BMW total loss valuation › Illinois
Illinois total loss rules for BMW owners
Illinois has its own rule on how an insurer values a total loss: Illinois 50 Ill. Adm. Code 919.80(c). Here is what it says, and what to do if the offer on your BMW looks low.
What the rules say
- Comparable vehicles. Illinois 50 Ill. Adm. Code 919.80(c) provides: "Comparable in that it will be by the same manufacturer, same year, similar body style, and similar options and price range as the insured vehicle and in as good or better overall condition". Comparables must have been available within 90 days and within 50 miles of where the vehicle is garaged.
- Adjustments. Under Illinois 50 Ill. Adm. Code 919.80(c), Betterment deductions are allowable only if they "Are measurable, itemized, specified as to dollar amount and documented in the claim file" (919.80(c)(4)(A)(iii)). A settlement that deviates from the comparable-vehicle methods on account of the vehicle's condition must be supported: under the model regulation “the deviation must be supported by documentation giving particulars of the automobile condition”, with every deduction itemized in dollars.
- Dealer quotations. The rule permits "If the insured vehicle is not quoted in the source or sources used by the company, the company shall then base the settlement upon at least two written dealers' quotations."
- How to request the insurer's valuation report. Ask the adjuster in writing for the complete valuation report on which the offer rests, including each comparable, its source, price, mileage and every itemized adjustment, and keep a copy of the request and the response.
- If you cannot buy a comparable. If you cannot buy a comparable vehicle for the amount paid within 30 days, the claim can be reopened under Illinois 50 Ill. Adm. Code 919.80(c).
- The appraisal clause. Under the policy's appraisal provision, you and the insurer each appoint a competent, impartial appraiser; the appraisers then agree a value or submit their differences to an umpire. Our report can be given to the appraiser you appoint as evidence of what cars like yours sell for. On a reopened claim the company may "conclude the loss settlement as provided for under the appraisal section of the insurance contract", which "shall be considered as binding against both parties" (919.80(c)(2)(F)(iv)).
- Where to complain. The Illinois Department of Insurance takes complaints about claim handling (217-782-4515): https://idoi.illinois.gov/consumers/file-a-complaint.html
If the offer on your BMW looks low
- Ask for the insurer's valuation in writing. It lists the comparable cars the offer rests on and every adjustment made to them.
- Check the comparables. They should be the same generation, body, gearbox and trim as your car, at similar mileage. Enthusiast and classic BMWs are where the software most often reaches for the wrong cars.
- See what cars like yours actually sold for. The valuation tool shows recorded Bring a Trailer and Cars & Bids sales for your model, year and mileage. Free.
- Put the evidence in front of the adjuster. The Total Loss Market Valuation Report ($199) lays out comparable sales, adjustments in dollars and your state's rule, with a letter to your adjuster on the first page. The preview is free.
Questions
How is a totaled BMW valued in Illinois?
Illinois 50 Ill. Adm. Code 919.80(c) provides: "Comparable in that it will be by the same manufacturer, same year, similar body style, and similar options and price range as the insured vehicle and in as good or better overall condition".
How recent and how close must the comparable cars be in Illinois?
Comparables must have been available within 90 days and within 50 miles of where the vehicle is garaged. They should also be the same generation, body, gearbox and trim as your car, at similar mileage; enthusiast and classic BMWs are where the software most often reaches for the wrong cars.
Can I get the insurer's valuation report in Illinois?
Ask the adjuster in writing for the complete valuation report on which the offer rests, including each comparable, its source, price, mileage and every itemized adjustment, and keep a copy of the request and the response. Then compare its comparables and adjustments with what cars like yours actually sold for.
What if I cannot buy a comparable car for what the insurer paid in Illinois?
If you cannot buy a comparable vehicle for the amount paid within 30 days, the claim can be reopened under Illinois 50 Ill. Adm. Code 919.80(c). Our Total Loss Market Valuation Report lists what dealers are asking for comparable cars near you today, widening the search nationwide when it has to.
What if I still disagree with the insurer's offer in Illinois?
Under the policy's appraisal provision, you and the insurer each appoint a competent, impartial appraiser; the appraisers then agree a value or submit their differences to an umpire. Our report can be given to the appraiser you appoint as evidence of what cars like yours sell for. On a reopened claim the company may "conclude the loss settlement as provided for under the appraisal section of the insurance contract", which "shall be considered as binding against both parties" (919.80(c)(2)(F)(iv)).
Where do I complain about a total loss claim in Illinois?
The Illinois Department of Insurance takes complaints about claim handling (217-782-4515): https://idoi.illinois.gov/consumers/file-a-complaint.html. Before you file, ask the adjuster in writing for the complete valuation report on which the offer rests, with each comparable and every itemized adjustment, and keep a copy of the request and the response.
What popular BMWs sell for
E46 M3 valueE46 330i valueE36 M3 valueE9x M3 valueE30 325i valueE39 M5 valueE36/7 Z3 M valueE90 328i valueE46 325i valueE39 540i valueE90 335i valueE85 Z4 valueAll BMW values
Total loss rules in other states
AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming