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gmatv16
11-16-2010, 08:06 AM
Hello,

Last weekend, my neighbour hit my car in the parking lot. I was not in the car and it was his fault . He admitted it and took the full reponsibility. We both have same insurance company (geico). I filed collision claim on his policy. I dropped off the car at BMW certified auto body shop in NJ (JMK BMW auto body shop and I live in NJ). Geico estimated cost of repair and paying for the repairs. It's about $3500. JMK replacing my driver side door, and one wheel, repaiting fender and rear bumper and the other door.

Mine is 07 530xi with 39K miles. Now I want to file a claim for diminished value. (Never had accident before and no repair work done). Could somebody suggest how to proceed, did anybody succeed getting proper diminished value.

How do I get appraisals before and after accidetns? Should i get my own appraisals instead of letting geico to determine the value.

Anybody any suggestion will do great help.

cheers.

steveo90290
11-16-2010, 09:04 AM
Google is your friend. There are a couple sites that specialize in diminished value claims.

Since it was not your fault you have a chance to get something back. In the used car market today any accident or other negative history on a car will beat you up in the sale price, and the buyers are more aware and have more access to information.

Get what you can now, because you wont be getting it later.

Good luck!

gmatv16
11-16-2010, 10:00 AM
Will this accident reduces the resale value of my car (irrespective of who did reairs, here it's certified BMW body shop) significantly if iam planning to sell this car let's say after 3,4 years?

Does this accident goes on my carcarfax history? who reports this, insurance people?

StaticPrime
11-16-2010, 10:05 AM
Will this accident reduces the resale value of my car significantly if iam planning to sell this car let's say after 3,4 years?

3-4 years from now your car will be about 8 years old with an estimated 96,000 miles (if you use it for regular driving) so I would say not much. At that point, maybe $1,000 max if you sell it private party. If you were looking at selling it a year or so from now, then maybe a more. Once a car gets over 7 years old, there really isn't much in its retained value.

Campfamily
11-16-2010, 10:07 AM
You have a good neighbor.....a lot of people would not have owned up to this, as a lot of us have found out, unfortunately.

gmatv16
11-16-2010, 10:09 AM
he is a good guy actually. We talk about our cars regularly. He owns BMW 545 and Merc E500. Las week his car was hit i believe he also knows the pain.

Bad Debt
11-16-2010, 10:55 AM
I did diminshed value reports all thorugh college (03-07). I negotiated over $500,000 in settlements for my clients.

1st- Geico is the worst about paying DV cliams. I bet you they offer you $500 tops. State Farm is the best. You get what you pay for.

2nd- In texas atleast; It doesnt matter if you plan on selling the car 10 years from now. Your diminished value is calculated at the time of the accident. What is the car worth before the accident vs what is worth, repaired, after the accident.

3rd- You have no structual damage it sounds like, so your claim will be significantly smaller.

vern
11-17-2010, 05:30 AM
I did diminshed value reports all thorugh college (03-07). I negotiated over $500,000 in settlements for my clients.

1st- Geico is the worst about paying DV cliams. I bet you they offer you $500 tops. State Farm is the best. You get what you pay for.
.
If State Farm is the best how come they wouldn't recognize my claim? Could the state you live in have anything to do with it?
cheers
vern

StaticPrime
11-17-2010, 05:52 AM
If State Farm is the best how come they wouldn't recognize my claim? Could the state you live in have anything to do with it?
cheers
vern

GEICO is the best. My mother works as a claims rep for GMAC and they never have a problem dealing with GEICO. GEICO finds that it's much cheaper and easier to accept the claims rather than fight tooth and nail. I've had GEICO for 7 years now and have never had any issues with them. That and for me, they have the lowest rates for the most coverage.

vern
11-17-2010, 06:19 AM
GEICO is the best. My mother works as a claims rep for GMAC and they never have a problem dealing with GEICO. GEICO finds that it's much cheaper and easier to accept the claims rather than fight tooth and nail. I've had GEICO for 7 years now and have never had any issues with them. That and for me, they have the lowest rates for the most coverage.
Thats great but how are they on the diminished value end ?
cheers
vern

gmatv16
11-17-2010, 06:30 AM
I contacted geico adjuster supervisor and requested diminished value on a phone call, but i haven't heard back from him yet. If they dont get back to me or try to shut me for $500 then I am going to file a claim in writing with supporting documentation (dealer appraisal, photos, repair estimation from geico). I am not too optimistic about it but i will try my best.

Bad Debt
11-17-2010, 06:41 AM
I have seen GEICO do some messed up things! Like authorizing the "clip procedure" when repairing cars and not paying blatant Dim Val claims. My experience handling hundreds of claims is they are one of the worst companies to deal with. They used more aftermarket and used parts than anyone.

State Law does impact a potential Dim Val claim, I would offer to help people in the forum with Dim Val but my report is geared for Texas, it sites Texas statute.

laser
11-17-2010, 06:53 AM
You have diminished value because of the accident and repair. CarFax probably only picks up if there was a police report filed. Maybe from the repair shop used (can ask them if they report).

Insurance companies are regulated by individual states and you should check specifically in New Jersey as to what is required (Google).

Here in GA payment for diminished value is required and I got a voluntary check from Cotton States Insurance for a wreck my wife had on her 330i a few years ago. It wasn't enough bit I didn't push it with them.

Son in Alabama (no diminished value) could not get for a wreck with his LR Disco.

gmatv16
11-17-2010, 07:00 AM
You have diminished value because of the accident and repair. CarFax probably only picks up if there was a police report filed. Maybe from the repair shop used (can ask them if they report).
We did not file a police report. The guy from auto body shop told me that he is not reporting to anybody. I heard insurance people report it to carfax.

Insurance companies are regulated by individual states and you should check specifically in New Jersey as to what is required (Google).

Only in three sates (GA,NC and i forgot other one) insurance companies are required to pay DV no matter whose fault it is, but in all other states they reject DVs if it is your fault and obligated (not required) to pay DV if it is third party's fault.

laser
11-17-2010, 07:45 AM
Sounds right .... good luck with your claim!

When we traded my wife's 2005 330i on a new 2009 328i the BMW dealer wrote "Bad CarFax" on the used car appraisal and adjusted their trade in value accordingly.