Diminished value claim

[NORAGRETS]

Got hit by someone taking an illegal turn back in 2022 (3 months into ownership of my 2017 ZCP M3) they clipped the rear passenger side of my car and spun me into a concrete barrier.

At the time of the accident car had 23,000 miles on it with no previous accident history.

Total cost to repair was $35,000.

I just filed a diminished value claim and currently have geico at $7250 for said diminished value but I believe the actual amount to be much higher.

Given that my car has every possible option on it, and that it’s 6MT, and has about $25,000-$30,000 of mods on it I’m thinking that DV should be at least $15,000 if not higher.

I’m going off of the 17c formula as well as comparable sales for similar vehicles. Given that the car is “rare” to a degree, comps from bring a trailer are priced between $61,000 - $76,000 for that time period in 2022 with similar spec vehicles.

A private party sale of my car at this point in time is $52,000 so at the top end there’s a $24,000 price difference between comparable sales and my current vehicle sale price.

I’ve had a report presented to me by geico but they are missing critical elements (options, “rarity”, and the fact that these cars don’t go up for sale all too often).

Anyone have a DV appraiser that would help me out here to show that the DV is more like $20,000 + as opposed to just using any old run of the mill M3 as a base comparable?

[alex2364]

Mods don't make your car rare. In fact, it decreases the value of your car. And you can't compare selling price during the height of COVID car spikes to now.

[NORAGRETS]

Originally Posted by alex2364

Mods don't make your car rare. In fact, it decreases the value of your car. And you can't compare selling price during the height of COVID car spikes to now.

Obviously the mods don’t make it rare I never said that. Modded cars on the private market sell for a premium see attached.

Those are mostly DCT cars too…

It’s a ZCP, every option available (executive, lighting, competition, drivers assistance, lighting package, power rear sunshade, full leather etc) and it’s a manual transmission…I forget the exact number but in this spec there’s very very very few cars in the USA

FOR REFERENCE: https://f80.bimmerpost.com/forums/sh....php?t=1551939

[NORAGRETS]

Originally Posted by alex2364

Mods don't make your car rare. In fact, it decreases the value of your car. And you can't compare selling price during the height of COVID car spikes to now.

For diminished value yes I can absolutely compare prices from then to now. Since the accident was in 2022 those are the prices that I’m referring to. Obviously I didn’t sell the car but I COULD HAVE…

[Monkey Throttle]

Originally Posted by NORAGRETS

For diminished value yes I can absolutely compare prices from then to now. Since the accident was in 2022 those are the prices that I’m referring to. Obviously I didn’t sell the car but I COULD HAVE…

You need to take a deep breath and take a little chillax. You're not gonna want to hear this but your numbers are entirely inflated and you're dismissing any comps that don't support your argument.

They fixed the car. The only thing there is to determine is how much value you might have lost in the accident. A DV settlement is not going to make you whole especially if your whole is trying to represent an unrealistic value.

- Forget about your mods. No one cares.
- You have a 2017 M3 with 23k miles... A $6k to $7k DV compensation is well within reason. Probably represents 10% - 20% of the value of the car.

Take your check. Be glad you got a reasonable DV without a fight and move on.

[NORAGRETS]

Originally Posted by Monkey Throttle

You need to take a deep breath and take a little chillax. You're not gonna want to hear this but your numbers are entirely inflated and you're dismissing any comps that don't support your argument.

They fixed the car. The only thing there is to determine is how much value you might have lost in the accident. A DV settlement is not going to make you whole especially if your whole is trying to represent an unrealistic value.

- Forget about your mods. No one cares.
- You have a 2017 M3 with 23k miles... A $6k to $7k DV compensation is well within reason. Probably represents 10% - 20% of the value of the car.

Take your check. Be glad you got a reasonable DV without a fight and move on.

Lol, ppl like you are the ones who would just take the first offer and walk away feeling like they got the best deal. "chillax" bro, you're a beta its cool.

And no, if cars are going for $75,000 during that period of time, then they absolutely play into the diminished value of my car.

None of what you said is in any way relevant to what my question was.

[Monkey Throttle]

Originally Posted by NORAGRETS

Lol, ppl like you are the ones who would just take the first offer and walk away feeling like they got the best deal. "chillax" bro, you're a beta its cool.

And no, if cars are going for $75,000 during that period of time, then they absolutely play into the diminished value of my car.

None of what you said is in any way relevant to what my question was.

Your valuation is STUPID. 6 months ago I bought a 6MT, 3500mi, 2018 F80 with comp, zcp and all the other options you listed that are actually included in the comp and ZCP package (like the rear window shade and lighting package). So by all accounts a newer model with significantly less miles and same options. The car was one owner, no accidents and in perfect condition. I bought it retail for $63,000.

So please explain to me that you're older, higher mileage, clapped out and now accident damaged short bus is worth more??? Cause you modded it? BAHAHAHAA.

