In an accident - options?

calico · #1 03-01-2011, 02:20 PM

I have a 2010 X5 that is less than a year old. It's my first BMW. It is financed not leased.

I was rear-ended Feb. 1st. The other guy is 100% at fault and his insurance has accepted responsibility and will be paying for all related costs. Based on the speed he was traveling on a downward slope (his truck skidded as he was trying to stop at a changing light) and that I was stopped at the light, the damage sounds pretty major. I insisted it go to a BMW certified collision center for repairs and their final estimate is $15k since the rear frame is apparently damaged. Obviously my car is not totaled but the amount of damage at this stage of ownership is concerning to me even if they restore the car to new-like condition.

I am thinking I want to trade it in or something. This idea is not very popular with my SO (who technically owns the car btw) since he does not want to lose any of our own money on it and is not a fan of the car as it is. However, my parents and friends say they would do it mostly based on evidence of it being an "unlucky car".

So I'd like some unbiased opinions. Would you have the car repaired by BMW trained people and OEM parts and live with it or trade it? I'm also wondering if I can trade it in then lease - is that possible? Thanks.

Sponsored Links

JCL · #2 03-01-2011, 03:58 PM

I don't know what a 'certified BMW collision centre' is, but what you really want is a shop that has a history (and references) of working on modern BMW vehicles. The dealers don't usually do collision damage, they send it out. See who your local dealer uses, that would be one way of narrowing it down. You also want to know if they are using new parts, or used ones. Many insurance companies pay for used parts if they are available.

In terms of the reduced value of your vehicle post-repair, you want to look into a claim for 'diminished value'. Insurance companies may pay a claim for diminished value, essentially compensating you for the fact that your resale value is lower due to the car having been in a significant collision. Your dealer can help you determine what the diminished value is.

Once it is repaired, you can do anything you want; keep it, trade it, or sell it. I don't subscribe to the idea that cars carry a certain luck or lack of luck with them. If you aren't happy with the car post-repair, sell it and move on. If it drives fine, keep it. $15,000 isn't close to being totalled, but it is a significant amount of repair work. You need to make that call. We had a Volvo with a similar amount of damage ($9k, but many years ago, T-boned in a parking lot). We got the car repaired properly, and drove it for another 9 years. It was fine.

cmyX6go · #3 03-01-2011, 04:34 PM

Quote:

Originally Posted by JCL

Once it is repaired, you can do anything you want; keep it, trade it, or sell it. I don't subscribe to the idea that cars carry a certain luck or lack of luck with them. If you aren't happy with the car post-repair, sell it and move on. If it drives fine, keep it. $15,000 isn't close to being totalled, but it is a significant amount of repair work. You need to make that call. We had a Volvo with a similar amount of damage ($9k, but many years ago, T-boned in a parking lot). We got the car repaired properly, and drove it for another 9 years. It was fine.

I'm with JCL. Why stress over it now? Do the best you can as far as going to a reputable, qualified shop and take it from there. I was hit while parked a few years back and had close to $20K in repairs when all was said and done. It was a lease but still, I was miserable. I was very pleasantly surprised. They did a great job!

Good luck.

BGM · #4 03-01-2011, 04:50 PM

+1 on the above responses. For reference: I did a DV claim on my old '01 X5---I had $21K in damages, it was worth $27K at the time I got it fixed. I got a check for $6K for the DV claim and took it to the most reputable BMW repair shop and they fixed it perfect---I had no issues, rattles etc for the next almost 5 years (until I was hit again THEN it was totaled).

roadkillrob · #5 03-01-2011, 05:55 PM

Definitely go after the diminished value claim as you will get screwed trying to trade it in once they figure out it was hit that bad. I would get it fixed, work on getting a good diminished value claim and then trade it in!

BGM · #6 03-01-2011, 10:37 PM

Even if you were to get let's say $5K for DV you are going to take a bath if you try to trade it in or sell it out right away since it's so new AND been in a decent wreck. With repair shops being so state of the art these days they can make it like new again. When a car has been driven 3-4 years buyers expect there to be on average 1 accident during that time probably so it's built in to the depreciation of the car--unlike a new car's depreciation curve. My $.02.

ard · #7 03-02-2011, 02:05 AM

First, this will take some work on your part, but it is critical for you to understand the concepts involved here.

First, your car was damaged, another person is 100% responsible for your loss. The other party is 'liable'.

So, what are your 'losses'? The cost to fix your car. PLUS the difference in value of your car the minute prior to the accident as compared to the same car with 15, 20,000 in damages and a damaged frame. (This is the DV) Plus the other costs to you: time, rentals, etc....document all this, at your hourly rate. (I will leave this out of the calc for now.)

Simply stated, you have suffered a loss due to the other driver and he is laible for that loss.

Lets say the repair is 18k. Lets say the DV is 7k. The other driver owes you $25k.

Now, stop for a moment. Notice something?

NOWHERE HAVE I SAID ONE WORD ABOUT INSURANCE.

The other guy owes you $25k, he says "sure. I have liability, they will pay that instead of me".

Here is a critical point: NO insurance "rule" or "procedure" or "thats how we do it" takes precedence over the laws that define liability.

Insurers are scum. Both YOUR company and the other will collude to screw you. Even though you WILL suffer a huge DV loss, YOUR insurer will refuse to help you out and will ignore your requests- they will claim your policy does not cover it (Collision does not); they will tell you "you are on your own", they will say "you need to ask the other insurer about that" (and the other insurer will refuse. They all collude against DV because there is nothing more hateful to them.

I will repeat: both insurers are your enemy.

ring007 · #8 03-05-2011, 01:52 AM

Went through a similar situation about a year ago. Get them to total your car so you can start over. No one will be willing to buy your car without a significant discount due to the accident damage now on the carfax. In my case, they started with $2500 of diminished value and a repair cost of $22k. I countered at $20k of diminished value (it was a '08 X5 4.8i with 10k miles valued at $58k at the time)...it took a few weeks but they finally agreed to total it as I made it clear to them I would not accept a repaired car. Stick to your guns and remain calm and professional and I'm sure you will come to an agreement with them.

Sponsored Links