Sounds like it to me, but your adjuster and repair estimate will determine for certain.
Bummer. One less M Coupe.
"That's right, you're not from Texas, but Texas wants you anyway." -LL
2001 Z3 3.0i Roadster (Topaz Blue Metallic, 5-speed manual, Sport Package, CD radio, heated seats and mirrors, non-power top via special order)
"Beemer" is for my BMW motorcycles - '13 K1300S, '95 R1100RS, '88 K75S, '75 R90S (gone, but not forgotten).