One of my closest friends is a car appraiser and does DV reports on the regular. He also testifies in court as an expert witness amongst a host of other things car/insurance related. We had an at length conversation about DV because my brothers Bronco was damaged by a valet.
I am speaking from an informed understanding of how DV works. A lot of companies won't even pay a DV claim and you have to sue the driver who hit you for DV.

So have fun. Your valuation and your position are still stupid. Get learned.

[N1rve]

Originally Posted by NORAGRETS

Got hit by someone taking an illegal turn back in 2022 (3 months into ownership of my 2017 ZCP M3) they clipped the rear passenger side of my car and spun me into a concrete barrier.

At the time of the accident car had 23,000 miles on it with no previous accident history.

Total cost to repair was $35,000.

I just filed a diminished value claim and currently have geico at $7250 for said diminished value but I believe the actual amount to be much higher.

Given that my car has every possible option on it, and that it’s 6MT, and has about $25,000-$30,000 of mods on it I’m thinking that DV should be at least $15,000 if not higher.

I’m going off of the 17c formula as well as comparable sales for similar vehicles. Given that the car is “rare” to a degree, comps from bring a trailer are priced between $61,000 - $76,000 for that time period in 2022 with similar spec vehicles.

A private party sale of my car at this point in time is $52,000 so at the top end there’s a $24,000 price difference between comparable sales and my current vehicle sale price.

I’ve had a report presented to me by geico but they are missing critical elements (options, “rarity”, and the fact that these cars don’t go up for sale all too often).

Anyone have a DV appraiser that would help me out here to show that the DV is more like $20,000 + as opposed to just using any old run of the mill M3 as a base comparable?

All I’m going to say is ask for a number you want with an explanation as to why. The worse they can say is no. If you never ask, the answer is always going to be a no.

When this happened back in 2022, you should have done it then since the values were as is and would have a stronger case. Asking for that value 2 years later is going to be hard. But again, the worse they can say is no. But unfortunately the reality is insurance companies interest aren’t your best interest. They want to pay out as little as they can and earn the most profit they can. I’m a bit surprised they fixed your car at $35k because that’s like 50% value of the car since usually if the cost is excessive they just total the car.

[NORAGRETS]

Originally Posted by Monkey Throttle

Your valuation is STUPID. 6 months ago I bought a 6MT, 3500mi, 2018 F80 with comp, zcp and all the other options you listed that are actually included in the comp and ZCP package (like the rear window shade and lighting package). So by all accounts a newer model with significantly less miles and same options. The car was one owner, no accidents and in perfect condition. I bought it retail for $63,000.

So please explain to me that you're older, higher mileage, clapped out and now accident damaged short bus is worth more??? Cause you modded it? BAHAHAHAA.

One of my closest friends is a car appraiser and does DV reports on the regular. He also testifies in court as an expert witness amongst a host of other things car/insurance related. We had an at length conversation about DV because my brothers Bronco was damaged by a valet.
I am speaking from an informed understanding of how DV works. A lot of companies won't even pay a DV claim and you have to sue the driver who hit you for DV.

So have fun. Your valuation and your position are still stupid. Get learned.

You’re the definition of a moron. Not going to continue to entertain your stupidity bud. Read my first post and the question I asked is stated very clearly.

DV laws are different in every state. Claiming your informed about DV claims and how it works just proves you hold zero credibility as someone with an “informed understanding of how DV works”.

Why are you commenting on this post? You’ve added nothing of value, deviated far from my simple request stated in my first post, and just gone on to show you’re a smooth brained idiot.

[NORAGRETS]

Originally Posted by N1rve

All I’m going to say is ask for a number you want with an explanation as to why. The worse they can say is no. If you never ask, the answer is always going to be a no.

When this happened back in 2022, you should have done it then since the values were as is and would have a stronger case. Asking for that value 2 years later is going to be hard. But again, the worse they can say is no. But unfortunately the reality is insurance companies interest aren’t your best interest. They want to pay out as little as they can and earn the most profit they can. I’m a bit surprised they fixed your car at $35k because that’s like 50% value of the car since usually if the cost is excessive they just total the car.

Thank you lol. Yes ask high, settle in the middle somewhere. That’s the goal.

Massachusetts, where I live, will consider the cost of the vehicle at the time of the accident, luckily.

And yeah insurance companies obviously want to pay as little as possible for anything but I’ve learned that the more you hassle em the better the outcome.

Not gonna walk away with the first $ offer like some other dumbass suggested above.

[Monkey Throttle]

Good luck. I hope you get every penny out of them. I'm certainly not on the side of the insurance company.

[N1rve]

Originally Posted by NORAGRETS

Thank you lol. Yes ask high, settle in the middle somewhere. That’s the goal.

Massachusetts, where I live, will consider the cost of the vehicle at the time of the accident, luckily.

And yeah insurance companies obviously want to pay as little as possible for anything but I’ve learned that the more you hassle em the better the outcome.

