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      12-02-2014, 05:24 PM   #23
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This M car totall loss today.

Next week i will hear from safeco let see what the process of leasing the M6 cuz this my first time?
I like to ask if anyone had leasing with totall loss experience how fast the insurance company get you a new car and the down payment to drive off?
Thank you very much M club
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      12-02-2014, 07:35 PM   #24
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100% total loss.

Glad to hear you are safe and alive.
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      12-02-2014, 10:05 PM   #25
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damn

damn, dude sad. Good thing your okay.... But its gone....
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      12-03-2014, 03:55 AM   #26
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Hope you can total the car.. However, I don;t think the damages will be considered as total lost. Hope all is well and you get a good solution soon!
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      12-06-2014, 01:23 PM   #27
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I agree. not sure what state, but a total is usually damages in excess of 85-90% of the current value.
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      12-06-2014, 03:48 PM   #28
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sorry man, glad you r ok
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      12-06-2014, 11:16 PM   #29
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Quote:
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I agree. not sure what state, but a total is usually damages in excess of 85-90% of the current value.
I am not sure about that 85-90% you mentioned. Definitely there is liability for insurance companies specially for these high performance cars!
I am not that expert to estimate the damage, but most likely it's more than 50-60 K damage... let's see what OP reports..
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      12-07-2014, 07:40 AM   #30
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My heart is broken seeing your photos ...

Btw, are you Vietnamese NguyenM6?
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      12-07-2014, 09:27 AM   #31
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Quote:
Originally Posted by M6-Coupe View Post
I am not sure about that 85-90% you mentioned. Definitely there is liability for insurance companies specially for these high performance cars!
I am not that expert to estimate the damage, but most likely it's more than 50-60 K damage... let's see what OP reports..

Unlikely anywhere near that high. Being in the body repair business just over 40 years, it won't be half that. But different states and diff insurance co work differently so I'm curious as well.

OP- ask ur insurance co about "diminished value". But causing this yourself, there won't be much leeway
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      12-07-2014, 11:08 AM   #32
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100% total loss, they'll sell off what they can and write you a check.
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      12-07-2014, 11:21 AM   #33
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Quote:
Originally Posted by HoustonRider View Post
Unlikely anywhere near that high. Being in the body repair business just over 40 years, it won't be half that. But different states and diff insurance co work differently so I'm curious as well.

OP- ask ur insurance co about "diminished value". But causing this yourself, there won't be much leeway
Maybe you are not in business of new M6! I bet this car costs over 50k if can be repaired in any BMW certified shop. The whole front suspension is aluminum, the hood is aluminum, the fenders are plastics... non of them are repairable and you have to add bumper and possibly a lot engine components and tons of sensors, airbags, interior damages caused by airbags popping up, etc ... as a reference, an slightly rear end accident costs over 10K for these cars!
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      12-12-2014, 12:17 AM   #34
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Thanks alot for all sharing guyS

You right H.I.T nguyen is Vietnamese iam

M6..coupe you are right this cost over 50k total loss no way fix it...
Monday will have a cost of car value today market! !!!!!

My msrp 134k,,,i drive 2000 miles boom hit.
Let guess what is the car pricing today if safeco willing to pay out for BMW financial on Monday???
I maybe go B6 but dont know how the seat feeling and handling power ÷)
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      12-12-2014, 07:18 AM   #35
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This is where they are gonna get you.

$134k MSRP, value $99,999.

I'm not sure how they can call it totaled at $50k without knowing the value. If it's a total at $50k, the value would have to be just over $75.

Either way, still watching I'm curious how this will play out with a lease and a new car. From what I know, it will be BMWs problem not yours
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      12-12-2014, 10:14 AM   #36
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Glad you're ok and dittos what everyone else said. Looks like you were carrying some speed out of the turn.

Did you hit a light pole or one of the stabilizing wires?

Again, thanks for sharing. It's a good reminder to exercise some restraint with these 4000 lb bullets, especially with a new car and DSC off.
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      12-12-2014, 10:41 AM   #37
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Wow.. glad to know your ok.
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      12-23-2014, 04:14 PM   #38
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Ouch, glad you're ok but any single pic looks like a total loss...
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      12-23-2014, 08:43 PM   #39
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Glad you are OK.....but people need to respect the power of these cars. This is a legit supercar and it's not something to play with, especially if you don't have experience with the car.
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      12-23-2014, 10:47 PM   #40
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Quote:
Originally Posted by HoustonRider View Post
This is where they are gonna get you.

$134k MSRP, value $99,999.

I'm not sure how they can call it totaled at $50k without knowing the value. If it's a total at $50k, the value would have to be just over $75.

Either way, still watching I'm curious how this will play out with a lease and a new car. From what I know, it will be BMWs problem not yours
From my understanding, the insurance company will just pay for the car's current value. You have to figure out the rest with your financial institution, a.k.a. BMW F/S in this case. Usually, you have to "buy" the car from the lessor in the agreed upon payoff value written in the contract (which is almost always higher than the current market value). That means the lesee will have to pay the difference. Fortunately, I believe all BMW lease contracts include GAP insurance, which pays for this difference.

TL;DR - If it's a total loss, OP won't have to pay a dime. However, that insurance premium next year is a different story.

Looks like a complete loss though - depending on state, but from my understanding usually a total loss is anything between 40-60% of the car's value. If it is more, the insurance company will write you a check and try to salvage the car and sell it for a profit. If not, as someone stated it will be sold for parts.

Glad you're OK, OP!
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      12-24-2014, 10:17 AM   #41
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Interesting view.. hypothetically speaking, and based on my experience of UK insurance companies and their keenness to avoid paying usually.. the policy typically will state that a payout will only ever be made provided you are driving within the law and that everything is legal etc..

So could they prove that the car was being driven at speeds that were not legal and therefore refuse to pay out at all, and cancel the insurance?
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      12-27-2014, 12:28 AM   #42
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Quote:
Originally Posted by MattUK View Post
Interesting view.. hypothetically speaking, and based on my experience of UK insurance companies and their keenness to avoid paying usually.. the policy typically will state that a payout will only ever be made provided you are driving within the law and that everything is legal etc..

So could they prove that the car was being driven at speeds that were not legal and therefore refuse to pay out at all, and cancel the insurance?
I am sure that as long as it's not street racing, an American insurance company has to pay out. Even if the person were speeding and what not.
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      12-27-2014, 03:44 AM   #43
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There would be no point of having insurance then. You can fail to yield the right of way and cause an accident. Under your view, the insurance company could refuse to pay out because you were violating the law. That isn't how it's done here....
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      01-01-2015, 02:40 PM   #44
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If it's a lease BMW financial services puts automatic gap insurance
Push for total loss and you will be fine
It's gonna be completely paid off
No worries
Safeco I think will cover the loss of the actual value of the car to BMW financial services and BMW will cover the GAP insurance
Something like that
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