question: how do you persuade an insurance adjuster to give a higher valuation when a low-production version of a standard car gets totalled?
back story: my buddy Jim has a '94 E36 M-Technic 325is. sources suggest less than 200 were built for the US market. a couple days ago, it was hit while parked, solid hit to left door / quarter / rear wheel, which pushed it into the curb on the right side hard enough to fold the right rear suspension. no doubt it will be totalled. adjuster will be there 16-Jul.
second question: he's got a lot of the M-Technic bits off the car for refurbishment. is there sufficient valuation difference between a standard 325is and an M-Technic package car to warrant putting all those parts back on the car, or should he sell them separately and just take standard 325is money from the insurance company?
I don't know enough about the E36 M-Technic to give specific answers, but in general if the car is a special production, show documentation. IF you can find another one for sale here in the US, it can be a good basis for a "comp". Any history on the car will help. Basically anything to show it's not only a non-run-of-the-mill 325is, but show very clearly what it is.
As for the parts, you'll have to determine what the value difference is between the standard 325 and this car. Then determine what are the parts worth if sold privately? If it's worth more in parts, then take the standard 325is value. If not, put all the parts back on...or at least include them with the car.
If you can find a comparable one for sale to show the difference, there might be a case. Otherwise, its difficult.
IIRC The M-Technic package doesn't add much to the value. I'd strip the M-specific parts, sell them, and take the ins. money.
or ask the insurance company to total the car but 'sell' it back to you for 300 bucks or whatever. then you can part anything you want out.
I did it with a 240sx that was totaled. I got the check from ins for $300 less than if they wouldve towed the car away. I put it up on CL and someone came later that day and towed it away for $500. I could've likely made even more parting it myself, but I didn't have to deal with it. and my 240sx had no special parts except a b&m short shifter and a junkyard lsd from an infinity.
One of my 325ix's got totaled last year when someone ran a stop sign and hit me. After the first lowball offer, I was able to convince their insurance company (Farmers Insurance) the car was worth more than a regular e30 by providing production numbers as well as examples of comparable cars for sale, which took some legwork on my part - it was a really nice one with low miles, so there weren't a lot of comparable cars out there.
It turned out Farmers has an appraiser who deals with unusual cars, so they had that person do a second review of the case, and they actually came back with a second offer that was higher than I was hoping for.
So, the moral of the story is your friend needs to do his homework, and provide the insurance company with information to prove the car is worth more than a run of the mill e36.
When my Saleen got totaled I ended up faxing in close to 100 pages of documentation. The letters of authenticity and uniqueness signed by S. Saleen helped. Comps from the two bracketing years also helped.
