"Diminished value" help/opinions sought...

Oh my god, I'm glad no one was hurt. This a shame, and I feel for you. You might want to do a thread search on this subject, as I recall this being discussed on a couple of occaisions. IIRC few have had any luck with the "dimished value" issue, when taken up with the insurance companies. Your best bet is to contact an insurance adjusting company to see if they will represent you in making a claim...yes, it will cost you some money, but if the dimished value is significant, it could definitely work in your favor. My buddy is an attorney and owns a business that specifically deals in fighting insurance companies over their low estimates for repairs/replacement of buildings, equipment, etc. for companies. Something similar must exist for private individuals as well.

 

First you have to see how much coverage the other driver had. If he has enough to cover your repair and a possible deminished value, then you can argue that case.
One a BMW ther eis not much you will recover. If the work is done right at a good shop your repair is being accepted as fair compensation. On a Ferrari that is entirely different since buyer of these cars DO care and many will not touch a car that has had damage. So there is a huge deminished value factor.

At the end of the day if you want to make that argument you will be told NO and then have to fight for it. Meaning get a expert to give you a value for the accident and then sue the insurance in court over that value.

 

Some companies will settle a diminished value claim for up to 50% of the repair cost without much hassle -- but you have to ask for it. Of course, if you had caused the accident, you wouldn't be entitled to any diminished value claim. Luckily that doesn't apply in your case.

I agree with Martin -- since you have a 4 year old BMW, don't expect too much. A new 360 would be a different story and it would be much easier to make a case for substantial diminished value.

 

Speaking of jurisdictions, this thread is in the wrong group. Possibly "other".

 

My ex boss did it with his Mercedes once. He just *****ed and bithced until they finally gave in. he got alot though.

 

I am fairly certain that Texas does NOT allow for diminshed value claims. Not positive though, check with your rep.

 

I just went through arbitration, in California, for diminished value and lost. We even had an expert car appraisers report. What lost it for me was the the expert reports the values of my car in the low low 30,000. It came out that I sold my car for 17,000 with a blown motor. The abitrator came to the conclusion, that since a rebuild would run 20,000 and I got 17,000 for the car, there was no diminished value.

 

This was in Texas. You can get what you need from any ins. company. They can settle for what ever they feel like. The question you have to say to yourself is, will it be more money if we went to court and fought it out. That is the only way they will settle. So when you negotiate, let them know you will ask ffor triple in court. Make it seem like you re letting them off the hook easy. Tell them that you will take care of your whiplash(wink, wink) yourself if they will just pay for the diminshed value on your car. They will think they made out good.