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On My Christmas List!

This is why I have front and rear dash cams with motion detection in all my cars. It might night save my car from getting hit but at least someone will end up with a hit and run conviction on their record.
I hope Santa brings 2-3 of these camera setups for my stable. They are cheaper than insurance premiums.
Maybe a NEW THREAD would be in order so we can discuss this some more?
 

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I hope Santa brings 2-3 of these camera setups for my stable. They are cheaper than insurance premiums.
Maybe a NEW THREAD would be in order so we can discuss this some more?
I have old G1WC cameras which work fine for me but there are much better and cheaper cameras on the market now which I'm not familiar with. A good place to start looking is the techmoan channel on youtube. He's the go to for dash cam reviews.
https://www.youtube.com/user/Techmoan
 

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His insured car was damaged badly by a hit and run and the "modern" view of insurance is to suck up the loss by himself? Any responsible insurance company must protect an owner for such loss, especially if the insurance company wants his business of multiple cars. Nothing wrong with switchers. If the "modern" view of getting insurance is to pledge "loyalty" in fear of future rate raise, this so called "modern" view is xxxx, in my opinion. We should protect our interest as long as we don't commit any frauds or crimes. There is no fraud here.

When I switched to Geico, they asked me about the past accidents and I told them the facts. They do have records they can find. We shall not lie because they know. I still got a better quote and I won't switch unless I get a better quote. I also checked with 2, 3 other companies, such as Amica. Some of them gave me much higher quotes. Insurance companies want switchers. That is one major source of growth for them. Just listen to all the ads by insurance companies. They want you to switch. Consumers have the right to choose the best insurance company for their best interest.

About a year after switching to Geico, the front bumper of one of our cars was damaged when it caught the garage door frame (not by me). I have collision and comprehensive for all three E320. I called Geico and drove to their inspection location (they don't come to you for small damages). They estimated the loss for about $500 and wrote me a check on the spot. I got some new parts for $100 and fixed it DIY. No rate increase, even we were at fault. That is the difference between my old insurance company and my current one. I don't have any other claims for three cars of mine in the last four-five years.

A responsible consumer should not encourage predatory practice of insurance companies, which is modern to me. For E320project, this is not his fault at all. We should not encourage insurance companies to threaten or scare insurers from protecting their properties with future rate raises.

A better practice to avoid future rate increases is to drive responsively, no speeding, running lights, etc. How many idiots I see everyday who tailgate the car in front of his/her, the leading cause of highway accidents?

jftu105



Quick to fire...can't read. I said at the beginning of my post that because the OP was hit while he was parked and not even present, they'd probably not raise his rates.....which also means he DID tell them in that scenario and they would fix the car unless it approached the blue book value of the car.....whereupon they would total it.

If you wanna pay for liability & collision on these old cars, be my guest. You could just as easily set aside the difference between liability only and full coverage for minor benders like you had. You're gonna learn a hard lesson with Geico when and if you have a major accident. But right now you've got all the answers.....including a diatribe on how to be a more responsible driver....good luck with that.

Kevin
 

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Discussion Starter #25 (Edited)
A little update . . .

It appears as though the vehicle is going to be totaled. Believe it or not, this is probably the best case scenario.

My deductible is only $200 since it is classified as hit and run.
The appraisal is for almost $3100. I was figuring I could probably sell it for about $2500 before the incident.
So I should be getting about $2900 for a car that I have under $2500 into, and was bought to basically scratch my w124 itch.

I will have the opportunity to buy the car back, which I plan to do, depending upon the cost. I will probably get a figure in the next week or so, but anything under $500 would be great. If it goes above $500, it will be a tougher decision. It is still a great-driving and reliable car, salvage title or not. In parts alone (new Michelins, new Sachs shocks, updated harnesses/ETA, numerous OEM parts in good shape), it would be worth a lot to part out. But I'm not interested in spending time to part it out.

If I don't buy it back, I won't be heartbroken. It was a project car that I enjoyed bringing back to life. But I already have 2 cars, a work car, and 2 motorcycles, so this one was another toy. If it was a wagon, which is what I really wanted and would have more use for, this would be a bigger deal. As it is, we'll just see how it plays out. But under $500, I know I can easily sell it again or can give it away to a friend or family member who needs reliable transportation. If somebody has a strong interest in it if it goes above $500, let me know and we can arrange something.

I'll update more when the dust settles.
 

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You could have a contract repair done so it would not be totaled and you keep a good title. That is where the shop agrees with the insurance adjuster that they will take an amount (maybe $2,900 in this case) to fix the car, and not a nickle more. Could be another option for you as you make a final decision.

