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      04-26-2019, 01:03 PM   #1
nobelium27
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Question about diminished value due to accident damage

So I was in a small accident yesterday. Got hit by an f150. The rear bumper is cracked and small paint chip on the trunk lid. I'm planning to get an estimate at a local bmw and get everything inspected.

So two questions.

1. I bought my car CPO which runs until June 2020. Would this warranty still be intact given they find no fault in mechanics?

2. How much would be a fair value to ask for dimished value? The car is 2014 228i with M sport, tech and premium package. 34k miles. (I have jt listed in classified ad if you want more info) I've been looking to sell this car, but now it's got "accident reported" on carfax. Even if it's just a bumper damage, I'm sure that alone will scare a lot of people away. Has anyone have experience dealing with this?

also, I'm guessing they won't cover the vinyl wrap cost, would they? It's currently wrapped in blue on a black car.

Thanks guys
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      04-26-2019, 01:09 PM   #2
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      04-26-2019, 01:17 PM   #3
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I went through this when an old lady backed into the side of my 240. She caused roughly $3,000 in damages which her insurance payed for. I then looked into getting reimbursed for the diminished value of the car, however after i spoke to a 3rd party appraiser i decided against it.

He told me the car may be worth a few thousand dollars less because of the accident, but i would have to pay him $600 to put together a report detailing the damage and the diminished value of the car. He also warned me that the insurance company could refuse to pay the diminished value of the car and i would then need to take them to court to receive the money.

At the end of the day i decided it wasn't worth going through the hassle and the grief of the whole process. If my car was badly damaged and the car was worth $5,000+ less then i would have gone through with it.
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      04-26-2019, 01:24 PM   #4
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Quote:
Originally Posted by vandridine View Post
I went through this when an old lady backed into the side of my 240. She caused roughly $3,000 in damages which her insurance payed for. I then looked into getting reimbursed for the diminished value of the car, however after i spoke to a 3rd party appraiser i decided against it.

He told me the car may be worth a few thousand dollars less because of the accident, but i would have to pay him $600 to put together a report detailing the damage and the diminished value of the car. He also warned me that the insurance company could refuse to pay the diminished value of the car and i would then need to take them to court to receive the money.

At the end of the day i decided it wasn't worth going through the hassle and the grief of the whole process. If my car was badly damaged and the car was worth $5,000+ less then i would have gone through with it.
Thanks for your input. I feel like they told you that to stop you from pursuing it. You can literally just ask their insurance to give you a check for diminished value then negotiate from their offer. No need to pay a guy $600 (absurd) or take them to court. You can even hire a lawyer to handle it as far as I know. I think you should pursue it, it's probably not too late if it happened last year
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      04-26-2019, 01:33 PM   #5
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Quote:
Originally Posted by nobelium27 View Post
Thanks for your input. I feel like they told you that to stop you from pursuing it. You can literally just ask their insurance to give you a check for diminished value then negotiate from their offer. No need to pay a guy $600 (absurd) or take them to court. You can even hire a lawyer to handle it as far as I know. I think you should pursue it, it's probably not too late if it happened last year
Good to know, I will have to look into this again. I believe you have a few years after the accident to file for diminished value so i shouldn't have to much trouble. I will look into this more over the weekend and let you know if i find anything useful.
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      04-26-2019, 01:36 PM   #6
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Quote:
Originally Posted by vandridine View Post
Quote:
Originally Posted by nobelium27 View Post
Thanks for your input. I feel like they told you that to stop you from pursuing it. You can literally just ask their insurance to give you a check for diminished value then negotiate from their offer. No need to pay a guy $600 (absurd) or take them to court. You can even hire a lawyer to handle it as far as I know. I think you should pursue it, it's probably not too late if it happened last year
Good to know, I will have to look into this again. I believe you have a few years after the accident to file for diminished value so i shouldn't have to much trouble. I will look into this more over the weekend and let you know if i find anything useful.
Yup, depends on the state but yeah m240i's pretty new so I'd imagine you're still in within the time limit. Good luck and let me know how much they offer. I just grabbed clean carfax vs "accident" carfax through Kelley blue book and got $2000+ difference (don't put your phone number in if you're going this route...)
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      04-26-2019, 01:38 PM   #7
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if you are planning to keep your car another few years. this accident wont effect the resale much
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      04-26-2019, 01:44 PM   #8
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Quote:
Originally Posted by G35POPPEDMYCHERRY View Post
if you are planning to keep your car another few years. this accident wont effect the resale much
You're right but I wasn't planning on it as you can see my sales post. Either way, "accident" on carfax alone is a big deal for a lot of people and I should be compensated for the loss of value. The exact date I sell the car has no play in this
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      04-26-2019, 02:01 PM   #9
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It won't show up on CarFax for at least a few months after the accident. But a savvy buyer can still find out with a thorough inspection.
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      04-26-2019, 02:02 PM   #10
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Originally Posted by alex2364 View Post
It won't show up on CarFax for at least a few months after the accident. But a savvy buyer can still find out with a thorough inspection.
Yeah and I'm not looking to screw people like me. We're all here to have a good time
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      04-26-2019, 02:27 PM   #11
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Yeah, no offense, but this thing isn't a 488GTB, it's a 5 year old 2 series. Diminished value claims are hard to come by unless it's an exotic or nearly brand new. If your insurance company is even willing to do it, which is not likely, the diminished value is unlikely to be much more than what the report will cost you from a third party.

