BMW total loss valuation › New York
New York total loss rules for BMW owners
New York has its own rule on how an insurer values a total loss: New York 11 NYCRR 216.7(c). Here is what it says, and what to do if the offer on your BMW looks low.
What the rules say
- Comparable vehicles. New York 11 NYCRR 216.7(c) provides: "a vehicle of the same make, model, year and condition, including all major options of the insured vehicle. Mileage must not exceed that of the insured vehicle by more than 4,000 miles or 10 percent of the mileage ... whichever is greater". Comparables must have been available within 90 days and within 25 miles of where the vehicle is garaged.
- Adjustments. Under the model regulation, “any deductions from the cost, including deduction for salvage, must be measurable, discernible, itemized and specified as to dollar amount and shall be appropriate in amount. The basis for the settlement shall be fully explained to the first party claimant”. 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 "A quotation for a substantially similar vehicle, obtained by the insurer from a qualified dealer located reasonably convenient to the insured. A reasonable location shall be within 25 miles of the place of principal garagement of the motor vehicle."
- How to request the insurer's valuation report. Under New York 11 NYCRR 216.7(c) 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. If you cannot buy a comparable vehicle for the amount paid within 35 days, the claim can be reopened under New York 11 NYCRR 216.7(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.
- Where to complain. The New York State Department of Financial Services takes complaints about claim handling (800-342-3736): https://www.dfs.ny.gov/complaint
Connecticut, Delaware, Massachusetts, New York, Pennsylvania, South Carolina, Vermont and Nevada license motor vehicle appraisers, and New York 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 New York. If the appraisal provision of the policy is invoked, appoint an appraiser licensed in New York 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 New York?
New York 11 NYCRR 216.7(c) provides: "a vehicle of the same make, model, year and condition, including all major options of the insured vehicle. Mileage must not exceed that of the insured vehicle by more than 4,000 miles or 10 percent of the mileage ... whichever is greater".
How recent and how close must the comparable cars be in New York?
Comparables must have been available within 90 days and within 25 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 New York?
Under New York 11 NYCRR 216.7(c) 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 New York?
If you cannot buy a comparable vehicle for the amount paid within 35 days, the claim can be reopened under New York 11 NYCRR 216.7(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.
Do I need a licensed appraiser in New York?
Connecticut, Delaware, Massachusetts, New York, Pennsylvania, South Carolina, Vermont and Nevada license motor vehicle appraisers, and New York 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 New York. If the appraisal provision of the policy is invoked, appoint an appraiser licensed in New York and give that appraiser our report as evidence of the market for the car.
Where do I complain about a total loss claim in New York?
The New York State Department of Financial Services takes complaints about claim handling (800-342-3736): https://www.dfs.ny.gov/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.
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Total loss rules in other states
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