Around here a salvage title is hard to deal with as it has to be fixed and inspected ... prior to legal licensing. I bet that is an adventure and was not the option selected after my last crash from an uninsured motorist. Adjuster told me 4,5 or six times they were going to total it, but finally they agreed to contract repair.
 

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Discussion Starter #27
I'm not sure what the repair cost estimate is, but I am fairly sure it isn't $2900. That amountis based upon the car's market value as it is written off as a total loss. They total the car once the repair cost reaches X% of the car's market value. I'm not sure what percentage USAA uses. I've seen insurance companies total a car when the repair goes anywhere from 50% to 100% of the value. My guess is the repair cost is probably 50-75% of the value.

But let's say I could get $2000 (more likely less). While I'm sure I could get the dent repaired and resprayed for that amount, I'm still left with a car with poor paint (save for one freshly painted quarter panel). And it still would only be worth about $2500.

Now if I thought I could take the money and end up with a repaired panel and total respray, that would be different. I have a buddy who paints cars. In that case, I would end up with a beautiful w124 worth $3500-4000. Really, other than the poor paint, my car is in great shape mechanically and the interior. But I don't really see this happening for $2000.

The alternative is I get $2900 for a car that I have spent about $2500 on. So I got to enjoy a w124 and get $400 for the opportunity. Then, add to that, if I can buy the car for under $400, I end up with a reliable w124 essentially for free. Yes it will have a salvage title, but it is free. So I'm not the least bit concerned about resale at that point. I can drive it for 5 years, give it away, or sell it and any amount received is money ahead. Even if I don't fix the dent, it is an awesome commuter and I don't have to worry about getting dings and dents.

Things would be different if I had spent loads of money on it over the years or it was somehow rare or irreplaceable. But it is a dime a dozen E320. I'd rather buy it back and take the money to buy an extra clean w124. Then I can use the best parts from both.

You bring up a good point about the process of getting a new title, however. Even if I do nothing to the car, it will cost me $125 to have the car examined and time spent at the DMV and getting it examined. Something I need to think about depending on the cost to buy it back.
 

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My advice....take the totaled amount and run laughing all the way to the bank. I wouldn't buy it back unless it was $500 or less and forget about putting it back on the road. Buy a similar example with better paint, enjoy and use the parts in your totaled car(if you have the space).

I am the original owner of my TE and so if anyone should have sentimental value, it would be me. If someone offered me $2,900 for it, I'd be walking. We have no need to covet these cars unless they are V-8's or Cabs. There's just too many of them out there still. And I sure as hell wouldn't be pouring money into that totaled car for a deal cut between the insurance company & the body shop as suggested....not with bad paint. Like you said, the car is a dime a dozen.

Kevin
 

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Discussion Starter #30
So it looks like the buy back for my car is $212. Needless to say, I am keeping the car and getting about $2800 in my pocket. Seems like a no brainer to me. Worst case, it is the best $200 car I ever bought. If I end up with another w124, I'll take the best parts from it. heck, the tires are brand new Michelins. If I end up with something else, I will post it here or give it to somebody who needs it.

I still need to figure out what to do with the title. In Virginia they have "Rebuilt" and "Repaired" titles, depending upon the amount of damage. Not sure it really matters as they are both Salvage type titles. I'm holding out a little hope the title will stay clean, albeit with a total loss on file. Won't really effect what I do with it or how much I sell it for.
 

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Interesting....all states do this a little different and the insurance companies adjust. It was wise to take the $2,800 and keep the car for the $212. Like you said, the tires are worth that and it's a no-brainer if you have the space.

If it were me and I had the space, I wouldn't care if the car ever saw pavement again.

Kevin
 

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Discussion Starter #32
It looks like in Virginia if the estimate is more than 75% of the car's value, the insurance company is supposed to send a form to the DMV. They told me to keep the title, but I still haven't got clarification from them as to whether I will need to get a new title. I never actually saw their estimate, so I don't know if it was over 75%. But it sounds like there is a small chance the car will still have a clean title. Doesn't really effect my decision, but would be an added bonus.
 

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I am glad that you did not take the "modern" view of insurance and fixed your car by your own without claiming what you are entitled to via your insurance. I will give you this unsolicited suggestion: Get an E320, 1994-1995. I don't know if you live close to Washington DC. If you do, there are so many low mileage E320, 1994 and 1994, asking just about $2000 or less. Get yourself the capability of HfmScan and an E320, 1994-1995 at good condition, you will be a happy owner. I am in a good position to say so because I have three of them. E320, 1994-1995 in my opinion has the best combination of mechanical and electronics/computer systems. W124 before 1993 are too mechanical in the engine control, while W210 after 1996 are too "electroincal". With HfmScan, you will get all the needed information about your engine control and you will be able to maintain it with very reasonable cost.

