In Reply to: Just think when they give him $1200.00 for it... posted by Bob on January 13, 2001 at 23:58:03:
Blackie's driving his e12 and is hit by soccer mom in her SUV/Mini Van, which wrecks engine compartment. Allsatae writes Blackie a check for $1200, which is the high book value of a 1980 e12 BMW. Blackie is unhappy. Allstate say, take the money or sue us. By the way, if you sue, you will be an old, old man before you get a dime, even if you win. Ever hear of Allstate and their practive to keep asking for new trials until their well paid lawyers win?
I had several judgements against Allstate on ONE accident, but they kept appealing and asking for new trials until NO lawyer would take the case (they like to get paid) against them. At that point they won by default after the 3rd appeal to an arbitrated settlement. FORGET IT!!!
Damage to engine/turbo is $16,000. Damage to body is $3500. Blackie pockets $1200 less $200 to repurchase wreck, and buys many, many beers with the money. See sad Blackie cry.
It can be a REALLY bad deal to have $20K in a car "worth" $1200.
Been ther/done that. BAD NEWS.
True an E12 isn't worth much, but neither is a E28 or for that matter a E9. Putting $20K into restoring an old E9 and try having the same accident, it could yield the same results. (NO MONEY ON INSURANCE PAYOUT)
SO why bother either restoring or "upgrading" your car anyway?
Because we all have this terrible sickness for BMW's, I guess....