Total loss

Originally Posted by tturedraider

Folks (not just you), the OP's insurance company isn't going to offer him anything. They are not the ones paying the claim. The other driver's insurance company is liable to pay this claim.

Agreed, but in my experience (unfortunately have had a few accidents.) Your insurance company usually settles with you, and then they get it from the person who causes the accident. Did he state differently and I just missed it?

In any case, everything in life is a negotiation...

Originally Posted by miamiboyca

Agreed, but in my experience (unfortunately have had a few accidents.) Your insurance company usually settles with you, and then they get it from the person who causes the accident. Did he state differently and I just missed it?

In any case, everything in life is a negotiation...

hmmm....I've never had that happen with a claim where the at fault driver was insured. My insurance has had to pay twice, because of uninsured drivers.

How fast were you going?
Were you able to hit on the brake or was this totally unexpected?
What fast was the old man going? Was he trying to run a yellow that turned red? Was he DUI?
After crash, did BMW Assist come online since they supposedly know your air bag deployed?

Do you have the side damaged picture since you were T-boned?

Glad BMW's protection worked as expected.
Seems like you got tint on the windows.

Originally Posted by miamiboyca

Your insurance company usually settles with you, and then they get it from the person who causes the accident.

This.
Taxes, title, etc., included
FMV, period. Not new price. (You did not lose a new car on the lot, you lost a used car.)
Adjuster gets info on the car from VIN, aftermarket additions often not covered but may be - check your policy.
Your carrier asserts a subro claim against at fault driver, his carrier will reimburse, ask them to recover your deductible.
Any decent agent knows all this, as does the adjuster - talk to them, not a forum.

I am sorry to hear of the accident and am very glad everyone is OK.

Payout formula is as follows:

Car is deemed total loss if repairs exceed the following:

Fair Market Value + taxes/title of replacement vehicle + salvage * 70%

Once it exceeds that car is total loss. That formula is:

FMV + taxes/title + salvage value.

Example.

FMV = 32,000
Taxes/title = 5,000
Salvage = 5,000
Payout = 42,000

Total loss if repairs exceed $29,000

Nada is used to calculate FMV using VIN for options.

New car replacement is different but the formulas above are fairly consistent in the industry.

Originally Posted by x3brian

Payout formula is as follows:

Car is deemed total loss if repairs exceed the following:

Fair Market Value + taxes/title of replacement vehicle + salvage * 70%

Once it exceeds that car is total loss. That formula is:

FMV + taxes/title + salvage value.

Example.

FMV = 32,000
Taxes/title = 5,000
Salvage = 5,000
Payout = 42,000

Total loss if repairs exceed $29,000

Nada is used to calculate FMV using VIN for options.

New car replacement is different but the formulas above are fairly consistent in the industry.

Why would the insurance pay the salvage value on top? Interested to know as I am waiting on my insurance co to declare a total loss. Since they are paying you the full market value already, why anything they recoup from salvage as well? or is the salvage value not included in payout, just this calculation. So it minimizes chance of total loss?

If anyone has any questions feel free to ask I was a former adjuster/appraiser and I am now an underwriter for a P&C so I can explain all the normal workings and the general procedures

Originally Posted by WULFFZA

Why would the insurance pay the salvage value on top? Interested to know as I am waiting on my insurance co to declare a total loss. Since they are paying you the full market value already, why anything they recoup from salvage as well? or is the salvage value not included in payout, just this calculation. So it minimizes chance of total loss?

You misunderstood the post.

Originally Posted by DigitalMPower

If anyone has any questions feel free to ask I was a former adjuster/appraiser and I am now an underwriter for a P&C so I can explain all the normal workings and the general procedures

What is your opinion of what the insurance company will pay given the OP's circumstances? Given the model year of the car, 2013, age, only a very few months, and the low mileage, 5,000, will they reimburse the OP for the amount he actually paid for the car? The only way to make him whole is to put him back into another 2013 model F30 equipped the same way as the totalled car.

I will offer two different perspectives on how this could/should be handled:

Option 1 - If and I mean only if your own policy has some type of endorsement that requires replacement cost if your vehicle is wrecked in the first 12 months, then I would argue the hassle with dealing with a third/claimant carrier may not be worth it. Your insurance company can replace the car and subrogate the other carrier. With that being said, it is not guaranteed depending on state precedent that your carrier will be reimbursed in full due to technically only owing ACV. This would leave some type of balance paid to you by your carrier which if frequency becomes an issue could without being known to you be used against you in non-renewing.

I would recommend using this option if the other carrier is acting difficult or stalling. Keep in mind while it was the old man's fault his carrier is under no form of contractural obligation to pay you. This could leave you with outstanding towing/storage fees that need to be mitigated when handling this matter.

Option 2 - I think OP has every right legally to ask for true replacement value on his vehicle bc of how new it is. Again with that being said a minimal amount of depreciation may be taken as he has driven the car 5k miles. If you are not presenting an injury claim, then I feel like for such extreme damage a fair procedure would be to just replace it.

