[e90yyc]

I say just embrace it.

[ryan stewart]

Originally Posted by CTinline-six

Depends. Insurance is a scam either way. I know, I worked as a claims adjuster right out of college. Insurance companies make billions in profits every year for a reason. Are there some people who deserve high rates? Definitely, but putting a blanket assumption across all drivers is stupid. My younger sister has a perfect driving record, never been in an accident or received any tickets. She moved to the Cape recently and her insurance doubled, because the company claimed it was a higher risk area to be driving. Other companies stated the same when checking around.

It's an odds game. Yeah I was a responsible 19 year old with a Tacoma so I was low cost but there were plenty of kids in my hood that used ALL of their insurance.

It's a gamble, the insurance company hopes you don't use it and they profit. But they have to use statistics to figure out your risk.

I got rear ended by a pickup at a light 4 years ago. Dude thought I turned right and pulled forward, like 5mph. $3100 later car is back like new. That day the insurance company lost

[Aceway]

Do you have access to a lot of tools? You could buy a shell and swap in your engine. Sell all the parts you're left with. Not sure what it's like in the Bay Area but here in SoCal there's so many high mileage 335i's for sale for dirt cheap.

[hassmaschine]

Originally Posted by ryan stewart

It's an odds game. Yeah I was a responsible 19 year old with a Tacoma so I was low cost but there were plenty of kids in my hood that used ALL of their insurance.

It's a gamble, the insurance company hopes you don't use it and they profit. But they have to use statistics to figure out your risk.

I got rear ended by a pickup at a light 4 years ago. Dude thought I turned right and pulled forward, like 5mph. $3100 later car is back like new. That day the insurance company lost

IMO the most important thing is maximum liability coverage. The cost of the car is miniscule in comparison to potential liability.

Let's just say, an ambulance chaser sued me (years after what was basically a fender bender) and I could have lost everything - my house, my savings, my family, etc. In fact, I doubt I will ever pay back even half of what they ended up covering me for, and that was settling out of court.

[ryan stewart]

Something people don't think about is umbrella policies for liability, they can be cheap and cover the value of all of your assets.

Financially it is better to not pay for full coverage but you'd better be pocketing that cash for when something happens

[CTinline-six]

Originally Posted by ryan stewart

It's an odds game. Yeah I was a responsible 19 year old with a Tacoma so I was low cost but there were plenty of kids in my hood that used ALL of their insurance.

It's a gamble, the insurance company hopes you don't use it and they profit. But they have to use statistics to figure out your risk.

I got rear ended by a pickup at a light 4 years ago. Dude thought I turned right and pulled forward, like 5mph. $3100 later car is back like new. That day the insurance company lost

See that's the thing. The insurance company NEVER loses, it is built into their business model. They made that money back from you, probably by raising your premiums, or by their calculated risk. They get more money from you in the first place by calculating what it would cost to pay out if you were in an accident, and charge you accordingly. That way, if your vehicle is totaled or there are medical expenses, they still come out on top.

[macheff03]

Originally Posted by CTinline-six

See that's the thing. The insurance company NEVER loses, it is built into their business model. They made that money back from you, probably by raising your premiums, or by their calculated risk. They get more money from you in the first place by calculating what it would cost to pay out if you were in an accident, and charge you accordingly. That way, if your vehicle is totaled or there are medical expenses, they still come out on top.

That's how they exist still-
Plus it's a battle none of us can get out of because most everyone in the United States must have insurance

I think there's only a few states that don't require it

[hassmaschine]

Originally Posted by ryan stewart

Financially it is better to not pay for full coverage but you'd better be pocketing that cash for when something happens

I don't agree. Comprehensive coverage is like $25 a month on my 330i. That would take a long time to save enough to replace the whole car if it was a total loss. I'd have $1500 saved by now in cash (5 years), but I'd be negative $3500 in insurance coverage that I've received so far.

[KillaManjango]

Originally Posted by hassmaschine

I don't agree. Comprehensive coverage is like $25 a month on my 330i. That would take a long time to save enough to replace the whole car if it was a total loss. I'd have $1500 saved by now in cash (5 years), but I'd be negative $3500 in insurance coverage that I've received so far.

Insurance rates depend on so many factors other than accidents, so $25/month for your area would most likely be at least $100/month in my area. Other than location and age, credit is one of the biggest factors in determining insurance rates. Some people are just going to get reamed regardless of the other factors if they have poor credit.

[hassmaschine]

even $100 a month would only be $6k after 5 years. And you'd have to be sure you would never use it for anything else.

[p1zaul]

they don't always win, you hit someone and they pay out 200k there never getting that money back from you. that's why they call it insurance. $400 month just for comprehensive is nuts though. they're literally expecting you to total the car lol.

[JingChai]

As someone that lives in the Bay Area like OP, trust me everything is expensive here.

Makes me kind of glad I didn't get my BMW until I had 10 years of driving experience. Looking back, that 97 Corolla that I inherited from my dad was definitely the best car for a new driver to go through high school and college with.

[Nero10578]

Okay you guys thanks for all the replies, I have calmed down since the accident now and I think its really best to part ways with it...I am now looking for buyers and have found a few for this crumpled thing lol also am now looking to get into an E90 335i. From the sales of that car and what I saved I could get an E90 335i it seems.

Also to clarify: My insurance was $100/month for liability only but when I was asking around for full coverage it was over $300/month everywhere and it didn't make any sense to me financially since I pretty much saved well over $4000 already by now by not opting for full coverage.

[Ghozt_e92]

good luck with the part out