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m3sport 
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Joined: 27-February-2007 Location: Cork Status: Offline Points: 194 |
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 Topic: price war with Insurance companyPosted: 04-February-2009 at 15:44 |
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The contact i have been dealing with in the insurance cpmpany confirmed that they will go off prices from carzone more so than any other website.
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I miss my m3.......
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dryle
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Joined: 31-January-2006 Location: Enfield. Status: Offline Points: 1348 |
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Posted: 04-February-2009 at 15:37 |
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It depends on the insurance company, I had that argument with Alliance iirc and they stated that they only pay on what you would get for trading the car in. Another companies website stated that if written off they pay out the cost for you to replace the car. Get on to consumer affairs and see if they can help you out. |
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Dave Ryle
 "The power of accurate observation is commonly called cynicism by those who have not got it." -- George Bernard Shaw |
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deeko1973
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Joined: 25-June-2008 Location: Glasgow/Lytham St. Annes Status: Offline Points: 174 |
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Posted: 04-February-2009 at 14:36 |
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Excellent result mate! Well done for all your arguing!!! Regarding the prices - I found that when I was looking too - the prices were already reduced by the garages just to spark enough interest to get you in the door... so if you tried to talk them down any they were either saying no way or dropping by £100 or so. Hardly worth it when you're spending a few grand... My mate found the same - and he was looking at cars double the price that I was looking at. Dealer again would only bring down by couple of hundred pounds even when he was waving the cash at them and threatening to walk without buying... If you shop around a bit and try to play some dealers against each other you might have more luck... just depends if you can find a few cars you're interested in!! Good luck with the search! |
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E46 2000 330i Saloon |
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m3sport
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Joined: 27-February-2007 Location: Cork Status: Offline Points: 194 |
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Posted: 04-February-2009 at 14:00 |
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Ok guys, i reached an agreement with the Insurance company.
We agreed on 11k, and i bought the car back for smaller money than anticipated. So in total i should be walking away with almost 14k including the sale of the car. Not a bad days work...... I had documentation from 2 dealers saying the car was worth over 11k on a sale, where you might have asked 13k for it. I produced this to the insurance company, along with adds showing that 11-13k was what they were being sold for on carzone/cbg/autotrader. Im happy with the offer, but i had to threaten canceling all my 6 insurance policys with the insurer before they would budge from 9k The original offer was 9k, so they came up 2k. Worth the argument i think. At least now im in a good position to be buying with cash in this market, but all thought i want to buy in the UK, most people there are not budging a whole lot form the asking price unlike here. Perhaps the next 3 months will see a change to that in the UK like it has done here in the last 3 months. Thanks for all the comments lads, always appreciated. |
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I miss my m3.......
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Dergside
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Joined: 16-May-2004 Location: Mid West, Ireland Status: Offline Points: 4000 |
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Posted: 01-February-2009 at 23:02 |
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Once again..........! Not so. The CO2 based roadtax rates do not apply to cars first registered before 01/01/2008. This is the case for cars originally registered here or imported. The VRT rate is now CO2 based though and has been since July 2008. |
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Now: BMW 523i SE '00, 318i SE - e91 '07, 325i Coupe '93.
Prev: e46 328i SE Touring, 330Ci, 318Ci. e39 523i SE. e36 325i Coupe *2, 323i SE, 316iSE. e30 325iSE 2dr, 320i Conv, 320i 2dr, 316i. |
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m3sport
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Joined: 27-February-2007 Location: Cork Status: Offline Points: 194 |
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Posted: 01-February-2009 at 12:43 |
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Yeah, they can be had in the UK for a bit less. But as i was saying, it is then going to be over 2000 a year to tax if i bring one in. Mine, was 1500 a year to tax as it was reg pre july 08. So, it beggs the question, is it worth getting another one, and paying 2000 a year tax? And, for a car thats only used in the summer months..........
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I miss my m3.......
