Accident with "new" CPO X5

[BGM]

Originally Posted by Tallen234

Another update:

The tortfeasor's had minimum limits, including $10,000 in property damage coverage. His insurer stated that because of these limits, my insurer should take the lead as they will undoubtedly pay the bulk of the claim.

As I don't have under-insured insurance for property damage (only liability), they claim I have to go through my Collision coverage. The tortfeasor's insurance will pay my deductible (according to my carrier).

My insurer needs to inspect the car, so they are going to tow it to their inspection yard then to the BMW Collision Center.

So, what do you guys think? Will a carrier still pay dimished value through a collision claim? I really hope it is totaled.....

I don't think there is a difference in the type of claim to get the DV--you had an asset--it lost value due to someone's negligence. Chances are it probably will be totaled but you need to push them from your side for that result as well--don't just take whatever answer they give you.

[ard]

Sorry to hear.

I'd make the argument that the $10,000 will cover both the deductible AND any diminished value. Any repairs will be in excess....

You need to get a copy of you policy. Do you have an attorney you trust? Definitely too early to start that, but just to be ready.

You might reach out to a Diminished Value appraiser (there are a few websites) and see if they might give you some thoughts on strategey.

I like the idea of verbally telling the adjuster- at their 'inspection yard'- that if the car is not totaled, the fact that this car will have A and B pillar damage (on a pristine, previously CPO certified car) will probably mean a diminished value claim of 7-9,000 and that you plan on going after the other policy for that..... signaling this in advance might 'help' them with their decision making.... Once they are set in a decision it may be harder. If they say "Oh, your collision doesn't cover that", just say "I know- but my attorney tells me we can claim the DV against the other driver as a pure liability claim"... just 'keepin it light'... ...no big argument, if he comes back with more, just say "well, you do what you have to- we'll see where this goes once you guys make a decision".... The trick is to ACT like you are in control, and ACT like you are not worried....



Just thinking out loud here....

Best

A

[ard]

The more I think of it, the more I like the idea of going after the other guys for the DV. I am concerned that using your collision will absolutely preclude the DV.


I wouldn't be surprised if the other company really don't care about the DV- they know they will be on the hook for only 10k. I'd push a claim with them and see if their settling for a loss plus a DV amount (and rental car and medical, etc, etc) sets a stake in the ground- if the loss they agreed to is say $35k in damages and 8k in DV, then you turn to your insurer and say "I was paid 10k, I want the 33k from you on my collision."

My guess is - since all the insurers are in cahoots- that they will not oblige... still, worth considering.

Any reason why you DON'T have uninsured/under-insured?? here in California odds are 50% that the POS that rear ends you will be uninsured....

[DWill]

Originally Posted by ard

Any reason why you DON'T have uninsured/under-insured?? here in California odds are 50% that the POS that rear ends you will be uninsured....

Isn't that the truth!!

Probably because they're too busy buying houses and cars they can't afford and making payment on the maxed out credit cards they ran up buying junk they need to look the part…

[rh71]

I've always wondered about cars running red lights and hitting someone... it must've been a REALLY late run if you were already that far in the intersection. I can understand red light runners just as you get your green and nothing happens...

[ard]

Did you see the car that hit him? Now envision a matching dirtbag in the drivers seat...

[Tallen234]

Originally Posted by ard

Any reason why you DON'T have uninsured/under-insured?? here in California odds are 50% that the POS that rear ends you will be uninsured....

Well, I have $300,000 in uninsured/undersinsured injury, but no underinsured property damage coverage.

Did you see the car that hit him? Now envision a matching dirtbag in the drivers seat...

Yeah, he pretty much matched the car. The thing that pissed me off the most is the guy wanted to "chat" about nonsense during the police inspection like we were buddies. At least he told the officer right away that he ran the red light.

[Tallen234]

Well, the good news is that I am an attorney. The bad news is that this is not my area of specialty. However, I did drop the "attorney card" when speaking to the adjuster.

I like the idea of declaring to take the diminished value from the progressive policy (third party). I guess the next step is to figure out repair v. totaled.

My prediction: The insurance company inspector will say it can be fixed with gum and duct tape and the BMW collision center will say it is totaled.

Originally Posted by ard

Sorry to hear.

I'd make the argument that the $10,000 will cover both the deductible AND any diminished value. Any repairs will be in excess....

You need to get a copy of you policy. Do you have an attorney you trust? Definitely too early to start that, but just to be ready.

You might reach out to a Diminished Value appraiser (there are a few websites) and see if they might give you some thoughts on strategey.

I like the idea of verbally telling the adjuster- at their 'inspection yard'- that if the car is not totaled, the fact that this car will have A and B pillar damage (on a pristine, previously CPO certified car) will probably mean a diminished value claim of 7-9,000 and that you plan on going after the other policy for that..... signaling this in advance might 'help' them with their decision making.... Once they are set in a decision it may be harder. If they say "Oh, your collision doesn't cover that", just say "I know- but my attorney tells me we can claim the DV against the other driver as a pure liability claim"... just 'keepin it light'... ...no big argument, if he comes back with more, just say "well, you do what you have to- we'll see where this goes once you guys make a decision".... The trick is to ACT like you are in control, and ACT like you are not worried....



Just thinking out loud here....

Best

A

[ard]

Originally Posted by Tallen234

Well, the good news is that I am an attorney.

So I guess you'll be able to find an atty you can trust?






GL

A

[Tallen234]

Another quick question: do I have a duty to notify the lienholder of the accident?

Should I? It seems they may be anxious the have the car totaled as their security has been impaired.