[Burnt C6]

That Hurts. knowing the cost of BWM to repair things it's not going to be cheap my any means. We had a 1" long scratch from an incident and it ran the other guys insurance $1500.

[midwestbmwguy]

Just got information from the dealer repair shop the vehicle has been totaled because of rear end and frame damage. Estimated cost to repair $40,501.
Unbelievable.

[Chapel Hill]

Originally Posted by midwestbmwguy

Just got information from the dealer repair shop the vehicle has been totaled because of rear end and frame damage. Estimated cost to repair $40,501.
Unbelievable.

First, I'm glad you are okay. Second, if the car is totaled given it's essentially brand new, how much of the original purchase price will you get back?

[SHARMAATL]

Originally Posted by midwestbmwguy

Just got information from the dealer repair shop the vehicle has been totaled because of rear end and frame damage. Estimated cost to repair $40,501.
Unbelievable.

This is probably the best outcome for you. First, best part of all this is that everyone is ok. Next, the other driver clearly was at fault and seems to have admitted to it, so that's ideal.

And, you don't have to worry about a bad repair job or any other minor issues post- such a large repair job.

Now, you can sit back and start customizing a 2021 model.

[midwestbmwguy]

That is the question I was rear ended. Fortunately the guy has proper coverage. He was cited and got two tickets. I want to be 100% whole. Any advice is appreciated

[VTENGR]

Originally Posted by midwestbmwguy

That is the question I was rear ended. Fortunately the guy has proper coverage. He was cited and got two tickets. I want to be 100% whole. Any advice is appreciated

Hopefully you get reimbursed the purchase price of the car and not the value at the time of the accident. It's tough because cars depreciate so much in the first year. If they only give you the depreciated value, you will likely have to come out of pocket to buy your replacement car.

[TurtleBoy]

Unfortunately it will probably be replacement value. Hopefully it isn’t too much of a loss.

[codex57]

If it's anything like what I've seen in my state, it's replacement value and you'll have to argue about that because they'll want low wholesale which no private citizen has access to. I know some insurance companies offer an add on policy that covers the gap, but they usually only offer it if the car is less than a year old.

[SHARMAATL]

Originally Posted by midwestbmwguy

That is the question I was rear ended. Fortunately the guy has proper coverage. He was cited and got two tickets. I want to be 100% whole. Any advice is appreciated

Is this a financed or a leased vehicle? If leased, BMW bakes in gap coverage so you shouldn't have to worry about owing more than the depreciated value on your loan.

If financed, you should check and see if you have gap protection.

If you paid cash, that's gonna suck. I would pursue diminished value but be warned the formula used never really ends up covering the true loss in value.

[midwestbmwguy]

Owned outright. No finance 😉. I know I will have a battle. Waiting for them to call me. Surprised they didn't today.

[rlou]

From my experience, no way you'll get reimbursed for the purchase price of the car. What you should be able to settle for is the cost to replace your vehicle with a similar year/model with similar options/mileage/condition. The insurance company will go through a process to evaluate your car, and then attempt to find "comparables" from your market area in order to determine the 'fair market value'.

From that point, you should have the opportunity to rebut their offer to try & get more. Again, from my previous experience I found 2 ways to get more from the claim:

1) make sure they have evaluated your vehicle correctly. They will enter the VIN into a system to determine the options, etc. But in my experience they missed some key options that helped to increase the value.

2) look for "comparables" on your own from your market area to see if you can find any higher listed comps than what the insurance found.

Good luck!

[thereef510]

you could also just 'buy back' your truck after they total it and get it fixed yourself and keep it. it was only rear ended. I'm sure if you looked around to a few reputable shops and get some quotes you'd know what you were dealing with.

[TurtleBoy]

I guess if the offer is too low and you can't get them up you can just bypass their insurance and sue the driver directly. More than likely you won't get much more than what the insurance is offering though and you possibly will have attorney fees. When it comes down to it, the driver owes you a year old X5 with 14k miles on it not a new one.

[jc.bmw]

Originally Posted by rlou

From my experience, no way you'll get reimbursed for the purchase price of the car. What you should be able to settle for is the cost to replace your vehicle with a similar year/model with similar options/mileage/condition. The insurance company will go through a process to evaluate your car, and then attempt to find "comparables" from your market area in order to determine the 'fair market value'.

From that point, you should have the opportunity to rebut their offer to try & get more. Again, from my previous experience I found 2 ways to get more from the claim:

1) make sure they have evaluated your vehicle correctly. They will enter the VIN into a system to determine the options, etc. But in my experience they missed some key options that helped to increase the value.

2) look for "comparables" on your own from your market area to see if you can find any higher listed comps than what the insurance found.

Good luck!

I think this is a very reasonable suggestion. I’d definitely look for examples of similar vehicles and even go see them (for their current state) to establish a baseline for the market value of your X5.

I’d also consider working with your dealership on a possible purchase of a new one and see what the difference would be.

The bad part of this is that a new vehicle loses about 20% of its market value the first year, so typically Gap Insurance would cover the difference between owned loan amount and first year depreciation... but in your case you can have a conversation with your insurance company about what is a reasonable replacement value for your 1-year old X5.

[Cooltones]

Oh Wow. Glad you're OK.

[VTENGR]

Originally Posted by thereef510

you could also just 'buy back' your truck after they total it and get it fixed yourself and keep it. it was only rear ended. I'm sure if you looked around to a few reputable shops and get some quotes you'd know what you were dealing with.

If the frame is bent which is why I think they totaled it, you will have a "salvaged" car title. Pretty much means it has zero resell value b/c only someone desperate will buy a car with a salvaged title.

[TXSchnee]

Get comparables from your dealer, evidence of retail value will help you. Keep in mind that insurance only has to indemnify you, which means they legally owe you only what your vehicle is worth. While it may be a "new" vehicle, the minute you drive it, in the eyes of insurance, it is no longer new. (I never worked total loss as an adjuster, but a friend did, and he had to offer $195,000 on a $300,000 Ferrari with only 300 miles on it, because that was what value was)

[speedyman]

Glad that you were mot injured. You can be pretty sure this person was texting. We need to get tough on this crap. Some house arrest time and a couple hundred hours of community service for a first offense might help curb this profoundly dangerous behavior.

[dan1495]

I’m not sure how it works in your state but in Texas you get a sales tax break based on value when you trade in a vehicle, something you lose when your vehicle is a total loss. My daughter totaled a Mustang GT convertible of ours once and I was able to negotiated that loss into the settlement. In your case that could be significant.

[arciga18]

You also have to consider that the market may be skewed due to COVID.


For example I have a 2020 x5 40i.

Stickers was just shy of 76k.

Msport
, air suspension , hitch . Black black among the other standard things at 76k.


The car has 4129 miles. Not a typo.

I was offered 55k on trade last week.

So take your msrp take off 35 percent to adjust adjust for the 14k miles . And that will probably be the number they offer .

Let us know what number they throw at you.

[philooo]

very curious how much you are doing to get as well... that is the main problem of owneing instead of leasing. crash are deadly...to your wallet!

[rlou]

Originally Posted by dan1495

I’m not sure how it works in your state but in Texas you get a sales tax break based on value when you trade in a vehicle, something you lose when your vehicle is a total loss. My daughter totaled a Mustang GT convertible of ours once and I was able to negotiated that loss into the settlement. In your case that could be significant.

In my recent case (09/2020), my total loss settlement was for the agreed fair market value of the X5 plus sales tax of that amount. Which makes sense as it in theory allows me to go out and find a similar X5 and be able to pay for it, including sales tax, from the settlement. This was in WA state.