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X5 E70 (2007 - 2013)
E70 BMW X5 produced between 2007 and 2013. Discuss the E70 X5 with other BMW owners here.

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  #1  
Old 12-14-2012, 07:25 AM
jashearer jashearer is offline
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Diminished Value Claim How-To

Finally wrapped up all the loose ends that started with getting rear-ended at a stop light on July 5th. Thought I would jot down a few notes for those that may have a similar experiences in the future.

7/5/2012 - Got rear-ended while sitting at a stop light (offender was on phone and went before light turned green)
Called 911 after directing offender to side of the road with me. Note, ALWAYS call 911 and state it is not an emergency but you request police to come file a report, this is the most important step in my mind.
Made first contact with my insurance company as well as his.

7/6/2012 - Went to perferred body shop and had estimate drawn up using OE parts only, no bodywork.

7/10/2012 - Had visit from adjuster/appraiser and made sure he wrote in his report, the condition, age, mileage of my vehicle to justify OE parts and my diminished value claim which I would bring up after everything else was settled.

7/23/2012 - Recieved re-imbursement from insurance company for full amount of estimate.

9/17/2012 - Parts finally arrived (back-order) dropped off vehicle and argued for a decent rental during repair time.

9/20/2012 - Inspect vehicle at pick-up, went at noon to take advantage of max sunlight to ensure no visable difference in paint blending.

9/26/2012 - Submitted Dimished Value and Lost Time claim (dimished value claim is attached, lost time claim was denied as no proof of actual financial loss, so did not include).
Diminished value claim was calculated using 3 widely known internet appraisal sites (Edmunds, NADA, KBB) using difference between top condition private party sale to 1 step below top condition, highlighted wording that talked about how a non-clean carfax would drop from perfection condition to next step in ladder. The average of the 3 delta's was submitted along with all back-up screen prints. Total was ~50% of repair estimate.
Also requested a response within 10 working days in the fax I sent.

10/24/2012 - followed back up with insurance company as I hadn't heard anything from them (I was out of country so gave them longer then 10 days). They said they hadn't received to I refaxed and had them call me back immediately to confirm receipt, which they did.

11/9/2012 - Received call from insurance company stating that they will not pay for lost time and they will only pay $1,000 of diminished value since they replaced with OE parts and used the repair facility of my choice. I countered requesting thier calculation of why $1,000 and not my detailed calculation with lots of backup. She stood by the $1,000 and said she couldn't go any higher. I told her to talk to her supervisor and have him/her call me back directly if she didn't have authority.
I also asked for a certified letter from inhouse legal counsel saying they didn't have to pay my lost time claim, 5-6 days later I received a letter from the adjuster saying they didn't have to pay lost time (not legal counsel) and saying I would be receiving the full dimished value check in the mail within 10 days.

11/23/12 - Received check for full diminished value claim of ~$1,500

I'm attaching my repair estimate as well as the documentation I faxed to the insurance folks for my diminished value claim. Hopefully this helps other folks at some time along the way.

I found a couple threads on other forums doing some google research that were helpful, and ard's advice also helped, so just trying to pay it forward.

Jay
Attached Files
File Type: pdf Diminished Value Claim.pdf (720.4 KB, 121 views)
File Type: pdf Strieter Estimate.pdf (517.0 KB, 75 views)
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  #2  
Old 12-14-2012, 11:01 AM
ard ard is online now
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Nicely done. Thanks for posting this too.

I wonder if you could have taken the other person to small claims for the lost time. If the judge decided you did suffer that lost opportunity/wages/whatever, and told the other driver they needed to pay you, I'll bet their insurance policy would cover it.

But there is a point of diminishing return.... and I suppose it will be tough to argue "Yeah, I had to run back and forth to the body shop 4 times which cut into my bimmerfest surfing, which is worth $90 a hour to me"...

A
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Old 12-14-2012, 11:21 AM
jashearer jashearer is offline
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I kept a detailed daily log in 15 minute increments of all the time I spent related to the accident, I then multiplied that by my "hourly rate" as defined by taking my prior year W2 * 2% inflation divided by 2,040 hours.

I think if I was a wage employee and could show actual loss of wages it would have been easier. You are right, I possibly could have taken the person to small claims, but both he (16 year old first year driver) and his mother who showed up to the scene about 10 minutes in were both very apologetic and courteous, so to drag them through court wouldn't have been something I would have wanted to do.

In the end it was only ~$600 by my calculation so I'll live to fight another day.

Jay
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Old 12-14-2012, 06:05 PM
CALLAWAY845 CALLAWAY845 is offline
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Excellent work, Jashearer. It seems that a diminished value claim is most always an uphill battle, but your due diligence let them know from the start you meant business. A great post
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  #5  
Old 12-15-2012, 09:33 PM
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dcharnet dcharnet is offline
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The measure of damages payable by a third party tort feasor in most jurisdictions is the difference between the value before the accident compared to the value after, so clearly "diminished value" is what one is entitled to. The complication is that "value" will not be found in the book. It will be by expert opinion.

You can also recover lost wages, but not "lost fun."

If you are negligent or are receiving payment from your own carrier for any other reason ( such as deer strikes), most policies now exclude "diminished value." You simply get the cost of repair minus the deductible. That is what your "contract" says, vs what tort recovery law provides in the case of a tort claim against a third party who is at fault.

Last edited by dcharnet; 12-16-2012 at 06:43 AM.
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Old 03-17-2013, 07:55 AM
Marwan Marwan is offline
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I would assume Diminished Value also applies to leased cars involved in accidents needing significant repair... Any thoughts?
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Old 03-17-2013, 03:35 PM
ard ard is online now
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Yes and no.

Yes a leased car can suffer DV, no you- the lessee- cannot claim DV. The owner of the car (ie BMWFS) suffers the DV loss.

If BMWFS started holding the lessees responsible for DV, you'd see people making sure DV was pressed. But they dont.

A
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Old 03-17-2013, 05:34 PM
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Die Wolfe Die Wolfe is offline
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Thanks jashearer, this is good stuff to keep in mind as my wife and I were in the same type of accident in her 2012 535i.
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Old 03-23-2013, 09:40 AM
Pittwm Pittwm is offline
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I got 2k from Statefarm when a kid rear ended my E90 a year ago. My car was prime candidate for the claim. Very low mile for its model year, no prior accident, I was going to trade it for new X5, carfax clean report, and dealer wrote a letter cert the loss in value of the trade after the accident.
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