Highly doubtful it's worth the time and effort.

You appear to have taken several quality photos of the damage, which isn't much. That's a great thing. When you are selling the car - mention this and include the before/after photos of the accident and have your price a few hundred less than the other comparable cars in your year and mileage. You won't have any trouble selling it.
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      04-26-2019, 03:52 PM   #12
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Quote:
Originally Posted by Run Silent View Post
Yeah, no offense, but this thing isn't a 488GTB, it's a 5 year old 2 series. Diminished value claims are hard to come by unless it's an exotic or nearly brand new. If your insurance company is even willing to do it, which is not likely, the diminished value is unlikely to be much more than what the report will cost you from a third party.

Highly doubtful it's worth the time and effort.

You appear to have taken several quality photos of the damage, which isn't much. That's a great thing. When you are selling the car - mention this and include the before/after photos of the accident and have your price a few hundred less than the other comparable cars in your year and mileage. You won't have any trouble selling it.
Thanks for your response but I must disagree. The car is worth at least 17k with clean carfax. With an "accident" written on the carfax, I can guarantee you this will drop the value at least by $500 if I sold it today. Let's be real, they're not gonna try to give me much, but that doesn't mean the value didn't drop and that I won't be properly compensated for it. I'm not sure why you guys are saying this is "not worth" the effort, it doesn't have to be thousands of dollars to be worth it. I wanted to hear what you guys have experienced. I'll be pursuing the compensation and I'll update this thread accordingly for the future reference. Thanks all.
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      04-26-2019, 03:56 PM   #13
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Agree with the above, a 5 year old 2 series with a cracked bumper and I wouldn't bother. I also would keep the pictures to show potential buyers. I would expect this will need to go through the F150's insurance? I can't imagine they are going to make this really simple.
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      04-26-2019, 03:59 PM   #14
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Quote:
Originally Posted by nobelium27 View Post
Thanks for your response but I must disagree. The car is worth at least 17k with clean carfax. With an "accident" written on the carfax, I can guarantee you this will drop the value at least by $500 if I sold it today. Let's be real, they're not gonna try to give me much, but that doesn't mean the value didn't drop and that I won't be properly compensated for it. I'm not sure why you guys are saying this is "not worth" the effort, it doesn't have to be thousands of dollars to be worth it. I wanted to hear what you guys have experienced. I'll be pursuing the compensation and I'll update this thread accordingly for the future reference. Thanks all.
I believe that is what I was saying, I apologize if I wasn't clear. I don't know of any insurance company that will give you diminished value without a DV report obtained by you at your expense. Typically, these reports will cost you between $500 and $750. As such, it will cost you more money to get the diminished value that it is worth.

That is what I was trying to say.

With respect to time and money, that is something only you can decide. My time is worth quite a bit to me. I don't have much of it and I previously billed out at close to a thousand an hour. So taking time out of my day, well - there is an opportunity cost associated with that.

I'm not going to battle on the phone for hours with an insurance company, go through the effort to get someone to come out and generate a DV report, et al for a few hundred bucks.

Now, if I was retired and sitting at home all day, perhaps I would. Hence, your mileage may vary.

