Small accident - Diminished value amount?

[dbow2000]

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.

[overheadvalve]

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!

[dbow2000]

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.

[PAX5]

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 ....

[Flying Ace]

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.

[dbow2000]

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.

[X5M_DA]

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

[dbow2000]

Originally Posted by X5M_DA

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

Thanks, I'll check into them. I take it your claim was successful. What percentage of your vehicle value did it come out to?

[P1]

Interesting how you have a 2011, yet you have the LED coronas. Nice!

[dbow2000]

Originally Posted by P1et

Interesting how you have a 2011, yet you have the LED coronas. Nice!

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.

[lanbrown]

No, that was not part of the LCI update, it was introduced the following year though.

[X5M_DA]

Originally Posted by dbow2000

Thanks, I'll check into them. I take it your claim was successful. What percentage of your vehicle value did it come out to?

Appraiser put diminished value at ~8k
...after few letters back and forth with insurance I got pretty much that amount

[dbow2000]

Originally Posted by X5M_DA

Appraiser put diminished value at ~8k
...after few letters back and forth with insurance I got pretty much that amount

Oh wow. How long had you had the vehicle when the accident happened?

[NOTANEXPERT]

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.

[PAX5]

Originally Posted by dbow2000

Oh wow. How long had you had the vehicle when the accident happened?

His car is a X5M ... yours is a X5 35d. Big difference.

[dbow2000]

Originally Posted by PAX5

His car is a X5M ... yours is a X5 35d. Big difference.

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.

[jiggz]

Originally Posted by dbow2000

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.

Originally Posted by lanbrown

No, that was not part of the LCI update, it was introduced the following year though.

The LED coronas are based on build date, not model year. They started with 4/11 production.

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.

[X5M_DA]

Originally Posted by dbow2000

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.

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

[ShakyDog]

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

[elrey21]

Originally Posted by ShakyDog

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

Woww.... I had no idea this could be done. My 328i was hit while parked on the street, building camera got it, one of my neighbors hit the car, about 5K in damage, their insurance paid and everything was done. I felt the bite when i traded it in 2012 328i with 16k miles and the dealer could only give me 23.5k because of the carfax (and no xDrive NYC car), clean cars were going for a few grand higher though. SMH Ill have to keep this in mind if it ever happens again. Hopefully not.

[Flying Ace]

Originally Posted by X5M_DA

Appraiser put diminished value at ~8k
...after few letters back and forth with insurance I got pretty much that amount

great to hear, good job.

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.