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      11-04-2017, 06:55 PM   #1
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My BMW was rear ended while I was stationary at a red traffic light. There is heavy damage to the rear of the car. The bumper and the trunk are crunched up. The side roof structure has a wrinkle in it. I also have damage to the front end because I was pushed into the car ahead of me.

Thankfully no one was hurt and the BMW did what it was supposed to do which is to protect me. On impact I was pressed firmly back into my seat and headrest. While I was a bit stunned by the crash, and the airbags did not inflate, and I don't have a single ache or pain from the crash.

While I don't think the car is totaled, I do think that there will be a material amount of diminished value in the car on resale. Since I live in New York and NY is a diminished value state, I am seeking advice on how to proceed with my insurance claim.

Thoughts anyone?
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      11-04-2017, 08:33 PM   #2
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I've won $6K diminished value in small claims

First, get the car repaired if it is not totaled. Wrinkles in the roof often mean frame damage. Do not mention diminished value until you are happy with the repair because you can not determine diminished value until the quality of the repair is known. Never sign a release of liability.

Most insurance companies will deny diminished value claims so you will likely have to sue. If the driver at fault has the same insurance as you, you are screwed. All insurance company policies have a waiver saying an insured can not claim diminished value, even if the wreck was not your fault. If you hire a lawyer, his fees will likely eat up most of your compensation, so be prepared to go to small claims court yourself. It is easier than you think.

Tell me what company the at-fault driver has. I only know of one that pays diminished value but there may be a few others. Re-post here after the car is fixed and we can discuss how to proceed.

I am not a lawyer nor an insurance employee.
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      11-04-2017, 08:38 PM   #3
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Originally Posted by NVHoo View Post
First, get the car repaired if it is not totaled. Wrinkles in the roof often mean frame damage. Do not mention diminished value until you are happy with the repair because you can not determine diminished value until the quality of the repair is known. Never sign a release of liability.

Most insurance companies will deny diminished value claims so you will likely have to sue. If the driver at fault has the same insurance as you, you are screwed. All insurance company policies have a waiver saying an insured can not claim diminished value, even if the wreck was not your fault. If you hire a lawyer, his fees will likely eat up most of your compensation, so be prepared to go to small claims court yourself. It is easier than you think.

Tell me what company the at-fault driver has. I only know of one that pays diminished value but there may be a few others. Re-post here after the car is fixed and we can discuss how to proceed.

I am not a lawyer nor an insurance employee.
Thanks for the advice. They have Pacific Employers Ins Co.
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      11-04-2017, 10:30 PM   #4
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Never heard of them

Quote:
Originally Posted by rich8566 View Post
Thanks for the advise. They have Pacific Employers Ins Co.
Have Pacific Employers fix the car. Do not go through your own insurance or that will complicate ,if not negate, a diminished value claim. Only after your car is fixed to your satisfaction do you begin discussion about diminished value with Pacific Employers. Use email for all diminished value communication so you can use it later in court. Who is your insurer?

Last edited by NVHoo; 11-04-2017 at 10:46 PM..
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      11-05-2017, 01:24 AM   #5
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Quote:
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Thanks for the advise. They have Pacific Employers Ins Co.
Have Pacific Employers fix the car. Do not go through your own insurance or that will complicate ,if not negate, a diminished value claim. Only after your car is fixed to your satisfaction do you begin discussion about diminished value with Pacific Employers. Use email for all diminished value communication so you can use it later in court. Who is your insurer?
Geico
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      11-05-2017, 08:31 AM   #6
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If the car is not totaled

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Originally Posted by rich8566 View Post
Geico
At some point, ask to talk to a GEICO claims adjuster supervisor and ask what Geico does when a non-insured makes a diminished value claim. A few insurance companies have a company policy defined process for dealing with such claims, e.g. they ask the insured to get a diminished value appraisal to start the process. If Geico has a process and the company paying for the repairs refuses to pay diminished value, then follow the Geico process to determine diminished value and that is what you sue for. Note: Any lawyer fees and appraisal fees are your responsibility and will NOT be reimbursed even if you sue.