Good luck. Just don't buy the cabriolet I am interested.

jftu105
 

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Discussion Starter #34
There's actually a E320 wagon in Maryland I'm thinking about checking out. It's a quite a way from me and time isn't on my side. I probably won't do anything until after the holidays. But I have to admit, getting a BMW E39 wagon is really intriguing to me at the moment. I think I just need to sit back and see what deals show up. I certainly have no urgent need to get anything. Just the excitement of another new toy. In the mean time, I will keep enjoying this w124 for what it is. I'm sure it will eventually have a new home in the next several months as I would like my next project to be in better shape aesthetically. If it was a wagon, I would probably pony up the money to do the body work and paint it. The next owner can decide what they want to do with it. Unless I just drive this into the ground.
 

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Don't go to the dark side with BMW. I had had a BMW 528e, 1987 and it was a nightmare. I had to admit that I did not fix my own car at the time but, boy!, it required so much work for the five, six years I owned it. I donated the car to a church at the end for tax credits. At the junk yard, I get to see so many different cars. Perhaps due to my familiarity with E320, 1994-1995, the designs of most of them are all unfriendly for DIY, in my opinion (biased, of course). Stay with W124 and you will be happy. Get a cabriolet if you want to be challenged. Just don't buy the one I am interested in.

jftu105
 

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Discussion Starter #36
I just heard back from the insurance company. It sounds like I don't need to re-title the vehicle as salvage. I have to say this probably worked out as good as it possibly could.
 

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Glad it all worked out. If your ego can handle it, you could just continue to drive it. It is still the car it was before the fender bender. Take the nearly $3,000 and find another really nice one. Heck, that's e420 money nowadays!
 

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Discussion Starter #38
I have no issue with driving it as it is. But this car was always just a project and was never in the long term plans. We already have a much newer sedan and SUV. In addition, I have a work car and two motorcycles. What I don't have is space, so if I keep this car I can't get another toy. I only bought this car because it was a cheap non-runner and I figured I could get it running and scratch my w124 itch at the same time.

Now if it was a wagon, I would have an actual use for it and I would be taking the $3000 and putting it into the body and paint. But I don't have a long term use for a 4 door sedan. (I would make an exception for a 500E). Accident or not, this car would be going up for sale soon now that I got it running well. I was mostly driving it to get my money's worth. That, and because I just like driving it so much. If the timing had worked out better, I probably would have bought that nice green w124 wagon that was for sale in PA (I think).

If I had the need for a sedan, the prudent thing would be to drive the doors off of it. It is essentially a free car right now. But my wife won't give up her sedan and we need the SUV. So I could keep this as my fun car, but this car was never bought for that reason. I would rather have somebody get good use out of it and I can move on to my next toy.

That next toy may be a w124 wagon, or a 560SEC (kinda growing cold on that one, however), an E39 wagon, or even a Porsche 928 (doubtful). A screaming deal on a E420 might put me in another sedan, but I think I would still be longing for a wagon. The thought of flying out to the West Coast to get Komrade's ride had crossed my mind :)

So I will drive it until I find my next toy or until I feel good about giving/selling it to somebody else. My oldest is still several years from driving age, so I can't really keep it for him. I would love to sell it cheap to a deserving college kid or board member that had a good use for it or could combine it with another to make a real nice w124. Even with the clean title, for how little I would want for it, I'm not sure it would be worth my time to deal with the craigslist crazies.
 

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You've got wagon fever for sure! And even though Volvo of the same yrs had a slightly more generous cargo area...it was well, a Volvo. We were committed to buying a Volvo wagon back in '92...even had $1,500 down on one. We drove the MB wagon and before I exited the vehicle, I was trying to figure out how to break the deal with the Volvo dealership. We also looked at the BMW wagon of the same yr...tiny, like a stretched, small car. We didn't even drive it, there was no point.

Just be sure you get the color scheme you really love with the TE.....

Kevin
 

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And speaking of craigslist crazies....I just sold a '92 Ford Explorer through them. Man, what a ride into the nut house. I was selling it for a young adult and for $400 they were hammering me about if the car was 100% mechanically perfect. Really?? A few of them I had to bring back down to earth and remind them of the price, age etc. Finally a mechanic came, looked at it for his son, paid the price and it was gone. I think that the lower the price, the more crazies you attract. Hell, if you gave it to them free, they'd still complain.

And of course there was the ubiquitous scammer...you know, the guy that says he'll send his 'agent', please drop the ad, will be 'over' the asking price with a 'cashier's check', I pay the difference and cash the check. I told the guy he was a poster child for scammers. Sometimes they swear at you, but he was silent after.

Kevin
 
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