Just my two cents. Do as you wish, dear sir.
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      04-26-2019, 04:40 PM   #15
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Diminished value claims vary state to state. some states do not recognize diminished value, so insurance companies will ignore any claim. Most of the time you have to lawyer up unless your state has very clear laws stating that insurance company are liable.
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      04-26-2019, 05:19 PM   #16
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In Georgia it was all automatic. My wife’s Prius got about 3k in damages and at the end of the ordeal we got $1600 or so plus the repair of course.
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      04-27-2019, 05:36 AM   #17
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car is 5 years old, what diminished value are you looking for exactly?



money is gone already.
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      04-27-2019, 07:45 AM   #18
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Incorrect info.

Quote:
Originally Posted by SFCM3 View Post
Diminished value claims vary state to state. some states do not recognize diminished value, so insurance companies will ignore any claim. Most of the time you have to lawyer up unless your state has very clear laws stating that insurance company are liable.
Every state with the possible exception of Michigan recognizes third-party diminished value claims which means you were not at-fault. Only one or two states recognize first-party diminished value which is when an accident is your fault.

To the OP, your car will lose about 15% of its pre-accident fair market value (not retail value) so proceed accordingly. Yes, insurance companies fight hard to low-ball settlement payouts but with a little back-and-forth with supervisors, etc. you'll do fine. We advise claimants every day how to proceed and get very little negative feedback. Just bear in mind that the first claims rep you speak with has just one job which is to delay, deflect, misinform, make ridiculously low offers and generally get you to go away. You need two things - a good diminished value report- one that contains multiple dealer quotes, not some formula, algorithm or Carfax ad comparisons AND persistence. If you fight, leave the claim open, perhaps get the state insurance department involved if any unfair claim practices occur and keep escalating your claim to higher-ups it will result in a fair settlement for you.
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      04-27-2019, 10:08 AM   #19
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Just a suggestion:

I'd take the car to my BMW dealer and ask them to appraise it like they were buying it. They ask if the car was in an accident, you can likely find out how much you lose on a wholesale buy due to the accident. That should be the amount you get for diminished value from the insurance company.

My dealership would do it as a favor to a good customer. I could likely ask the appraiser how much I would lose w/ a carfax reported minor accident without them doing a full appraisal. If I wanted an appraisal written offer I'd likely get it showing the loss in value due to the accident.

https://www.thebalance.com/diminishe...cident-2645571

Last edited by USA-RET; 10-20-2020 at 09:12 AM..
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      04-27-2019, 10:59 AM   #20
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try

I would press the other driver's insurance for a diminished value claim. The repair for this accident is likely going to show up on your vehicle's history. When you go to sell, there will be some potential buyers that won't even consider buying the car. Others are going to expect a discount.

I have had good luck getting with diminished value claims -- all with other driver's insurance companies as I haven't had to make a claim on my insurance. I was able to get a substantial diminished value claim on my e46 after I was t-boned in my driveway. When I eventually sold that car, it was difficult and I did take a hit. More recently, my elderly father's truck was hit in their parking garage. Cosmetic damage like yours, but we still got a diminished value payment of around $4K.

In addition to the diminished value, you should pick the repair shop. Insist that the repair be done properly by someone you trust.

Expect a fight and be willing to expend some effort to get this done. An integral part of the insurance business model is to minimize claims.
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      04-28-2019, 12:48 AM   #21
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Sorry for what happened to you.
Once you get your vehicle repaired take it to a dealership or CarMax for appraisal and if they say that your vehicle lost its value then contact the insurance company at fault and submit all the documents proving that.
You should be able to receive a check from the insurance company for lost value
Hope this helps!
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      04-28-2019, 04:14 AM   #22
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BMW's warranty is supposed to work with repair shops or BMW Certified Collision Repair Centers in this manner:

BMW's warranty (new car or CPO) would cover all genuine BMW parts as specified within the warranty agreement, within the time period it is stated to cover.

As part of the agreement, the warranty would not cover any car part due to normal wear and tear and also any car part that is damaged due to improper owner maintenance or driving behavior. And therefore, it naturally would not cover anything that was damaged by a car accident, as you have guessed.

However, in the event of any accident, your choice of repair shop or CCRC is supposed to replace anything that was damaged from the accident with new genuine BMW parts, such that the warranty coverage after the accident mirrors that of the warranty coverage prior to the accident.

Therefore, you should not expect your warranty to expire as a result of a car accident alone.
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