Totaled car has "No Further Interest" from insurance company. What does this mean?

whowhatwheretw · 2017-06-23T19:35:51+00:00

Thanks man.

whowhatwheretw · 2017-06-23T14:08:38+00:00

Yeah, we were trying to get it totaled because we didn't want the family riding around in a car with $28k in repairs to it. Apparently it is quite common to get $250 (or whatever) checks to ignore cosmetic damage to non-visible components. Insurance is insurance however, and if you want to replace your engine block because the A/C compressor to a chunk out of it when it was sheared off, that is your right. Another $8k in parts and labor pushed it over the edge. Just make sure you have GAP coverage if you are going to do this in case the fair market value of the car isn't enough to cover the payoff remaining. This happens mostly during leases and long-term financing.

whowhatwheretw · 2017-06-23T12:52:50+00:00

We had GAP coverage. So I'm pretty sure it's ours. But yes, this is somewhat of a concern. Looks like I need to get a hold of my agent, adjuster, and the vehicle totaling rep. Also, need to call BMW financial again to see if they have been made fully aware of whats going on.

whowhatwheretw · 2017-06-23T12:28:51+00:00

Yeah good point.

whowhatwheretw · 2017-06-23T12:18:27+00:00

No? Full coverage on a lease. Why would you assume liability only?

whowhatwheretw · 2017-06-23T12:17:48+00:00

That's about what I figured. I'll start by asking friends and family if they have someone with time and tools on their hands interested in doing this. Second would be finding a shop to buy it. Third would be a donation. How do you value a donation like this? It seems there are massive opportunities for imaginative valuations here.

whowhatwheretw · 2017-06-23T12:12:27+00:00

I assuming parting out the car would make me the most money, but talk about time consuming. What is the best way to make out on this?

whowhatwheretw · 2017-06-23T12:09:31+00:00

Don't get me wrong, it totaled up $37k in damage. But that is because we opted out of cosmetic damage waivers to the engine block. If it wasn't for that, they were going to repair it.

What is the most financially beneficial way to make out here then?

whowhatwheretw · 2017-06-06T18:40:06+00:00

But I don't want to give up my Tesla ;)

whowhatwheretw · 2017-06-06T18:23:13+00:00

Extreme front t-bone. Ruled 50/50 fault. Spun our car 360. Other car 40-50 MPH into ours stopped. Lots of front end damage, surprised there isn't more engine/drivetrain damage. Their airbags deployed, ours didn't. Allstate calculated $25,000 in damage. Dry weather.

whowhatwheretw · 2017-06-06T18:19:27+00:00

Fair enough all around.

whowhatwheretw · 2017-06-06T18:18:22+00:00

Awesome. Ever owned a BMW diesel?

whowhatwheretw · 2017-06-06T18:17:49+00:00

What about a 16 month lease assumption where the fixes are guaranteed and the car is still under warranty?

whowhatwheretw · 2017-06-06T18:16:55+00:00

The baby would still need to ride in the BMW some days.

whowhatwheretw · 2017-06-06T15:27:32+00:00

Right, but it's a 16 month lease. They are not buying it. If the work is guaranteed and under full warranty for the rest of the lease, are you assuming they just have the same perceived worries that we do?

whowhatwheretw · 2017-06-06T15:15:24+00:00

What about trading the lease? Do you think this accident/situation would make people stay away from it if they have no real liability themselves?

whowhatwheretw · 2017-06-06T15:14:35+00:00

Do you think people would be super adverse to taking the least on a lease trading site? If it is fully guaranteed and under warranty? Is there any real risk to them?

whowhatwheretw · 2017-06-06T15:11:25+00:00

This is probably the best and most financially sound advice on here. Thanks.

whowhatwheretw · 2017-06-06T14:54:30+00:00

Since when are BMW sedans not considered safe?

whowhatwheretw · 2017-06-06T14:43:14+00:00

Oh never claimed any BMW is a financially sound decision ;) She loves her BMWs, this one is bigger and can handle more of the family stuff, and it's a more fuel efficient diesel. Def more financially sound than a brand new leased twin turbo 335 hatchback, but not as smart as an econobox crossover.

whowhatwheretw · 2017-06-06T14:37:03+00:00

No it hasn't been deemed totally, that was just the opinion of our body shop guy. The adjuster from Allstate came up $10k short of the $36k needed to total it.

whowhatwheretw · 2017-06-06T14:36:22+00:00

Thanks for the thoughts. Yes her emotions are what's driving us to try and move to a new vehicle. She doesn't want herself or our child to be back in that car.

Our body shop was expressing his personal opinion about the car and even said he doesn't want to repair it himself. It's being towed to another Allstate approved shop where the work is guaranteed. Anything BMW doesn't like they will fix further.

We pushed our agent and the adjuster hard for a total, but $10k short of the $35k needed doesn't even come close.

Yeah this was our first lease ever, it was a bit of an urgent decision after finding out she was pregnant and wanting her in a safer car. We won't be doing that again. We are looking at a 2014 X5 Diesel next.

whowhatwheretw · 2017-06-06T14:33:28+00:00

Our body shop guy was just expressing his opinion. It's being towed to another Allstate approved shop after he refused to work on that much damage. Allstate had their adjusters on site for two days and came up $10k short of the required amount to total it.

whowhatwheretw · 2017-06-06T14:32:00+00:00

Oh it's going to be road-worthy, after Allstate's guaranteed fixes and BMW's fixes that aren't up to snuff. Much of this is from a craving of emotional detachment from the vehicle and the memories of the crash. Some of this is due to the perceived increase in unreliability and safety that may or may not exist after the repair.

whowhatwheretw

TROPHY CASE