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deeko1973
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Joined: 25-June-2008 Location: Glasgow/Lytham St. Annes Status: Offline Points: 174 |
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Posted: 01-February-2009 at 10:08 |
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Well that's good anyway - that you managed to sell it on and make some
money on it. At least that's some consolation. Regarding finding a replacement for 9k... I've just done a UK search on autotrader and there are 30 M3 Evo Convertibles ranging in price between £3995 and £8995... Obviously that's not results in Ireland, but there's plenty around if you don't mind buying in the UK...? |
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E46 2000 330i Saloon |
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m3sport
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Joined: 27-February-2007 Location: Cork Status: Offline Points: 194 |
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Posted: 31-January-2009 at 18:49 |
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Well it looks like I have many lessons to learn then........ However, I asked my insurance today, who claim that the insurance value should fall given into account depreciation etc "without reducing it yourself"
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I miss my m3.......
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Dergside
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Joined: 16-May-2004 Location: Mid West, Ireland Status: Offline Points: 4000 |
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Posted: 31-January-2009 at 14:26 |
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True in general terms but the difference to the premium of a lower value is buttons. I seem to recall a situation years ago when it got to a point with one car where the premium actually went up when I dropped the value below a (low) level. Their logic iirc was that at a lower value they were more likely to write the car off in the event of a claim than repair. I increased the valuation to above that level and took the saving! |
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Now: BMW 523i SE '00, 318i SE - e91 '07, 325i Coupe '93.
Prev: e46 328i SE Touring, 330Ci, 318Ci. e39 523i SE. e36 325i Coupe *2, 323i SE, 316iSE. e30 325iSE 2dr, 320i Conv, 320i 2dr, 316i. |
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kdevitt
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Posted: 31-January-2009 at 12:21 |
The insurance company will never lower the value of the car - thats up to you. Lesson learnt for your next purchase. |
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m3sport
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Joined: 27-February-2007 Location: Cork Status: Offline Points: 194 |
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Posted: 31-January-2009 at 00:16 |
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Im surprised of the value of 9k, because i cant see where it can be replaced for that!!!!!!!!! The insurance value of 18k was given when first insured 2 years ago. But, the insurance never reduced it each renewal.
i never claimed the no. plate would have increased the cars vlaue, only that it might make it more desirable. With regards to buying it back, I bought it back, and made a hefty profit selling it on (hassle free) i even got to keep the wheels and hardtop. Dough, looking at this post, i think it says a lot. Perhaps i was a little optimistic on the value........... |
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I miss my m3.......
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kdevitt
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Posted: 30-January-2009 at 21:41 |
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I don't know why you're surprised that people think its probably worth 9k, welcome to 2009 - its exactly what its worth unfortunately! I'm more surprised that 2 other people on here think its worth 13k.
You were kidding yourself with the insured value - it only increased your insurance premium - and the cherished plate has nothing to do with a cars value. Personally I'd avoid the hassle with buying it back and breaking it unless you break cars on a regular basis. |
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deeko1973
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Joined: 25-June-2008 Location: Glasgow/Lytham St. Annes Status: Offline Points: 174 |
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Posted: 30-January-2009 at 15:36 |
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Yeah sorry about being down on the value - I know it sucks... I think part of the reason you can't find another replacement for that kind of money is that there are not that many for sale... if there were more examples then I'm sure the price would range from £6k - 13k depending on condition. There's even a couple of '96 M3 Evo's on Autotrader for under £4k.. I guess folk that have them want to hold onto them - perhaps because it is not worth selling them because they know they're not gonna get what they want for them... There's some amazing deals out there just now.. Even a couple of months ago you couldn't get a newer shape M3 for less than £12k - now there's an '02 one on at £8.5k and an '01 at £9.3k!! It's just mental... You sure it's worth buying her back? Seems like a lot of trouble for a potential headache - trying to get rid of all the parts... Might be better to cut your losses and take the money... |
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E46 2000 330i Saloon |
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m3sport
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Joined: 27-February-2007 Location: Cork Status: Offline Points: 194 |
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Posted: 30-January-2009 at 14:38 |
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I wont be selling it for repair. Ill be selling it for parts only. I got a price to repair it, from my man in the garage, he rekons shes not all that bent and 6k would see her perfect and in top shape. Dough im still not going down this route, parts now is all ill sell it for. I can sell the parts,
engine & transmission interior wheels & tyres hard top soft top wood trim steering wheel non damaged panels and many more, surely ide make a few bob back on it this way? On the other hand, the buy back isnt that cheap, so I will have to break her myself as i dont think anyone will give me €3000 for her, and breaking myself, i think the new engine and box and wheels are worth that alone along with the dif. But i could be mistaken...........and end up with a project thats busting my balls for nothing! Its amazing really how many people think her value is only 9k. Yet i cant find somewhere she can be replaced for this? Including a hardtop which unlike all other fitted extras, should increase the value by a bit. |
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I miss my m3.......
