BMW total loss valuation › North Carolina
North Carolina total loss rules for BMW owners
North Carolina has its own rule on how an insurer values a total loss: North Carolina 11 NCAC 04 .0418. Here is what it says, and what to do if the offer on your BMW looks low.
What the rules say
- Comparable vehicles. North Carolina 11 NCAC 04 .0418 provides: "\"Substantially Similar Motor Vehicle\" means a motor vehicle of the same make, model, and year of the damaged motor vehicle." Comparables must have been available within 90 days and within 100 miles of where the vehicle is garaged.
- Adjustments. Under North Carolina 11 NCAC 04 .0418, "Any deductions from the actual cash value of the total loss motor vehicle, including deduction for salvage or prior damage, shall be itemized and contain the amount of the deduction." 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 settlement offer may be based upon quotations obtained from two or more licensed motor vehicle dealers located within the local market area".
- How to request the insurer's valuation report. Under North Carolina 11 NCAC 04 .0418 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 North Carolina 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 North Carolina Department of Insurance takes complaints about claim handling (855-408-1212): https://www.ncdoi.gov/how-can-we-help-you
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 North Carolina?
North Carolina 11 NCAC 04 .0418 provides: "\"Substantially Similar Motor Vehicle\" means a motor vehicle of the same make, model, and year of the damaged motor vehicle." Under North Carolina 11 NCAC 04 .0418, "Any deductions from the actual cash value of the total loss motor vehicle, including deduction for salvage or prior damage, shall be itemized and contain the amount of the deduction."
How recent and how close must the comparable cars be in North Carolina?
Comparables must have been available within 90 days and within 100 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 North Carolina?
Under North Carolina 11 NCAC 04 .0418 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 North Carolina?
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 North Carolina provides the same period.
What if I still disagree with the insurer's offer in North Carolina?
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 do I complain about a total loss claim in North Carolina?
The North Carolina Department of Insurance takes complaints about claim handling (855-408-1212): https://www.ncdoi.gov/how-can-we-help-you. 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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