Each week we report on the most interesting and informative articles concerning auto diminished value claims. This article details the diminished value appraisal of an older BMW 328i 2 Door Convertible with 41,880 miles that was involved in a rear and front collision in Cape Coral, Florida that caused $7,244.58 in damage. The vehicle was not disabled/towed, had no structural damage but did have air bag deployment. The claimant hired an independent auto appraiser and made a third-party inherent auto diminished value claim for the vehicle’s loss in value. Once a car is repaired after a collision, it is worth less, often much less depending on the severity of the damage. Regardless of how well the repairer did his job, nobody will pay as much for a previously wrecked car as they would for an identical one that was never in an accident. Presenting a diminished value claim and following it through to a satisfactory conclusion is a daunting task for the average person. Obtaining a comprehensive Diminished Value Report from a Licensed Florida Independent Adjuster is key.
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We learned from these examples from sales managers at BMW dealerships in the Cape Coral, FL area. One dealer said that in most cases when there is air bags deployed it could be a loss of 25% on average. Another dealer explained that due to the fact that it has a bad Carfax will hurt the value but now you add the airbag deployment your looking at additional loss possibly around 20-25%.
The opinions of six unbiased professional sales managers at recognized BMW dealerships in Florida form the basis for the most comprehensive Auto Diminished Value Appraisal available. We obtain six of them to validate the diminished value report prepared by stlucieappraisal.net/. This is what the car owner will experience in the real world.
The six dealers providing opinions regarding diminished value were given information specific to this vehicle including year, make, model, mileage, pre-accident condition, color, options, any other pertinent equipment, date of loss as well as the nature of the repaired damages and the manner in which the vehicle was repaired. Dealer opinions are based on personal knowledge and access to auction results. Dealers were advised that this vehicle was properly repaired.
We contacted several BMW dealers in South Florida to establish how these repairs and the resultant repair history would impact this vehicle’s Fair Market Value (FMV). Dealers were provided with an evaluation of the vehicle’s condition both prior and subsequent to repairs.
Description of damage: Non-disabling collision damages to the rear and front with no damage to structural components and with air bag deployment. Repair cost $7,244.58. LKQ (used) and/or aftermarket parts were utilized in the repair/not factored in to the diminished value.
The average of six (6) deductions was 23.33%. This is the percentage of Diminished Value to be taken from the FMV at the time of loss.
We established that the above captioned vehicle had a Fair Market Value (Average Trade-In Value) of approximately $15,000.00 at the time of loss. The Diminished Value was $3,499.50.
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