.

[JohnW]

The insurance adjustment thing is always a negotiation process.

Here's couple of ads out there now:

http://richmond.craigslist.org/cto/2224941932.html

http://norfolk.craigslist.org/cto/2212051547.html

I will not comment on what I think of these prices. ...

[jmr_1602]

Thanks John. It looks like I'm going to be battling with USAA on this one. I've saved those same craigslist ads. The more I think about it the angrier I get.

Jason

[jdarwin]

That's why it is always better to have an agreed value policy. Perhaps USAA doesn't offer this.

[jmr_1602]

Agreed! I inquired about agreed value with USAA when first insuring the car and was told they only offer agreed values on cars with antique plates, and since I used it as a daily driver, that wasn't an option.

Being a member of USAA for so long, and being satisfied with there services I stuck with them anyways. I should have shopped around some more. Now I'm kicking myself for that move. Lesson learned I guess.

[jdarwin]

Another suggestion would be e-bay ads. I'm constantly watching ads to determine the value of my car. Ebay is probably an inflated view of the market but that works to your advantage.

Also, I thought insurance companies used KKB or NADA to some extent. Those values are pretty high for 2002's from what I remember.

[Chester]

Avoid dealing with them over the phone - communicate in writing where ever possible - Ask them for the specific statute that precludes them from using national comps...

Dont let them push you around and remind them that you will not hesitate to get a lawyer... Find out about your state insurance department - they might offer some help or point you in the right direction. Dont be in a hurry to settle and let them know it - They will be in a hurry!!

Let us know how it goes and good luck!!!

[BarryA]

(and check VA law to make sure that USAA is accurate on not being able to use sales of vehicles in other states to establish value - it's possible that if there is such a law, it only applies to vehicles newer than "X" years old), document every penny you've spent on the car to as great a degree as possible.

What I've done in similar situations is to bury the insurance company with documentation proving a) the car's value, and that it IS repairable. I start with every reciept I can find for work done to date, every comp sale I can find, estimates from body shops, and ads or catalog pages listing the parts needed to repair the car.

Each gets copied on a separate sheet of paper (2 copies of each) & 3 hole punched. The reciepts, comps and repair info are then put in two binders - reciepts are grouped into general catagories (engine, suspension, interior, etc) with a spread sheet listing all the expenditures, comps and repair estimates in their own separate sections, and repair parts grouped together and listed in a spreadsheet.

When you get into negotiation with the ins co, hand them one copy of the binder, and tell them that based on the investment to date, the comparable values of cars sold recently, and the cost to repair the car, their inital settlement offer is not acceptable.

Most adjusters are not prepared for that level of documentation - I've always gotten a better settlement based on the documentation provided.

[jmr_1602]

Thanks for all the replies, all the suggestions are great. I especially like what you've done in the past Barry, and will definitely go that route.

So far on the phone they seem adamant about the market value of my car, and keep saying that their price is "set in stone" contrary to what I "feel" my car is worth. What I really want them to do is repair it, but they keep insulting me by saying the car isn't worth what I "think" it is. There is no way I'm going to let them off without a fight.

USAA keeps referring to the "7 distinct local markets" they use to determine value. From what I understand, it's a database of 3000 + inspected dealer vehicles at 20+ dealerships, and a 1,000 privately advertised vehicles per market (Norfolk, Martinsville, Richmond, Lynchburg etc.)

I find it hard to believe that they can comprehensively put a value on my 1602, based on dealerships that probably haven't had more than a handful (if that) of 2002/1600's on their sale lot within the past 20 + years. I expressed my concerns with their database, and they said. If they don't find vehicles within the normal market, then they expand out to other cities, and states. So perhaps, out of state comparisons are not out of the question.

Anyhow, I'm ranting now. I'll update in the future. Perhaps the info will be useful to other FAQ members in my predicament in the future.

Anyhow, I'm up for the fight.

[evoldog]

This is something I am very interested in.

I just bought my first 2002.

USAA has been my auto insurance company for 20 years for a reason-- the customer service has been outstanding and they've always taken care of me when I've had to file a claim.

BUT I had gotten the feeling that this would happen with the 2002. I talked to an agent and she implied I wouldn't get a good settlement in a wreck. She referred me to their antique/classic partner but they wouldn't cover a daily driver.

From what I've read on the boards, State Farm might be my next insurer because they do agree/stated value policies (not clear on which yet). I'll be sad to leave USAA but it sounds like I might have to if I want collision coverage.

Please keep us updated on how it goes! Good luck.

[jmr_1602]

Yea, I've been with USAA for about 13 years, and have always thought the service was great. However in hindsight, I'd definitely go with a company that will provide an agreed value option.

If I'm not salty after this ordeal, I'd still use them for any modern car I may buy, but for an 02 definitely shop around.

[JohnW]

FWIW, about nine years ago, one of my 2002s was rear ended and totaled. Geico paid me, but let me keep the car and title (it was never reported to DMV). I mention this because this happened in Virginia as well. A similar scenario for you might be favorable if you plan to fix your car.

[Napes]

I've been with State Farm for over 30 yrs., first with my 356A Porsche, then with both my '75 2002 and my wife's '76.

When my wife's '02 got backed into in the driver's door by a guy in new, jacked-up pickup, while she was parked, there was some question about the value of the car. I asked if they used NADA and they said yes. So, I said, look it up. It showed the value of her absolutely beautiful '76 to be something like $12K, so they happily had the car repaired at the shop of our choice. It came up only because the guy at fault also had State Farm, so they were paying either way.

Bob Napier

[John_in_VA]

for classic/antiques. It can not be a daily driver, but didn't require antique tags 10 yrs ago when I was inquiring. As my daily driver was an '86 E28, ACI wouldn't cover my tii - thought I might need to drive it when my E28 broke down!

I've been a USAA member for >35 yrs, but insured the tii with Hagerty.

[logume1881]

I second Bob's endorsement of State Farm. A few years ago my mother had a 1973 Mercedes 450SL convertible, not concours quality but it was nicely taken care of. She t-boned a 4 runner at 40 MPH because the guy pulled out making a left turn and didn't see her. Thankfully nobody was hurt. The front half of the car was an accordion, but State Farm fixed it anyway after my father pointed out the NADA value was far higher than what they claimed in an attempt to write it off.