Need some Valuation help from the Diesel F15 Crowd

[FormerRotor]

Originally Posted by crystalworks

Interesting. They were $6500 below NADA trade-in on their offer to us using the "average" category. So, you're saying they'd sell ours for $27k+ (NADA "average" $25450 + 7%).

Not a bad racket they got going there….

Attachment 2919102

Yes. Hefty profit. in fairness, limited inventory means higher overhead to cover per unit. they are also accounting for potential risk if the markets turn. And…let’s be honest…making hay while the sun shines (so to speak). Private sale will almost always be best (although not easiest) for the owner.

For clarity, the percentages I mentioned for List Price (in todays crazy markets) at Carmax were relative to NADA Clean Retail value. BMW Dealers seemed to typically price things at ~2-4.5% over NADA (again, typical/not-so-rare X5ds).

Originally Posted by Vivek.

Please keep us updated on your progress. I went back and forth for a while when my e34 was totaled in December. They gave me a comparison to a 525i which is half as desirable as my 535i was. Logic did not seem to register when I told them that it's literally not even the same car.

Their requirements for a "comparable vehicle" were a moving target,…They wouldn't even give me "above average" condition

Really sorry to hear that. It’s a very frustrating process. FWIW from my research, most states seem to clearly define “comparable vehicles”. Anyone in MD (where we are) not enlisting legal counsel should deeply familiarize themselves with COMAR Sec 31.15.12.02 through 07. I would imagine that most states allow counter-offers (and obligate the insurer to prove them wrong) and/or vehicle replacement requests using a substantially similar vehicle (assuming one is available). Lawyer friends have indicated that the replacement language is often easier to get insurance cos to comply with than obtaining a fair market Actual Cash Value but providing a third-party assessment in a counter can often make it substantially more difficult for them to deny/lowball.

I really don’t see any situation where we wind up anything but heartbroken re: the vehicle as—even if we are made whole(ish) financially—there’s just no replacing it like-for-like (and there’s more to it than just the vehicle)—but we shall see…if all else fails, may have to (officially) lawyer up just on principal.

My main issue in seeing all this is that the people who need a fair settlement most are likely the ones being most taken advantage of, even more-so in these (especially) hard times. I would really be curious to see how often the state audits the reports of these third-party evaluators that the insurers use to keep an arms length from their lowball valuations.

[FormerRotor]

Thanks again to everyone for the help on this. For anyone going through this in the future, Basic process went as follows…
1. Insurer provided lowball
2. We vetted their comps for discrepancies and past damage, provided a (somewhat scathing but professional) rejection, and provided significantly higher valuation with additional backup demonstrating a value higher than we’d be willing to settle for if expeditious but would be fair if they dragged their feet for months.
3. Held call to discuss in which we clearly demonstrated knowledge of law, remained calm & kind, and listened for openings.
4. Insurer provided a new offer.
5. We vetted their comps again and plugged those applicable into our valuation (playing their game), supported our initial higher value, and offered to have a call to in case they had any questions.
6. During call we floated openness to negotiate final value if fair and expeditious and send additional support to “help the insurer rep justify the valuation”, discussed 4 possible valuation methodologies and Insurer verbally agreed that methodology was reasonable.
7. We sent the alternative valuation clearly stating that we asserted that it was less accurate than our original and it was not an inherent offer to settle.
8. Insurer came up to lowest determined value of the 4 alternative methodologies provided by us.
9. Final settlement for car value was reasonable and substantially (~60%+) higher than insurers initial offer.

We primarily used NADA Values relative to Actual Market List pricing (using OEM Dealers and Carmax/Carvana) to justify the premium, then—in the end—took an option-additive approach with their comp vehicles value using the NADA Option prices. Each insurer response was escalated to a higher level of employee (all were pretty reasonable but did their best at their jobs at hand) until we were at a regional management level. The final employee was by far the easiest because he was least willing to waste his own time (and thus ours) over a few grand on either side..felt like he was looking for an opening to end the time waste without coming all the way to our initial valuation.

Not the easiest or least stressful process but at least it worked out to a reasonable point. Total use of personal time was 24+ hours, but the principal of it all made it worth it.

Enjoy those 35ds! Given that we’ll likely not be able to find a perfect replacement that checks all of the boxes, my wife will probably move on to other things for a while. I’ll still see you guys/gals on the forums occasionally as the 335d is still 170k+miles strong and kicking (knock of wood)

Thanks again & all the best,
FR

[RED_Y_]

Glad to hear you finally got it sorted out and received proper reimbursement.

[illerbiller]

2018 X5d, 42,000 miles, white, M-Sport, DHP, 21inch 612's and 20inch 611's for winter, Luxury Mocha Seats, Driving assistance, LED, cold weather and premium pkg.

what you think it's worth?

[crystalworks]

Originally Posted by RED_Y_

Glad to hear you finally got it sorted out and received proper reimbursement.

What he said. Being unwilling to settle or get frustrated seems to be key for fair treatment.

It's unfortunate how hard insurance companies fight to pay as little as possible. I'm fighting with my health insurance currently to cover some imaging. So far, wasted about 6 months.

[FormerRotor]

Recently had to reference this thread as a tree just fell on my poor wife's replacement vehicle & it's time to negotiate another total loss (ugh)

Originally Posted by crystalworks

Best wishes with the insurance co. These things are too rare.

Hey crystalworks (or other X5d with AC Seats, Dynamic Handling, & upgraded sound): in the mood to move on to the next vehicle yet? I may have a buyer for you.

[crystalworks]

Originally Posted by FormerRotor

Recently had to reference this thread as a tree just fell on my poor wife's replacement vehicle & it's time to negotiate another total loss (ugh)



Hey crystalworks (or other X5d with AC Seats, Dynamic Handling, & upgraded sound): in the mood to move on to the next vehicle yet? I may have a buyer for you.

You spying on me? We were actually just talking about possibly selling it just this weekend.