Now the not so fun part starts, all carriers have different views about fully indemnifying insureds and claimants. Depending on who the carrier is could go to great lengths in determining if they will pay or stall. This is the unfortunate part of the industry. I would remain calm and present this to the adjuster, all carriers like to prevent litigation at all costs so most of the time if your demand is reasonable, which in this case for a $40-50k car I think is, then they should handle it as such.

The one thing to keep in mind is when dealing with the third part carrier, remember they don't owe you anything and are just fine with letting this drag out which usually becomes more expensive for all those involved. Legal council is not a bad option of your aren't a good negotiator, but unless bodily injury is involved most won't waste their time with just property damage.

Let me know if I can assist with anything else or anyone has any questions.

Originally Posted by DigitalMPower

I will offer two different perspectives on how this could/should be handled:

Option 1 - If and I mean only if your own policy has some type of endorsement that requires replacement cost if your vehicle is wrecked in the first 12 months, then I would argue the hassle with dealing with a third/claimant carrier may not be worth it. Your insurance company can replace the car and subrogate the other carrier. With that being said, it is not guaranteed depending on state precedent that your carrier will be reimbursed in full due to technically only owing ACV. This would leave some type of balance paid to you by your carrier which if frequency becomes an issue could without being known to you be used against you in non-renewing.

I would recommend using this option if the other carrier is acting difficult or stalling. Keep in mind while it was the old man's fault his carrier is under no form of contractural obligation to pay you. This could leave you with outstanding towing/storage fees that need to be mitigated when handling this matter.

Option 2 - I think OP has every right legally to ask for true replacement value on his vehicle bc of how new it is. Again with that being said a minimal amount of depreciation may be taken as he has driven the car 5k miles. If you are not presenting an injury claim, then I feel like for such extreme damage a fair procedure would be to just replace it.

Now the not so fun part starts, all carriers have different views about fully indemnifying insureds and claimants. Depending on who the carrier is could go to great lengths in determining if they will pay or stall. This is the unfortunate part of the industry. I would remain calm and present this to the adjuster, all carriers like to prevent litigation at all costs so most of the time if your demand is reasonable, which in this case for a $40-50k car I think is, then they should handle it as such.

The one thing to keep in mind is when dealing with the third part carrier, remember they don't owe you anything and are just fine with letting this drag out which usually becomes more expensive for all those involved. Legal council is not a bad option of your aren't a good negotiator, but unless bodily injury is involved most won't waste their time with just property damage.

Let me know if I can assist with anything else or anyone has any questions.

Thanks.

Originally Posted by DigitalMPower

I will offer two different perspectives on how this could/should be handled:

Option 1 - If and I mean only if your own policy has some type of endorsement that requires replacement cost if your vehicle is wrecked in the first 12 months, then I would argue the hassle with dealing with a third/claimant carrier may not be worth it. Your insurance company can replace the car and subrogate the other carrier. With that being said, it is not guaranteed depending on state precedent that your carrier will be reimbursed in full due to technically only owing ACV. This would leave some type of balance paid to you by your carrier which if frequency becomes an issue could without being known to you be used against you in non-renewing.

I would recommend using this option if the other carrier is acting difficult or stalling. Keep in mind while it was the old man's fault his carrier is under no form of contractural obligation to pay you. This could leave you with outstanding towing/storage fees that need to be mitigated when handling this matter.

Option 2 - I think OP has every right legally to ask for true replacement value on his vehicle bc of how new it is. Again with that being said a minimal amount of depreciation may be taken as he has driven the car 5k miles. If you are not presenting an injury claim, then I feel like for such extreme damage a fair procedure would be to just replace it.

Now the not so fun part starts, all carriers have different views about fully indemnifying insureds and claimants. Depending on who the carrier is could go to great lengths in determining if they will pay or stall. This is the unfortunate part of the industry. I would remain calm and present this to the adjuster, all carriers like to prevent litigation at all costs so most of the time if your demand is reasonable, which in this case for a $40-50k car I think is, then they should handle it as such.

The one thing to keep in mind is when dealing with the third part carrier, remember they don't owe you anything and are just fine with letting this drag out which usually becomes more expensive for all those involved. Legal council is not a bad option of your aren't a good negotiator, but unless bodily injury is involved most won't waste their time with just property damage.

Let me know if I can assist with anything else or anyone has any questions.

Very well stated.

Without the new car replacement endorsement on your policy odds are good you will not be made whole with a new car, without strong negotiation skills. Also as he stated the third party insurance is at no obligation to you.

Keep in mind $29k in damage is a whole lot and the damage appraiser could come back as not totaled. The percent used is a range and I have seen it as low as 50% and as high as 80%.

My wife just had an accident with her minivan with $19,100 in damage and it was not a total loss because it still had $1,200 before it hit the 70% threshold. I personally went with the repair vs fight because I scoured the repair work order and personally inspected vehicle. I knew my repair shop could make it whole because it was all new aluminum body parts listed with no engine/driveline damage. The airbags took up only 13% of parts cost.

Op- keep us posted. I am glad all were safe but you might have some work on your hands.

