Diminished Value after accident questions.

[Kisenwether]

So last night my M5 was parked at a local park and a lady backed out of her driveway and hit my car. Drivers front headlight area, damage was to fender, bumper, headlight, all the plastic behind it, small radiator by wheel, cut the camera wires on the bumper. Its just a car I know but I'm curious on how diminished value works. How do you calculate a price.

I know if i tried to sell the car it would now will have a accident on the report and worth less and I was not at fault at all as it was parked. Has anyone gone after a diminished value for there car after a accident and how did it work and how did you come down to a value to get payed.

Just looking for some guidance here as I heard getting DV is really a pain.

Thanks

[TrevorM3]

not even worth trying. fix and move on

[Ex_Stig]

I got diminished value back in '05 on my E46 M3, but it was $25k of damage and took a year to resolve.

Doesn't sound like your situation is worth the hassle.

[TrevorM3]

the best way to avoid this situation, is to lease this kind of vehicle.

had to say it.

[josec70]

Agree not worth wasting time seeking DV on something of this size.

[Jrkennedy37]

I disagree. If the accident shows up on your car history then it's worth pursuing. The rule of thumb I've been told is the equivalent value of the repairs is approximate DV. The insurance company will negotiate with you, of course, and you can determine how far to push short of an actual law suit. Also, the amount of time to pursue a DV claim is very minimal.

Think about how the value of your car will be impacted simply by there being an accident, no matter how minor, on your car history. If I were a buyer, I'd likely cross the vehicle off my list with there being so many other cars available...unless there was a significant discount for the repaired one.

[josec70]

No one's saying not to do it I think we're simply saying it's a time consuming PITA that often yields nothing in the way of results.

[Jrkennedy37]

I had to file for DV last year and it took two phone calls to receive a check for $4k. Accident similar to OP but on older 550i. Total time spent was maybe 30 min.

[josec70]

Like I said, no one's saying not to do it. My own experience was a nightmare but maybe its a byproduct of living in Miami or some other factor.

[ed146]

OP read this before you pursue DV.

https://www.fatwallet.com/forums/finance/880666

[Hirenarora]

Originally Posted by Jrkennedy37

I had to file for DV last year and it took two phone calls to receive a check for $4k. Accident similar to OP but on older 550i. Total time spent was maybe 30 min.

This is exactly what I did 3 yrs ago when my 528i was hit while parked. Simply called the insurance company and demanded diminished value. My total repair bill was close to $5k. I was offered $2300 in diminished value.

[JAYRICHFROMMIAMI]

Used The St Lucie Appraisal Co which did a fine job. Without a comprehensive appraisal the insurance company will walk right over you. Even a small fender bender will result in a 10% loss of value to your BMW.