Hi everyone. I bought my brand new 04 yellow and black Mini Cooper in December of 03. I was just recently in a car accident in October. One night I was turning left on a green arrow and a girl ran the red light and hit my mini on the front passager side. This girl didn't have her head lights on so I didn't see her until right before she hit me. When I did see her I slammed on my brakes which caused her to hit the front of the car rather than the passanger side door. Had she hit my door, she would have really hurt my mom who was riding in the passager seat. I was trying to sell this Mini cause I ordered a convertible just a few days before. Well, her insurance company decided to total my car. They are offering me LESS than what I owe on it. Since it's so new, the Kelly Blue Book won't give me a value for it. So I am asking anyone who recently bought a used 2004 Mini Cooper to help me out. I am looking for any paper work that will tell me how much you bought it for. I am looking for people who have bought it for more that $17,500, which is what I owe on it and that doesn't included the three car payments I've made on it since the accident. I have tried sending the insurance company papers of what people are selling them for on AutoTrader and E-Bay but they won't consider them because that's just what people are ASKING, not buying them for. So if you could help me out I'd really appreciate it. If you could send me any papers that would be great. You can black out all personal information. I would just need your name and a phone number you could be reached so the insurance company doesn't think I made you up. Thank you so much for all your help. If you would like to see pictures of my poor mini, let me know. E~mail me at dolphin748@aol.com

 

Sorry about your accident but very happy for you that your mom was not seriously injured. While Kelley Blue Book doesn't yet have values for the 2004, if you look at the retail and private party values of a 2003 MC, that is higher than $17,500! Can you possibly convince the insurance co. that if a 1 year older car has a suggested retail value of nearly $19,500 that your car must be worth even more? (FYI, when I checked the values I just included the accessories that are in the default for the MC, I didn't add any packages, so yours could be worth even more than that) I hate insurance companies!

 

wow, sorry about your accident and can't help you with your paperwork, but when I was looking in the spring before ordering, generally year-old MINIs were going for MSRP - $1000. Hopefully they don't turn around and say "let's fix it" instead!

 

You need to argue really hard with the insurance person (more than once) to get what you are entitled to. THey are trained to steal from right under your nose man. Try not to let it happen. Try specing out the car on MINIUSA.com and give them that to show how much the car was brand new, and they should have the depreciation rate on file, and pay msrp - depreciation. MAke sure they dont use the base msrp as their starting figure, thieving bastards.

 

Hey Stinger3,

There are 14 used 2002, 2003 & 2004 MCS's for sale around here (I'm not far from "The Valley Auto Mall" a huge regional auto mall just outside of Las Vegas Nevada) and most are in the $20.5K to $26K range. It's sounds like they are playing "insurance company poker" with you. Suggest you do some research on the web (for instance try searching my zip code it's 89074) and compile a list of used MINI's that are for sale. Then send a letter to the insurance company asking them to consider the new info. Also try contacting your state Attorney General's office of consumer affairs or your state Insurance Commisssioners office (if you have either). Of course if worse come to worse or if you just want to play hard ball, advice and a letter from an attorney might get their attention. It would cost you a few $$ but it sound like they owe you a few thousand more anyway. It's crazy for them to total an almost new car and not give you enough to get a similiar replacement!.................. Good luck!!........mgg

 

What's a comparably equiped 2003 with the same mileage listed as being worth on Kelly Blue book? I'd start with that...

 

Have you looked at "completed items" on eBay? (I assume that's available for cars as it is for other items.)

Sorry about your car (and the hassle) but glad your mom was okay!

 

I would not even bother with the web research. Go to a lawyer and spend a few dollars to get a letter from them. Basically a demand letter. She hit you, she ran a red light, she was driving without lights on, hmmmm....sounds like a lawsuit to me. Even if you don't want to file a lawsuit, in this case a lawyer will provide better advice and get you a quicker response then you trying to fight it yourself, and it will not cost as much as you may think.

Years ago I used to work for an insurance company, not doing auto stuff, and it was a reputable east cost firm. I know, what's a reputable insurance firm? Still, this company paid on those "gray area" types of claims rather then fight them. Of course the insurance was quite a bit more expensive.

Most insurance companies, especially the "low cost" ones will drag it out and hope you will settle out of frustration. You need a professional to help with this.

My .02$

 

1. I agree: get a lawyer. Even the threat of a lawsuit may be enough to push the insurance company toward your favor. It's unacceptable that they'd offer you so little.

2. When speaking with your claims rep, DON'T HEM AND HAW. Know ahead of time approximately what you're going to say and NEVER let them see you sweat. If you're too gentle with them, they'll walk all over you - or at least try. Attitude is everything in this situation. I'm not saying you should be a raging jerk, but I am saying that you should make it very clear to them that their offer is unacceptable. Above all, don't "ask" them to reconsider anything. Flood them with information to support your position, but don't make it seem as though you're asking for their permission not to be ripped off.

3. Try contacting some dealerships that have handled used MINI sales. (definitely contact your MINI dealership) and see if they can give you papers to record the transaction figures for comparably equipped 03 models.

4. Send them any article you can find attesting to the MINI's value retention.

In the end, they're probably going to continue being jerky, so I'd put out the few bucks to hire an attorney. If you end up being out the same amount of money as you would have been had you accepted the insurance co.s offer, at least you'll know that the money went to fight the good fight.

 

There is one other part of the equation we all don't have here. We don't know what you actually paid for the car... (and don't feel obligated to tell us either).

But used MINIs are being sold at prices that are close to if not more than the cost of a new MINI in some areas.

Not only that but even with the high resale value of the MINI, it's still possible to have some negative equity in the car, especially a used car. The insurance isn't responsible for your loan or lease, they're responsible for compensating you for the value of the car regardless of what you actually owe on the car. That's why dealers try to push gap insurance on you, to cover that difference. BTW most financial experts recommend against getting gap insurance...

I agree if the insurance company is lowballing you, definately fight it. But fair warning if you owe 23 or 24k on a 2003 Cooper, you're probably not going to get that loan paid off paid by the insurance company. Heck even 20 might be difficult...

 

Since nobody has asked and Michaels post kind of made me think of it...


Is there something wrong with your car that would lead the insurance co. to set a lower value on it? I mean, did you paint it chartreuse with hot pink calipers and purple velvet interior? (note that I would pay top dollar for such an MCS, but not all people are as rational) Does it have 300K on the odo? Did someone recently rip off your stereo and dash?

I'm assuming no to all of the above, but I just thought I'd ask.

 

Stinger3 - I may be able to help you out. I just bought a 2003 Mini Cooper S with 15,000 miles on it. I paid $21,800 for it! I have all the paperwork so if you need something, just let me know. Sorry to hear about your accident, glad no one was seriously hurt (except for the Cooper).

 

You could point out that the MINI has the second best residual value of any car available for 2005 (behind only the Mercedes-Benz CLK).

 

My 03 cooper with 25k miles gets a KBB retail blue book of over 20,000.