02-09-2015, 09:31 AM | #1 |
Enlisted Member
4
Rep 41
Posts |
Small accident - Diminished value amount?
Hello, my 2011 X5 35d with 52k miles was hit at a light the other day. It has already been determined and accepted by the other driver's insurance that he was at fault and my vehicle is in the process of being repaired. The damage estimate that is being performed was $10480 and they are providing a rental car until it is being fixed. I mentioned "diminished value" to the insurance adjuster and she acknowledged that I may be eligible, but have to wait until my vehicle has been complete - which makes sense to me. My question is - any idea/experience in how to know that the amount they propose is reasonable. The vehicle had all major services done and the only other mark on it was a small baseball size ding in the back lower tailgate. Thanks.
__________________
'14 435I
|
02-09-2015, 10:35 AM | #2 |
Private First Class
11
Rep 164
Posts |
This can be a war with the insurance company. When car is completed have it appraised by a BMW dealer at wholesale and retail knowing that it has a hickey on the Car Fax. Get comparable figures for similar car with clean Car Fax. Get these in writing then let the insurance company know your number. They will typically want to negotiate hard on this but hopefully they will easily agree with your figures and pay-up. Good luck!
|
Appreciate
0
|
02-09-2015, 10:42 AM | #3 |
Enlisted Member
4
Rep 41
Posts |
Thanks for the reply. This morning, I called a salesguy I know at the BMW dealership and asked him to get an estimate for me assuming I decided to just trade it in for something else. This should be useful.
__________________
'14 435I
|
Appreciate
0
|
02-09-2015, 11:58 AM | #4 |
Captain
70
Rep 600
Posts |
Attached are Feb 2015 Manheim auction prices for your car. The data also includes estimated retail, but that can have a LOT OF variability in it, like whether or not the car is CPO, if Carfax is clean (no accidents, 1 owner etc).
Keep this in your back pocket. Let us know what the dealer offers you and compare. And maintain a file on the extend of the damage, before and after. Helpful when you want to explain "accident" on the carfax report ....
__________________
PAX5
BMWCCA 20645 |
Appreciate
0
|
02-09-2015, 12:07 PM | #5 |
Lieutenant General
4985
Rep 11,891
Posts |
I estimate about a $5k value drop today... IMO this fix is not horrible, in fact, keep this picture around in case you have to do a private sale and the buyer asks about it.
__________________
22 Phytonic/Coffee X5 45e (CoVID-free)
08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
Appreciate
0
|
02-09-2015, 01:13 PM | #6 |
Enlisted Member
4
Rep 41
Posts |
Thanks. I'm definitely keeping a file with the pictures, estimate, etc. just in case. The dealership said they couldn't give me a value until it was fixed. I had thought about trading it in, but I'm sure I won't like their valuation of it and I actually like driving it. Maybe, I'll take whatever I get from dv and change to 20" wheels and maybe add an ECU tune...
Also, thanks for the Mannheim sheet.
__________________
'14 435I
|
Appreciate
0
|
02-09-2015, 03:50 PM | #7 |
Private First Class
7
Rep 145
Posts |
Same happened to me I hired an appraiser $300 they wrote me a full report and instructions on how to claim from insurance
Overall straightfwd process I used company called Collison Claims Associates |
Appreciate
0
|
02-09-2015, 04:06 PM | #8 |
Enlisted Member
4
Rep 41
Posts |
Thanks, I'll check into them. I take it your claim was successful. What percentage of your vehicle value did it come out to?
__________________
'14 435I
|
Appreciate
0
|
02-09-2015, 09:14 PM | #10 |
Enlisted Member
4
Rep 41
Posts |
Was that part of the LCI update? I was trying to find out for sure if 2011 or 2012 was when the update occurred. My X5 has a 6/2011 build date.
__________________
'14 435I
|
Appreciate
0
|
02-09-2015, 10:47 PM | #12 | |
Private First Class
7
Rep 145
Posts |
Quote:
...after few letters back and forth with insurance I got pretty much that amount |
|
Appreciate
0
|
02-10-2015, 08:53 AM | #13 |
Enlisted Member
4
Rep 41
Posts |
Oh wow. How long had you had the vehicle when the accident happened?
__________________
'14 435I
|
Appreciate
0
|
02-10-2015, 09:16 AM | #14 |
Registered
0
Rep 1
Posts |
An independent appraiser from Fort Pierce, FL uses six quotes from BMW dealers to establish the diminished value. Pretty difficult for an insurance company to argue with that method.
|
Appreciate
0
|
02-10-2015, 09:23 AM | #15 |
Captain
70
Rep 600
Posts |
His car is a X5M ... yours is a X5 35d. Big difference.
__________________
PAX5
BMWCCA 20645 |
Appreciate
0
|
02-10-2015, 09:28 AM | #16 |
Enlisted Member
4
Rep 41
Posts |
Yes, I'm well aware that there is a difference. Still, I was surprised to hear that this amount of compensation above repairs, etc. even happens.
__________________
'14 435I
|
Appreciate
0
|
02-10-2015, 12:25 PM | #17 | ||
Brigadier General
2140
Rep 3,647
Posts |
Quote:
Quote:
It just so happened that all the gas models became 2012 model year vehicles in 4/11 so no 2011's got them. Diesels (like the one pictured) did not flip to a 2012 model year designation until summer 2011, so there are some 2011 diesels with the LED coronas - build date 4/11 through 7/11 or 8/11 as I recall. |
||
Appreciate
0
|
02-10-2015, 10:34 PM | #18 |
Private First Class
7
Rep 145
Posts |
I'm not sure in your state but in CA you must be made "whole" after an accident ..the appraiser wrote a detailed 20+page report establishing value ...it took me several rounds with the insurance but I got near what the appraiser asked for ... I would have rather my car not been rear ended though
|
Appreciate
0
|
02-27-2015, 10:23 AM | #19 |
Captain
181
Rep 623
Posts |
I had to fight for diminished value after my X3 sustained $15,500 worth of damage in 2011. I did not get the whole amount that three appraisals showed, but I got close. I was dealing with a shady insurance adjuster and did have to hire a lawyer. It was funny after doing so we got a different adjuster. If the air bags deployed, do not settle for anything less than $5000 to $8000.
Steve |
Appreciate
0
|
03-15-2015, 08:25 PM | #20 | |
Private First Class
32
Rep 175
Posts |
Quote:
__________________
2011 X5 E70 LCI Premium - Sparkling Bronze - Tobacco Leather - LED Side Markers
|
|
Appreciate
0
|
03-16-2015, 01:28 PM | #21 | |
Lieutenant General
4985
Rep 11,891
Posts |
Quote:
I recommend keeping these photos are in case the next buyer questions the accident, you can simply provide the photos to show that it was a purely cosmetic accident. (even though it appears you may actually have some radiator or coolant hose damage. IMO, this accident was really minor.
__________________
22 Phytonic/Coffee X5 45e (CoVID-free)
08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
|
Appreciate
0
|
Post Reply |
Bookmarks |
|
|