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deeko1973
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Joined: 25-June-2008 Location: Glasgow/Lytham St. Annes Status: Offline Points: 174 |
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Posted: 30-January-2009 at 14:02 |
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How much difference is there in their 'valuation' for you to buy it from them? Have they changed their price at all from what they would offer purely to write it off? Buying it back is a good idea if you plan to keep hold of it indefinitely - since you have the car that you want and can do it up again to suit yourself. Remember though, that if you plan to re-sell it you will get an even lower price for it if it is listed as 'Cat D' or similar - i.e. an insurance write-off... Might be difficult to sell meaning you won't get nearly as much for it as you thought you might... |
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E46 2000 330i Saloon |
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Ballcock
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Posted: 30-January-2009 at 12:59 |
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Unfortunately as of 7-Oct last, this fee has risen to €1,000. |
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E34 Pilot - Keeping it Old School on Irish Roads.
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m3sport
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Joined: 27-February-2007 Location: Cork Status: Offline Points: 194 |
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Posted: 30-January-2009 at 12:37 |
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I have bought back the car from the insurer (well we have agreed this dough not happend yet) i plan to sell it off as is, for parts or as a whole piece. I have an offer on it, but the buy back from the insurer is rather higher than i thought it would be.
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I miss my m3.......
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Mike Ryan
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Joined: 17-February-2008 Location: Limerick Status: Offline Points: 120 |
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Posted: 30-January-2009 at 10:56 |
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Get the insurance company to give you 2 quotes. You have one quote already- they take your car and pay you. If you have whats now left of your pride and joy parked at home or at a friends secure premises and the insurance company has not incurred any costs in transporting the damaged vehicle yet - you are in a more powerful bargaining position. Ask them for a settlement to write the car off and you hold on to it. I am of the opinion that you will come out substancially better off financially. The dealers of damaged cars can be removed from the transaction and as a result the damaged vehicle will find its way into the hands of a more plucky purchaser. This has worked for me in the past and I have convinced a good number of friends that owned desirable cars to do likewise.
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Euro Builts are Better. Drive one and you directly support jobs in the Irish car component manufacturing industry.
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Dergside
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Joined: 16-May-2004 Location: Mid West, Ireland Status: Offline Points: 4000 |
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Posted: 30-January-2009 at 10:13 |
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Not so. The CO2 based roadtax rates do not apply to cars first registered before 01/01/2008. This is the case for cars originally registered here or imported. The VRT rate is nor CO2 based though and has been since July 2008. |
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Now: BMW 523i SE '00, 318i SE - e91 '07, 325i Coupe '93.
Prev: e46 328i SE Touring, 330Ci, 318Ci. e39 523i SE. e36 325i Coupe *2, 323i SE, 316iSE. e30 325iSE 2dr, 320i Conv, 320i 2dr, 316i. |
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seanmul
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Joined: 30-January-2009 Location: Limerick Status: Offline Points: 10 |
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Posted: 30-January-2009 at 09:58 |
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Take the money, then buy the car back from them, I did it before. This way you can have a donor car and swap all the good bits and bobs back on. But....make sure you check they will sell to you before you take the cheque! Edited by seanmul |
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price war with Insurance company
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lukeduke wrote: