BMW total loss valuation › Nevada
Nevada total loss rules for BMW owners
Nevada has its own rule on how an insurer values a total loss: Nevada NAC 686A.680(1)(b). Here is what it says, and what to do if the offer on your BMW looks low.
What the rules say
- Comparable vehicles. Nevada NAC 686A.680(1)(b) provides: "The average of the cost of two or more comparable automobiles which: (I) Are currently available or were available within the most previous 90 days in the local market area". Comparables must have been available within 90 days.
- Adjustments. Under Nevada NAC 686A.680(1)(b), "Any deductions from the cost, including a deduction for salvage, must be measurable, discernible, itemized and specified as to the amount and must be appropriate in amount." 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 "The average of two or more price quotations for a comparable automobile obtained by the insurer from two or more licensed dealers located within the local market area".
- How to request the insurer's valuation report. Under Nevada NAC 686A.680(1)(b) the insurer must show you the basis of its valuation on request. 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. The model regulation gives a right of recourse: “if the insurer is notified within thirty-five (35) days of the receipt of the claim draft that the insured cannot purchase a comparable vehicle for the market value, the company shall reopen its claim file”, and either locate a comparable vehicle, pay the difference, or settle under the policy's appraisal provision. Check whether Nevada provides the same period.
- 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.
- Where to complain. The Nevada Division of Insurance takes complaints about claim handling (775-687-0700): https://doi.nv.gov/Consumers/File-A-Complaint/
Connecticut, Delaware, Massachusetts, New York, Pennsylvania, South Carolina, Vermont and Nevada license motor vehicle appraisers, and Nevada is one of them. Our report is a dealer's written market valuation, not an appraisal, and its preparer is not licensed as an appraiser in Nevada. If the appraisal provision of the policy is invoked, appoint an appraiser licensed in Nevada and give that appraiser our report as evidence of the market for the car.
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 Nevada?
Nevada NAC 686A.680(1)(b) provides: "The average of the cost of two or more comparable automobiles which: (I) Are currently available or were available within the most previous 90 days in the local market area". Under Nevada NAC 686A.680(1)(b), "Any deductions from the cost, including a deduction for salvage, must be measurable, discernible, itemized and specified as to the amount and must be appropriate in amount."
How recent and how close must the comparable cars be in Nevada?
Comparables must have been available within 90 days. 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 Nevada?
Under Nevada NAC 686A.680(1)(b) the insurer must show you the basis of its valuation on request. 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.
What if I cannot buy a comparable car for what the insurer paid in Nevada?
The NAIC model regulation, which most states adopted in substance, gives a right of recourse: “if the insurer is notified within thirty-five (35) days of the receipt of the claim draft that the insured cannot purchase a comparable vehicle for the market value, the company shall reopen its claim file”, and either locate a comparable vehicle, pay the difference, or settle under the policy's appraisal provision. Check whether Nevada provides the same period.
Do I need a licensed appraiser in Nevada?
Connecticut, Delaware, Massachusetts, New York, Pennsylvania, South Carolina, Vermont and Nevada license motor vehicle appraisers, and Nevada is one of them. Our report is a dealer's written market valuation, not an appraisal, and its preparer is not licensed as an appraiser in Nevada. If the appraisal provision of the policy is invoked, appoint an appraiser licensed in Nevada and give that appraiser our report as evidence of the market for the car.
Where do I complain about a total loss claim in Nevada?
The Nevada Division of Insurance takes complaints about claim handling (775-687-0700): https://doi.nv.gov/Consumers/File-A-Complaint/. 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 ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming