[Gdubb]

Anyone have advice on how to get diminished value?

I was in an accident that I was not at fault 2 days ago. I was driving down the road and someone came into my lane and hit my left rear wheel and sent me sliding. Basically like a police pit manuever. I’m pretty sure they were texting and driving. Luckily no one was hurt and the car held up well.

I have a dashcam that caught it all. Both myself and the other driver have the same insurance company. Not sure if that’s a good or bad thing.

Thank you

[RockCrusher]

Originally Posted by Gdubb

Anyone have advice on how to get diminished value?

I was in an accident that I was not at fault 2 days ago. I was driving down the road and someone came into my lane and hit my left rear wheel and sent me sliding. Basically like a police pit manuever. I’m pretty sure they were texting and driving. Luckily no one was hurt and the car held up well.

I have a dashcam that caught it all. Both myself and the other driver have the same insurance company. Not sure if that’s a good or bad thing.

Thank you

Well, first let me start with that's unfortunate.

Second, I've been through this DV business once. I'll share with you my experience.

But I want to stress before you pursue a DV claim you must first find the *best* repair shop and work to have the car repaired to its pre collision condition.

This means among other things new factory parts are used. No OEM stuff. Why not? To ensure whatever factory warranty remains on the car remains in effect. If you will read your car's warranty pamphlet -- which you may have to download from the BMW site (which is where I got mine) -- it will cover repairs and how this can effect warranty.

The insurance company will say it will "warranty" the non factory parts. This is true I guess -- I've never had to find out -- but this complicates getting the car fixed under warranty (insurance company/BMW).

I have attached a PDF of the 2023 M2 warranty PDF to this post to help you.

To avoid making this post any longer than it will be already I'll not detail the complications.

On to the DV claim.

After you have the car repaired and it passes your inspection and that of a BMW tech at a handy dealer, and he gives you a thumbs up, then you can proceed with a DV claim.

However, I have to say my DV experience involved filing a DV claim against the at fault driver's insurance. His coverage was not with the same company as mine.

I'm leading up to this: I don't know if a DV claim can by filed by you against your company even though you are filing the claim because the driver was at fault. You can start I guess by researching DV claims laws/rules/regulations in your state.

Assuming you can file a DV claim below is a link to thread to which I posted what I have cut/pasted further down.

The thread link:

https://g87.bimmerpost.com/forums/sh....php?t=2110739

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After a 2 month old new car was hit I went through a DV claim with the at fault driver's insurance company. My ~2 month old 2020 Dodge Challenger -- purchased new in Nov. 2020 and at the time of the accident had less than 1800 miles on it -- was hit while legally *parked*. Hit twice. On two consecutive nights.

Pic of the damaged car below.

While maybe not clear from the pic the car suffered *no* damage to any vital systems: engine cooling, brakes, steering, suspension, drive train. The A/C condenser suffered some bent fins but was not holed.

Got the car back and as is my SOP I had the repaired car inspected by a senior tech or two at the dealer where I bought the car. The techs found a couple of issues which caused me to take the car back to the repair shop where the issues were addressed.

Cost to repair -- paid for by the at fault driver's insurance company -- came to approx $8000. All new/all factory parts used to repair the car.

Then after the repairs were over with I began the DV process.

I don't recall how how I decided to use this company, Auto Appraisal Group (AAG), but I made an appointment with it to have my car inspected/appraised in preparation to filing a DV claim.

Link to company.

https://www.autoappraisal.com/

The inspector/appraiser came from IIRC Tulsa. About 2 hours (110 miles) distant from where I was: Benton County AR.

Before he arrived I believe based in part on what I was told I had a copy -- front and back -- of the title to the car, a copy of the accident repair invoice (8 pages IIRC)..

I had good color pics of the car, and its damage. Had pics I took of the car as it was undergoing repairs.

The AAG rep went over the car with a fine tooth comb. Checked everything. (I think he even measured the thickness of the carpet nap.)

Seriously the guy was all over the car.

He took tons of pics.

The guy though was not responsible for producing the appraisal. He submitted what I provided him and what he had gathered to the I guess home/main office where the report would come from.

After a reasonable amount of time I got the report. Cost of report: $450.

Excerpts below:

Our inspection indicates there have been damages and good repairs made to this vehicle. After our inspection of the 2020 Dodge Challenger R/T Scat Pack, 2-Door Coupe, we have given it an overall condition rating of Sound, which is average for repaired vehicles that are driven on a regular basis.

In general AAG's condition ratings are Superior, Outstanding, Very Good, Sound, Fair, Serviceable, and Poor. Based on our research and local market survey, we have determined this vehicle, with a Vehicle Identification Number of 2C3CDZFJ3LHxxxxxx, had a value of $39,175.00 just prior to its damage on January 16, 2021, and had a fair market value of $33,299.00 directly after the repairs were completed. We estimate that the value of this vehicle was diminished by $5,876.00.

Inherent diminished value is the involuntary loss of actual market value due to accidents and repairs. The difference between a vehicle's market value prior to accident damage and its current market value after subsequent repairs is the amount the vehicle's value has diminished.

