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BMW 3-Series (E90 E92) Forum
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Question on total lost of my car
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| 10-17-2012, 08:59 PM | #1 |
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Second Lieutenant
 
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Question on total lost of my car
Who decides and figure the value of it?
I got a call from insurance and they concluded my car is worth $20.700 and I still own $8.800 to BMW which leaves me with $11.900 Before the crash was worth around 23K according to KBB. Lou.
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| 10-17-2012, 09:35 PM | #3 |
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Brigadier General
 
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^ what he said.
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| 10-17-2012, 09:42 PM | #4 |
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resident girl.
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Yep, what they said.
Insurance companies take an average of what comparably-equipped cars are selling for in your area. They always lowball the initial estimate, so do some research (Autotrader, local ebay motors sales, Craigslist, and you can even use the price you paid for your car if you bought it recently enough), and don't take their first offer. If you are willing to spend a few dollars I believe there are professionals who offer research and value estimation services to help you with the claims process. Sorry about your car 
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| 10-17-2012, 09:51 PM | #5 |
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I just checked into diminished value b/c my wife's MDX was hit. Unfortunately, Illinois is one state that does not honor DV b/c it would void insurance contracts according to our fine State Appellate court. I found that every insurance company has a different formula to calculate the value of a car following a crash. They never consider fair market value. They take into consideration the value of your car prior to the accident which is why some say you must have the car appraised immediately, not by your insurance company. Dont accept the insurance companies offer and the best recommendation I could find was get a lawyer who will communicate with your insurance company. GL.
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