If Geico does not have a process and it looks like you will have to sue the at-fault driver, post here when the time comes and I will provide more info on suit prep.
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      11-05-2017, 09:11 AM   #7
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Diminished Value in New York call The St. Lucie Appraisal Co.

Quote:
Originally Posted by rich8566 View Post
My BMW was rear ended while I was stationary at a red traffic light. There is heavy damage to the rear of the car. The bumper and the trunk are crunched up. The side roof structure has a wrinkle in it. I also have damage to the front end because I was pushed into the car ahead of me.

Thankfully no one was hurt and the BMW did what it was supposed to do which is to protect me. On impact I was pressed firmly back into my seat and headrest. While I was a bit stunned by the crash, and the airbags did not inflate, I don't have a single ache or pain from the crash.

While I don't think the car is totaled, I do think that there will be a material amount of diminished value in the car on resale. Since I live in New York and NY is a diminished value state, I am seeking advice on how to proceed with my insurance claim.

Thoughts anyone?
Those guys will provide you with real-deal advice about automobile diminished value claims in New York.
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      11-05-2017, 09:37 AM   #8
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Quote:
Originally Posted by NVHoo View Post
Quote:
Originally Posted by rich8566 View Post
Geico
At some point, ask to talk to a GEICO claims adjuster supervisor and ask what Geico does when a non-insured makes a diminished value claim. A few insurance companies have a company policy defined process for dealing with such claims, e.g. they ask the insured to get a diminished value appraisal to start the process. If Geico has a process and the company paying for the repairs refuses to pay diminished value, then follow the Geico process to determine diminished value and that is what you sue for. Note: Any lawyer fees and appraisal fees are your responsibility and will NOT be reimbursed even if you sue.

If Geico does not have a process and it looks like you will have to sue the at-fault driver, post here when the time comes and I will provide more info on suit prep.
So should I speak to my insurance company (GEICO) now about the diminished value claim process, before the repair? Also, should I have GEICO pursue the initial claim? When should I bring up the diminished value claim with the individual who caused the crash damage?
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      11-05-2017, 09:50 AM   #9
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Quote:
Originally Posted by rich8566 View Post
So should I speak to my insurance company (GEICO) now about the diminished value claim process, before the repair? Also, should I have GEICO pursue the initial claim? When should I bring up the diminished value claim with the individual who caused the crash damage?

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      11-05-2017, 10:44 AM   #10
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Quote:
Originally Posted by rich8566 View Post
So should I speak to my insurance company (GEICO) now about the diminished value claim process, before the repair? Also, should I have GEICO pursue the initial claim? When should I bring up the diminished value claim with the individual who caused the crash damage?
I would definitely talk with GEICO. They should be the ones who work with the other insurance company, not you. I would quickly find the body shop in your area that does the best work. DEMAND that the work be performed by that body shop. You're in the driver's seat in this case; take advantage of that.
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      11-05-2017, 11:01 AM   #11
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Yah, there's going to be a sheitload of diminished residual value.
I had a very similar incident with my Z4 back in the spring of 2005 when I was stopped at a red light behind a Brinks truck and a lady in a BMW E46 ragtop came up behind me and somehow accidentally hit the gas pedal instead of the brake as she was stopped and pile-drove me into the back of the Brinks truck..
The damage didn't appear overly major (see pics below), but it still cost $18K to get her fixed ( the car, not the lady).
When I traded her in for a 2008 1-series ragtop a few years later, I took a 30% diminished residual value hit..
When I mentioned diminished residual value to my insurance company at the time (Allstate), I got the "homey don't play dat" response.
So, good luck..
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      11-05-2017, 01:08 PM   #12
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Quote:
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When I mentioned diminished residual value to my insurance company at the time (Allstate), I got the "homey don't play dat" response.
]
They bank on people just giving up, and it's sad that more people do not fight for what they deserve.
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      11-05-2017, 04:07 PM   #13
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Originally Posted by nvmaddog View Post
Quote:
Originally Posted by bimmerfile View Post
When I mentioned diminished residual value to my insurance company at the time (Allstate), I got the "homey don't play dat" response.
]
They bank on people just giving up, and it's sad that more people do not fight for what they deserve.
I bought the car this time around so I'm not going to give up. There's a real loss on the table since the car is only 5 months old.
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      11-05-2017, 04:09 PM   #14
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Originally Posted by bimmerfile View Post
Yah, there's going to be a sheitload of diminished residual value.
I had a very similar incident with my Z4 back in the spring of 2005 when I was stopped at a red light behind a Brinks truck and a lady in a BMW E46 ragtop came up behind me and somehow accidentally hit the gas pedal instead of the brake as she was stopped and pile-drove me into the back of the Brinks truck..
The damage didn't appear overly major (see pics below), but it still cost $18K to get her fixed ( the car, not the lady).
When I traded her in for a 2008 1-series ragtop a few years later, I took a 30% diminished residual value hit..
When I mentioned diminished residual value to my insurance company at the time (Allstate), I got the "homey don't play dat" response.
So, good luck..
Attachment 1716381