The loss of retail market value is particularly evident in the resale of used automobiles showing a history of accident damage. AAG has surveyed the market by gathering information first hand at automobile auctions on vehicles that have sustained accident damage and have been properly repaired. To determine the percentage of loss, we also gathered information on the same type of vehicle that has not sustained any accident damage or required repairs. This information indicates that vehicles sell for less after sustaining damage and repairs.


There's more:

The estimated appraised fair market value just prior to the damage on January 16, 2021 was $39,175.00. The cost to repair the damage, including structural damage, was $8,007.29.

The odometer shown above indicates the approimate mileage at the time of that damage. The vehicle is garage kept, and it is driven on a regular basis. It appears to be mechanically sound.

The body has been partially repainted due to the repairs. The interior shows minimal wear. Several features and options were noted including: Plus Package with ventilated front seats, Dynamics Package with Brembo 6-piston front brakes, Technology Group, Driver Convenience Group, Harman ardon Audio Group, power sunroof, 20 summer tires, high-performance suspension, line lock, launch control, traction
control, stability control, ParkView camera with Park-Assist, front and rear spoilers, and locking lug nuts. The estimated inherent diminution of value for this vehicle is $5,876.00.


I also received some advice on how to submit the DV claim:

Here are some additional actions that you can take when you are not satisfied with the insurance company’s offer. You need to be willing to negotiate for a fair settlement.

1. We all know Diminished Value exists – Tort Law states that if someone else causes you damages or loss, they are obligated to provide you relief for that act. (Three elements must be established in every tort action. First, the plaintiff must establish that the defendant was
under a legal duty to act in a particular fashion. Second, the plaintiff must demonstrate that the defendant breached this duty by failing to conform their behavior accordingly. Third, the plaintiff must prove that he suffered injury or loss as a direct result of the defendant's breach.)

2. They know DV exists. If this car is totaled next week the insurance company would make a significant reduction in its value because of this accident before paying a total loss claim. Usually the person you’re talking with does not have the authority to offer more. Ask to speak to the supervisor or team leader. You should drive the claims process. Be proactive.

3. Get every offer or denial in writing. If they make you a low offer, ask them to provide theirmethodology for arriving at that figure.

4. Get a 2nd opinion. Take the car to CarMax or a large used car lot in your area and ask if they would make you an offer to buy the car. Be sure they are aware of the previous damage. Get it in writing. Submit it to the insurance company. Again, ask to speak with the supervisor or
team leader. The squeaky wheel gets the grease.

5. You may want to consider legal action. Consult with an attorney regarding your options or include the DV claim with personal injury litigation. You can also take the at-fault party to small claims court. It is very likely they will make a better offer rather than pay an attorney
to represent them. However, once you tell the insurance company your lawyer will be taking over, they will likely not talk with you anymore.

6. Deduct the amount of uncompensated diminished value from your income taxes – line 20 on Schedule A is for casualty (loss due to damage which qualifies for a casualty loss tax deduction.) or theft losses. Attach Form 4684. Deduct the cost of the appraisal on line 23 for
other expenses on Schedule A.

7. Follow these links to Additional Tips for Negotiating Claim Settlements & Negotiating Insurance Settlements & Keys to Negotiating Car Accident Claims

The links below are for the links mentioned in section 7 (above):

https://www.nolo.com/legal-encyclope...any-29765.html

https://www.freeadvice.com/insurance...ce-settlement/

https://www.after-car-accidents.com/...-adjuster.html

So... How did I do?

Not as good as the numbers above suggest.

I took the car along with the damage pics and repair paperwork to a highly regarded used car dealer. The dealer owner even after seeing the pics and the repair invoice offered *more* than the AAG valuation of the car prior to the accident. He offered over $41,000 right then and there. (No pic but the used car lot was *empty*. This was early in 2021 and cars -- new and used -- were in short supply.)

Decided I was not going to get the DV estimate. I settled for a DV of $2500.

16 months after the accident with less than 8K miles on the car I traded it in for a new 2022 BMW 230i. I received a trade in allowance of $45,000!

And this was after I made a full disclosure to the used car appraiser.

I brought along color copies of all damage pics, repair invoice, etc.

After the used car appraiser -- from a new/used car dealer next door to the BMW dealer not from the BMW dealer -- and I were introduced I told him the car had been in an accident. I handed over all the pics, docs. He looked them over really just glanced at them then handed them back to me. I told him they were for his/the dealer's records. He declined them.

He looked the car over and test drove the car. Of course the car passed with flying colors. And I drove home in my new 2022 BMW 230i.

Anyhow, you have my experience with filing a DV claim.
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Best of luck!

[M_Power Rob]

Originally Posted by Gdubb

Anyone have advice on how to get diminished value?

I was in an accident that I was not at fault 2 days ago. I was driving down the road and someone came into my lane and hit my left rear wheel and sent me sliding. Basically like a police pit manuever. I’m pretty sure they were texting and driving. Luckily no one was hurt and the car held up well.

I have a dashcam that caught it all. Both myself and the other driver have the same insurance company. Not sure if that’s a good or bad thing.

Thank you

That sucks...just sent you a PM