Originally Posted by fb88

How fast were you going?
Were you able to hit on the brake or was this totally unexpected?
What fast was the old man going? Was he trying to run a yellow that turned red? Was he DUI?
After crash, did BMW Assist come online since they supposedly know your air bag deployed?

Do you have the side damaged picture since you were T-boned?

Glad BMW's protection worked as expected.
Seems like you got tint on the windows.

I was going about 40mph. I assume the old man was going somewhere between 35-40mph. He was not trying to run a yellow, he simply did not see the light altogether and ran a clear red. My light was green. No DUI but he received a red light citation based on witness testimony. His insurance has also accepted liability since the accident. BMW Assist did not come online, I don't think I had that feature.

I saw him in my peripherals at the last minute but did not have time to react before the collision. I believe I veered slightly to the left which caused me to spin out a bit, jump up the curb and come to rest after hitting the streetlight.

So far I have been dealing with MY insurance company regarding compensation for the vehicle and I'm sure they will subrogate with the at-fault party's insurance company in the future.

[Edited until settlement reached]

Originally Posted by NeverOddOrEven

79 year old man blew through a red light Saturday night and T-boned me. My car was the least of my worries as I had a full car of friends (including a 9-month pregnant friend with twins) in the passenger seat nearest the point of impact. He got a red light citation from the cop who responded to the accident and several witnesses are on file that corroborate the story.

The BMW kept us safe with all of its airbags (it has knee airbags, I never knew). Side-curtain airbags are a must in any car if you value your life.

The insurance company just took my car from the tow truck company yesterday so I will be in contact with them regarding the outcome (almost certain it's a total loss). The car was paid off so they should just cut me a check.

Anyone with experience dealing with total losses and insurance companies...am I entitled what I paid for the car or what it is currently worth? Had about 5,000 miles on it which I already told the insurance company about...



RIP.

It depends on your coverage. For example, Allstate Platinum overs replacement cost within firtst 2 years of the car's life.

Most are ACV (actual cash value) though.

Originally Posted by NeverOddOrEven

I was going about 40mph. I assume the old man was going somewhere between 35-40mph. He was not trying to run a yellow, he simply did not see the light altogether and ran a clear red. My light was green. No DUI but he received a red light citation based on witness testimony. His insurance has also accepted liability since the accident. BMW Assist did not come online, I don't think I had that feature.

I saw him in my peripherals at the last minute but did not have time to react before the collision. I believe I veered slightly to the left which caused me to spin out a bit, jump up the curb and come to rest after hitting the streetlight.

So far I have been dealing with MY insurance company regarding compensation for the vehicle and I'm sure they will subrogate with the at-fault party's insurance company in the future.

Very glad to hear things are going well.

What are the extras you've done to the car?

Update?

Originally Posted by tturedraider

Very glad to hear things are going well.

What are the extras you've done to the car?

I had put new wheels/tires on the car but sold the originals so that I spent net $150 on the upgrade. Also $200 for tint. So not too many upgrades...

As far as an update, my insurance company cut me a check for $850 more than I spent on the car. Looked into getting another F30 but after having mine I wanted more options so it would've been even more expensive so I decided against it. I'm only 24 so I can wait a few years before I buy me a nice loaded Bimmer. Bought a Hyundai Azera instead. I love it.

I'd be damned if an old man put me in a Hyundai after having a BMW. But the good thing about it is that you had decisions and you made the best one in your interest.

With my last 335i (E90) I was hit (without fault) by a driver cutting left in front of me on large boulevard. The car was only a few months old. Air bags deployed and the car suffered about $28k of damage (my memory is the sticker for the car was about $50k). It was not totaled. I had minor-to-medium medical issues that came out over time and caused me to lose work and otherwise suffer. I went to the hospital after splitting headaches days after the accident. At this point I had already been approached to sign off on any damage beyond what happened to my car.

Its a long story and not too relevant. In short, the other driver was insured but with miserable insurance at bare minimum coverages. I ended up getting paid out to the limit on his insurance and then having to sue my own insurance company (AAA) against my uninsured motorist coverage to get anywhere near what I should have received. Apparently that is typically uninsured and UNDERinsured coverage. My new policy now has a very high limit in this area after dealing with this.

My point though and the biggest advice I learned after dealing with this via a personal injury lawyer, depositions, and two years of insurance claims leading to two payouts to barely make myself whole was:

DOCUMENT EVERYTHING.

Every single pain, ache, ANYTHING. Your memory of the event, every phone call: EVERYTHING. Especially with the passengers, etc., you NEED to make sure you are covered beyond simply getting a new car. You may be dealing with this for some while. Being a well spoken and persistent claimant with documentation will help you A LOT. Ultimately if this goes beyond just getting your car replaced (or even if that is the only issue) the insurance company will look at what they are up against. Your record, your statements, everything - even if this isn't your fault. Being a formidable adversary will help you A LOT. The insurance company, cheap or not, will always look for a way to pay you less if possible.

Protect yourself. You have a lot to do with how this turns out. The best and worse case scenarios are often not close together and you can, with little effort, make sure you (or your passengers) are not taken advantage of. I'm not advocating opportunism but once you settle, things are finished. Documenting and being persistent can insure that you make out fairly.