Quesntionss Re Diminished Value Claims

[GOVCO]

Afternoon M3 Forum:

Question: Anyone have experience with submitting a diminished value claim [in the state of Maryland]? If so, what was your experience? Result? Feedback...

Background: Long story short, someone backed into my 2009 AW E90 M3 middle of January causing approx. $5k in damages [no one was hurt.]. Just got car back last week after being in the shop for almost a month. Zero Carfax reports, clean car, no accidents prior to this, no issues, etc. [no issues]. Individual's insurance company paid for everything (damages and rental].

Was thinking of selling the car before accident for a newer M3. Butttt......[boom] accident happened. Now I have the pleasure of gathering info on vehicle to support A) value of my M prior to accident; and B) value of vehicle after accident. [Apparently insurance companies don't settle 'Emotional value claims,' which of course if you've seen the commercial with the guy watering his 'baby,' you'd know why. Yeah, that's me = priceless right. so we won't focus on that.

Now, if you run a Carfax, or I attempt to trade her in, I'm thinking I will get less than before she was tarnished. How much? That's the million dollar question. Not looking to make a buck. However, I am looking for some sort of consideration other than my car looking kind of like it did prior. I shouldn't have to 'eat' the loss, as I've seen. Yeah, if I have a civic. Have read comments about this on other sites. But, it's not like E90 M3s are comming on the market for sale as often as other more mass produced cars.

Either way. Just looking for some assitance from my fellow enthusiasts.

Thanks in advance!!!

[cotmfk]

Good luck is all I can say. From what I've heard, it's difficult to near impossible to get any money from that process.

[ase2dais]

+1
unlike the stocks that you have a share price when you bought it and a share price when you sell it, there's tangible proof of lost. Automobile are not even in the same ball park since its a depreciating asset.
my .02 cents

[DIMINISHEDVALUE]

This thread showed up in my Google alerts so I've joined the forum just to respond. We're automobile diminished value appraisers from Fort Pierce, FL who serve all 50 states. We get appraisal requests from Maryland often enough to guess that there isn't any written-in-stone type prohibitions to receiving diminished value settlements from the third-party insurance company. The best advice I can give on how to proceed is to 1st notify the insurance company of the at-fault driver that you plan to pursue a diminished value claim. Their response isn't particularly important because many adjusters will feign ignorance - huh, diminished value-what's that? The appraiser you choose is also important. There are companies advertising all over the web that charge from $39 to more than $600. Check Ripoff Reports, complaintsboard.com and the Better Business Bureau, you'll find many if not most of them in these sites. Make certain you hire a reliable company who will be willing to testify via teleconference if need be, make certain they are licensed in at least one state ( not certified, accredited, etc.) and make sure they base their appraisals on dealer quotes instead of formulas or auto auction results. Last, stay the course because insurance adjusters don't play fair. Talk to their supervisors, make complaints to your state insurance department, threaten to sue and finally, take legal action if necessary. A new tack is to sue the individual in small claims court and then let the magistrate or mediator sort it out. A BMW diminished value claim is worth a lot more than one involving a Ford Contour.

[ase2dais]

a lot of process, but interesting enough DM.

[Estoril Blue]

4 BMWs ago - I had an elderly driver do $18K worth of damage to a new 528. To make a long story short - I would describe seeking and getting DV as a a battle royale at the gates of hell.

Anticipate total resistance at the other party's insurance company. They will tell you that they don't owe it, that the repair was made with new parts and therefore the car has been made whole, that the state law doesn't require or support it etc etc etc.

The interesting part is when they make the repair offer (no DV). Once you accept that check (read the Terms that come with it) - generally you are accepting their check as the settlement of the claim. Cash it - and you are usually done.

If you decline that offer - then they start playing hardball. If the car is in storage at a repair facility etc - they will tell you that your refusal to accept a fair settlement means that they will no longer pay storage fees. Ditto for rental car (if applicable) and any other leverage they have.

Insurance companies work hard to keep payouts down. Even YOUR insurer. If you threaten to sue... or usually even hint at an attorney or legal action of any kind.... and the claims adjuster will say "Now that you have stated an intention to seek legal action - I am no longer authorized to speak to you about your claim. Please have your attorney represent your future contacts with our legal department. Click..."

Its a helluva uphill battle with no promises at the end. Expect no reaction to the "My car isn't the same" statements. You will have to work with facts - and not just "asking" prices in ads. They will tell you that asking prices in advertisements are not final sale prices - and they are right. So gathering final sale prices on same cars, same condition, options, mileage is labor-intensive.

Hopefully you have not fully accepted their settlement.

[GOVCO]

Thansk for feedback folks. My car has already been repaired. And I have already began my 2nd line discussion with insurance company, who, quite frankly, gave me some insight into how and what they typically look for when submitting these types of claims.

In either case, I will certainly prepare to begin my "battle royale at the gates of hell." Difficult or not, how much who knows, but my car is worth less. And I plan to find out how much. Why, cause all I have is time.

[ase2dais]

Who do you insure with Govco, if you don't mind. Its quite welcoming to hear them even discuss the insights with you. Good luck w the claim

[GOVCO]

I have State Farm, but the idiot who backed into me has Progressive. The rep from Progressive I spoke to was actually pretty decent. He told me, whether he was suppose to or not, what they look for, etc. Followed it up by saying, I can't guarantee we will approve anything, but they need facts to review before rendering a decision of course. So, we will see what the outcome is.

What may be tough is finding some figures of similar Ms that have sold. It's not like these cars are being sold daily. So, any help locating some figures for the following would be great:

2009 AW E90 [DCT]
Mileage: 66,284 (approx)
Premium Package
Navigation
Leather Seats
No Sunroof
Premium Wheels (220Ms)
Rear Spoiler
Comp. Package

Came from Florida, so no Cold Weather; nor does she have the Tech package.

Any help would be great. Quick Google search doesn't show much for sale. CarFax had 2 2009 E90s. Lovely.

[DIMINISHEDVALUE]

Originally Posted by GOVCO

The rep from Progressive I spoke to was actually pretty decent.

I REALLY want to hear the outcome of this one.

[aedwardsix]

If you still need any info, i can help. I just went through a diminished value claim after my car was hit in a parking lot my a negligent reckless driver. My claim was paid in full after about 3 weeks of just calling to check up on it. No hassle or push back really.(Although they had NO case) lol

[GOVCO]

Originally Posted by aedwardsix

If you still need any info, i can help. I just went through a diminished value claim after my car was hit in a parking lot my a negligent reckless driver. My claim was paid in full after about 3 weeks of just calling to check up on it. No hassle or push back really.(Although they had NO case) lol

Your claim...which one, not the diminished value claim... I can see the insurance company paying to have your car fixed. However, how on earth would they know what the diminished value is that quickly...without you providing supporting documents? Please tell if this is actually accurate. They paid within a few days to have my car fixed, sure, but once I filed a diminished value claim...it's up to me now, or my lawyer.