Auto Insurance Claims: Diminished value claim, diminished value claim, bmw 528i

Question
Hi,

I have a 09 bmw 528i which got rear ended a couple of months ago. It is still in the shop and I am expecting it to get it back next week.

So far the cost of repairs is 20K but they estimate the total bill will be around 22K.

I am getting the car fixed via my collision coverage and my insurance have already claimed subrogation against the other guy's insurance but so far have not heard anything back.We don't know the policy limits.

All this in happening in beautiful California!

My question is:

Can I claim Diminished value under my own collision coverage with my insurance company?

If I cannot claim under my own insurance, how do I claim this under the at faults drivers insurance? DO I need to tell my insurance company to stop efforts to collect against the other guy till I get reimbursed for my diminished value by the at fault party. Do I have legal basis do this.

Thanks

Mark

Answer
Mark,

Check your policy to see if they excluded diminished value (DV) from your first party benefits. They probably have. However, you have a good case for a DV claim with the liability carrier of the party at fault. Go to www.ICAN2000.com and find a local DV appraiser near you to help you file the claim and provide the necessary documentation to support your claim.

As far as notice to your company of your intention to file a DV claim, this is not necessary. Their right to subrogate for the loss supercedes your right to a third party DV claim, but you will have an action against the at-fault party personally if their liability coverage is exhausted in the payment for the repairs. You also may have a right to file a claim under your own policy under the under insured motorist coverage, but you need to find out whether property damage is covered under the UIM portion of the policy first.

Charlie