03-31-2024, 12:25 PM | #1 |
Private
60
Rep 92
Posts |
2024 X5 50e Salvage Value
As I’ve posted in other threads my X5 was hit while parked a couple of weeks ago. Ironically, this occurred four weeks after a SME replacement for the all too common drivetrain and high voltage faults that owners have reported. I was cautiously optimistic that the problem might be fixed. It has also had a previous CCU replacement.
In Pennsylvania, if repair cost plus salvage value exceeds the cash value of an equivalent undamaged vehicle the car is totaled. My certified BMW repair facility estimates the repair cost at $38000, and my insurance company shows the salvage value at $22500. Both the adjuster and I thought that seemed low. The car has 5500 miles and was delivered at the end of June. Does anyone know of a way to obtain a contesting salvage value? |
03-31-2024, 12:31 PM | #2 |
Lieutenant Colonel
817
Rep 1,785
Posts |
Wow, that is brutal.
__________________
COL(Ret), US Army Hagerstown MD 2019 X5 40i MSport Alpine White/Coffee (my 13th BMW) 2015 Mercedes SL400; 2009 Lexus RX350 |
Appreciate
0
|
03-31-2024, 01:03 PM | #3 |
Major
985
Rep 1,244
Posts |
Has the insurance company already deemed this something they want to salvage? Generally speaking, when it’s close, the insurance will just total it bc repairing it is an unbelievable headache for them
|
Appreciate
0
|
03-31-2024, 02:11 PM | #4 |
Private
60
Rep 92
Posts |
At this point they’re repairing it, as they will be reimbursed by the other driver’s insurance company. They’ve already issued checks to the repair shop. I’d prefer to have it totaled given the problems it’s had. I already have visions of the Carfax fox giving me the finger when I eventually trade or sell it.
|
Appreciate
0
|
03-31-2024, 03:28 PM | #5 |
Registered
6
Rep 4
Posts |
Many of the big insurance companies will obtain salvage values based on historical auction data from the big salvage vendors (CoPart or Insurance Auto Auctions, for example). You could ask your adjuster where they obtained the salvage value from. If historical auction data is the method that they used, I think it will be hard to argue.
I would also discuss filing a diminished value claim against the at-fault driver's insurance company. I believe that PA insurance laws require very low property damage liability limits and from what I read, you cannot make a diminished value claim against your own collision or uninsured motorist policy. I would imagine that a $38k estimate of repair would have a pretty big impact on the future value...as you said. Something to ask your insurance company....if the at fault driver's policy doesn't have enough coverage to fully reimburse your insurance carrier and you file a DIV claim...who gets the priority of payout? |
03-31-2024, 04:16 PM | #6 |
New Member
24
Rep 21
Posts |
Based on how new your vehicle is and the extent of damage, definitely pursue a DV claim against the other drivers insurance company. You can try to do this yourself but I would I contact an attorney that specializes in DV claims.
__________________
2018 xDrive 3.5i, Alpine White over Mocha. M Sport, Driving Assistance and Plus, LED Lighting Pkg, Parking Asst, HK, 3rd Row
|
Appreciate
1
gsquare60.00 |
03-31-2024, 05:23 PM | #7 |
Captain
1115
Rep 915
Posts |
22k doesn't seem that far off for salvage value, honestly kinda high. Nobody wants a nearly new luxury SUV that had that damn much damage to it, and that value is it's value as a smashed up vehicle.
You're gonna get absolutely demolished trying to trade it in one day. I'd be talking to the adjuster about your diminished value claim.. |
03-31-2024, 06:23 PM | #8 | |
Private
60
Rep 92
Posts |
Quote:
|
|
Appreciate
0
|
03-31-2024, 07:30 PM | #9 | |
Major
985
Rep 1,244
Posts |
Quote:
Otherwise- the advice for the diminished value claim is very good. You must follow that direction if this car is being repaired. I’m sorry you are going through this. No fun. |
|
Appreciate
1
gsquare60.00 |
03-31-2024, 07:37 PM | #10 | |
Private
60
Rep 92
Posts |
Quote:
|
|
Appreciate
0
|
03-31-2024, 07:50 PM | #11 |
Major
985
Rep 1,244
Posts |
|
Appreciate
0
|
03-31-2024, 07:54 PM | #12 | |
Major
518
Rep 1,136
Posts
Drives: 2022 x5 40!
Join Date: Nov 2015
Location: wv
|
Quote:
|
|
Appreciate
1
gsquare60.00 |
03-31-2024, 08:34 PM | #13 | |
Captain
572
Rep 874
Posts |
Quote:
I would expect 5 figures considering the vehicle and damage amount. This will likely be a fight. Personally I'd be asking 20% of MSRP. |
|
Appreciate
0
|
04-01-2024, 11:07 AM | #14 |
Private
60
Rep 92
Posts |
Fortunately, none of this will be necessary. My adjuster just totaled it, and my dealer was able to wrangle a May allocation for a 25. Whew…..
|
04-01-2024, 11:12 AM | #15 |
Captain
572
Rep 874
Posts |
|
Appreciate
0
|
04-01-2024, 04:21 PM | #18 |
Major
985
Rep 1,244
Posts |
|
Appreciate
0
|
04-01-2024, 06:20 PM | #19 | |
Brigadier General
236
Rep 3,303
Posts |
Quote:
Cheers, e46e92
__________________
"...it's not about the money and not about the brand of the car, it's about handling,performance and passion......And that, no other car has all together like an M3........when you talk about the most complete car the M is invincible." --Tony Kanaan. |
|
Post Reply |
Bookmarks |
Thread Tools | Search this Thread |
|
|