[Grahamstine1]

I was hoping to get some advice in regards to a recent auto accident that occurred on my brand new x3 m40i (30 miles on the car at the time). Sadly, I just got this car after my Audi S4 was totaled by an uninsured motorist. I ordered this x3 (waited 5 weeks) and 30 miles into driving it ..... bam somebody ran into the back of the car. Right now the estimate is about 2K - so really not that bad, but she's in the shop now and we will see what the final bill will be to State Farm (the insured).

I called the State of CO today (Dept. of Regulatory Agencies) and they gave me info. stating that CO insurers do not have to pay diminished value. I imagine that this will show up on Carfax. This person gave me advice to go to the dealer and get an estimate as to what they would pay for the car after repairs, knowing that it has been in an accident. Then, I could go to State Farm and ask for (DV) compensation. However, they may deny the claim. In that case, should I seek legal counsel? Or, is this just a total waste of time?

Any insight if you have been through this would be helpful. "Be careful out there, lotta bad drivers" - as Lloyd Christmas from Dumb and Dumber said.

[chassis]

Seems like a waste of time to me.

How much do you envision your claim would be? Are you sure about your calculations?

What have you calculated the legal costs would be to prosecute the claim?

[Grahamstine1]

Originally Posted by chassis

Seems like a waste of time to me.

How much do you envision your claim would be? Are you sure about your calculations?

What have you calculated the legal costs would be to prosecute the claim?

It could be a waste of time. I am sure about the 2K claim for repairs (give or take some labor, etc.). I am not sure of what the difference would be in value w/o accident vs. value w/ accident. And, not sure about legal fees.

I guess, should I ever sell the car, I just include the scope of work which is mainly cosmetic. Cosmetic as far as I know at this point.

[TXSchnee]

Diminished value is only payable when you trade the vehicle in. You also have to prove that it was solely the accident that caused your lower valuation. Keep in mind that it will never be the full $2000 in damages, DV claims are usually around $100-$300. (Used to be an auto claims adjuster)

[Grahamstine1]

Originally Posted by TXSchnee

Diminished value is only payable when you trade the vehicle in. You also have to prove that it was solely the accident that caused your lower valuation. Keep in mind that it will never be the full $2000 in damages, DV claims are usually around $100-$300. (Used to be an auto claims adjuster)

Thanks. This is very helpful ..... and it's looking like it's not worth my effort based on the severity (or lack thereof) of damage.

[Juris]

My dealer, from whom I have bought 7 new BMWs, just reduced the value of my trade-in BMW, by 50% justifying the reduction in trade-in value due to its 3 accidents.

There is no law in Colorado precluding the use of diminution in value as a claim in a civil suit. It is only the regulatory scheme that does not require carriers to pay for loss of value.

[garz747]

Take photos if damage is not too bad and keep for when selling in the future.