Attachment 1716382
Good to know. Thanks.
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      11-05-2017, 05:35 PM   #15
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Quote:
Originally Posted by rich8566 View Post
I bought the car this time around so I'm not going to give up. There's a real loss on the table since the car is only 5 months old.
Good attitude to have, and you are damn straight, you have some real loss unfortunately.

Best of luck to you.
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      11-06-2017, 07:40 AM   #16
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Quote:
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I bought the car this time around so I'm not going to give up. There's a real loss on the table since the car is only 5 months old.
I think one of the problems with calculating diminished residual value is how to attach a dollar figure to it.
The damage to my Z4 back in 2005 and probably your 2er will reduce the value of the car by say 25%. That percentage reduction in value will stay relatively constant regardless of how long you hold onto the car, so the diminished value amount, in dollar terms, declines with the depreciated value of the vehicle.
If you sold your car immediately after the repairs are made, the loss in value in dollar terms would be much greater than if you hold on to it for another 5 years or more..
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      11-06-2017, 07:52 AM   #17
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OP, BTW- if you are planning to hold on to your repaired 2er for a few years, take this opportunity to upgrade the front and back with the performance pieces you want.
After repairs my Z4 came back to me better than new because I told the guy overseeing the repairs to I wanted upgraded lights, grills, front facia, etc. I paid the incremental of the diff between stock and upgraded parts, but it was a fraction of what it would otherwise have cost.
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      11-06-2017, 09:14 AM   #18
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If that is the case, the perhaps now would be the time to dump the car. You can get a trade in value right now and compare that to what you would get otherwise..Insurance picks up that difference.

I know that is not what any of us want to do, but financially it would make the most sense. W/ a 5 month old car perhaps it's lost a few thou$and in value if you wanted to trade it before the accident. W/ the damage, they will certainly offer you way less on a trade. That difference is you bargaining chip.

Honestly, I never really thought about it, but under these circumstances, that is what I would do.

In a case like this is the only reason I would ever consider leasing rather than buying.

This really sucks Bro. So sorry for you.
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      11-06-2017, 10:53 AM   #19
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I wouldn't be worried about diminished value at this point as I would think a total loss with the roof damage. Typically they won't/can't repair damage to the roof structure.
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      11-06-2017, 12:56 PM   #20
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+1 hold that thought, it may end up being a total loss...
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      11-06-2017, 08:04 PM   #21
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I wouldn't be worried about diminished value at this point as I would think a total loss with the roof damage. Typically they won't/can't repair damage to the roof structure.
Here's a photo of the "wrinkle".
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      11-06-2017, 10:46 PM   #22
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Bad advice

Quote:
Originally Posted by JAYRICHFROMMIAMI View Post
Those guys will provide you with real-deal advice about automobile diminished value claims in New York.
Saint Lucie is one of many companies who claim they will get you diminished value. These guys are based in FL and likely will "appraise" your car without even seeing it in person which has little value in court. You should use local, state licensed, appraisers for the most credibility in court, not 1-800-GET-BUCKS companies.

Last edited by NVHoo; 11-06-2017 at 11:34 PM..
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