Not gonna walk away with the first $ offer like some other dumbass suggested above.

Like I said, the worse they can say is no. You'll never know unless you try!

[NORAGRETS]

Originally Posted by N1rve

Like I said, the worse they can say is no. You'll never know unless you try!

Exactly

[L82WRK_F80]

I hate to break it to you, but your car IS NOT rare. It's not an Individual color, and I'm assuming the interior isn't Individual either. Based on what you shared, you have the most common F80 color in North America. 2017's didn't come with the desirable headlights either, 2018 was the year to get. There's a reason why the 2018 auction shared above was $2K higher than the 2017 Individual car with 4K less miles.

I'd take $7,250 and run. That should make up the difference of what you overpaid in 2022 vs. where the market is today. The overall F8X market is way down from the pandemic peaks.

[NORAGRETS]

Originally Posted by L82WRK_F80

I hate to break it to you, but your car IS NOT rare. It's not an Individual color, and I'm assuming the interior isn't Individual either. Based on what you shared, you have the most common F80 color in North America. 2017's didn't come with the desirable headlights either, 2018 was the year to get. There's a reason why the 2018 auction shared above was $2K higher than the 2017 Individual car with 4K less miles.

I'd take $7,250 and run. That should make up the difference of what you overpaid in 2022 vs. where the market is today. The overall F8X market is way down from the pandemic peaks.

lol I guarantee I can get more than $7250 y’all are soft

[White340]

I was rear ended within the first year of getting my car. Damage was around 10k but that included around 4k in m performance parts I was reimbursed for (CF spoiler, diffuser, and CF exhaust tips). The damage was limited to the trunk and bumper. They did a phenomenal job repairing it as I was super anal about it and they knew (also tipped well). I didn’t bother with diminished value claim as I thought I would get the new G80 until I saw it. Five years later the car still looks brand new inside and out. I know without the accident it would be worth more given how pristine it is and I would hate to sell it at a discount given how much sweat and anxiety I had taking care of it.

Interesting that you are pursuing diminished value claim years later and insurance came up with an offer. Both me and the person who hit me had geico. I wonder if it is something I can claim now as well.

[NORAGRETS]

Originally Posted by White340

I was rear ended within the first year of getting my car. Damage was around 10k but that included around 4k in m performance parts I was reimbursed for (CF spoiler, diffuser, and CF exhaust tips). The damage was limited to the trunk and bumper. They did a phenomenal job repairing it as I was super anal about it and they knew (also tipped well). I didn’t bother with diminished value claim as I thought I would get the new G80 until I saw it. Five years later the car still looks brand new inside and out. I know without the accident it would be worth more given how pristine it is and I would hate to sell it at a discount given how much sweat and anxiety I had taking care of it.

Interesting that you are pursuing diminished value claim years later and insurance came up with an offer. Both me and the person who hit me had geico. I wonder if it is something I can claim now as well.

Depends on your state! MASS is 3 years from date of accident to file a claim. But check your state laws.

Total to repair my car was $35k and unlike the trolls on this post commenting nonsense, I’m betting I can get significantly more than the initial offer of $7250…Id love to get at least double that and then rub it back in their beta faces but I’m a nice guy.

[afadeev]

Originally Posted by NORAGRETS

"chillax" bro, you're a beta its cool.

Originally Posted by NORAGRETS

You’re the definition of a moron. Not going to continue to entertain your stupidity bud.
[...]Why are you commenting on this post? [...] you’re a smooth brained idiot

You are asking for free help, and sh*tting on people who are responding?

Originally Posted by NORAGRETS

y’all are soft

Must be some kind of a genius ploy ... by a wigly brained twit who can neither get it up for a counter-offer to his insurance company, nor to hire a DV attorney to get this done for him.

Hate to say it, but I'm pulling for Geico here...

[NORAGRETS]

Originally Posted by afadeev

Must be some kind of a genius ploy ... by a wigly brained twit who can neither get it up for a counter-offer to his insurance company, nor to hire a DV attorney to get this done for him.

Hate to say it, but I'm pulling for Geico here...

Read the last paragraph of my first post.

That’s the only question I asked.

Still has yet to be answered.

Love how everyone’s a know it all on these forums lol

[NORAGRETS]

Originally Posted by afadeev

Must be some kind of a genius ploy ... by a wigly brained twit who can neither get it up for a counter-offer to his insurance company, nor to hire a DV attorney to get this done for him.

Hate to say it, but I'm pulling for Geico here...

Oh and I got geico up to $11,325 today…gonna keep pushing 🤫

[N1rve]

Originally Posted by NORAGRETS

Oh and I got geico up to $11,325 today…gonna keep pushing ��

Like I said, the worst they can say is no. NO REGERTS!! NO REGERTS!!

[NORAGRETS]

Originally Posted by N1rve

Like I said, the worst they can say is no. NO REGERTS!! NO REGERTS!!

Yeah buddy! Hahaha love it.