Hi everyone. I need some advice, I really hope you can help.

My beloved 2003 Cooper was hit on Monday and I just found out that it is totaled. I'm trying to figure out what it's worth before I get the low ball offer from the responsible driver's insurance company. I checked KBB and NADA, but I don't think they are accurate for MINIs since the retail value given on the website is several thousand dollars less than the ones I've seen on AutoTrader or Cars.com, including the ones sold by private parties. Even those aren't accurate though because my car is special. It doesn't have a Midlands transmission. My original Midlands crapped at at aprox 40k miles back in 2007 and I had it replaced with a brand new non-Midlands tranny.

So... what does the new transmission do for my car value? I know that the Midlands have issues, so I would never buy a MINI with a Midlands transmission. I assume that anybody who knows anything about the 1st gens would feel the same way. This surely effects the replacement value of my car since the it is not an apples to apples comparison between it and other 2003's. The two I saw on there are priced around 13k and have 30-40k miles on them, so they probably haven't had the transmission issues yet.

So here's what I have:

2003 5-Spd MINI
New Getrag Transmission
62k miles total (aprox 22k on new transmission)
Everything else is pretty much standard.

My thought is that the best comparison would be a 2005 or 2006 with since they have the same transmission. What do you guys think?

Thanks a ton!!!


ps. If this post isn't in the correct location, I apologize.

 

What you pay for with insurance is average NADA value on similarly priced vehicles. There is a reason for this.
Example, you didn't call and tell them you wanted to up your insurance because did a tranny swap, so you are paying for average coverage. Model years and features, condition, tires and any prior damage are the most important factors. These will be looked at.

In your favor, they should have to adjust a bit for new trans (it isn't your company paying) but fixing something that is broken doesn't usually increase the car's value. All it does is bring it back to normal. The next owner may see value in recent work, but aside from tires they don't really do much.

 

Well, for one thing, you need to realize there is a difference between asking price and selling price. What you are seeing on cars.com et al are asking prices. What the legit sites try to do is provide info on actual selling prices. Edmunds is closest to being accurate, but that is still not what the insurance co will be looking at. Mannheim will give you the closest guess, but that is by subscription only.
There is a bright side to this. Insurance companies are subject to the Unfair Claims Handling Practices rules. They will not outrageously lowball you.
While you may not like their first offer, it is based on some facts they have come up with. You need to counter with everything you've got telling them why they're wrong, but don't try to add in stuff like "it's special".
Do your homework and keep to verifiable facts. This is a negotiation process ( helped immensely if their are injuries involved) and you have an equal part in this.
** qualifications: 12 years as an insurance adjuster handling auto claims. LOTS of total losses.

 

All I have had to do in the past, twice now, is find similar year and mileage vehicles near me with asking prices above what the insurance company was offering me. If you can prove that your vehicle was/is in as good as or better condition than the example vehicles, the insurance companies will usually match the price. Of course, if you are asking them to up to price to something outrageous, you of course will just find them laughing in your face.

As NMgokart mentioned, stick to the facts, provide proof that your vehicle is worth more than what they are offering you. If you are able to find something identical or nearly identical, work up the cost of getting you into that vehicle as a replacement.

-Chase

 

Right all.

You could try this strategy. Do quite a many searches
for the car closest to what you have. Print out each one.

Get some reports on how that old transmission is flawed, and
you had the upgraded transmission.

Get an estimate of the cost to replace yours.

Let them know in writing that you would prefer a like-for-like
replacement, EXACT. Submit acceptable cars to them, as
well as the cost to change the transmission.

Send a letter to the state insurance comissioner saying you are
having trouble with them (doesn't matter if you did have trouble YET,
you will be) settling and that this was your proposal (copy attached).

I'm surprised you were not hurt in this......

GOOD LUCK