My 2021 BMW X3 got crashed a few days ago by a spinning Jeep losing control on the highway. The other driver was at fault and his insurance would cover my repair cost. My question is while my car was at repair and I am on the rental car, I am still paying for my monthly lease, is this monthly payment covered and therefore can be reimbursed through his liability insurance?
Update: now they want to total my car
I had the car towed to my repair shop. Progressive sent another adjuster and the repair cost 2X’ed the original estimate… Now getting into another rabbit hole of figuring out the “equity” I am entitled to and the hassle of shopping a new car in this crazy market
no. you get a complementary rental that his insurance will pay for. also their insurance will offer some amount for inconvenience, such as 500-1000 dollars
re: offer some amount for inconvenience, the adjuster never mentioned this to me. How should I request for this? what proof would I need to provide?
curious the rental car is a much cheaper one just to help us get around; would not ask this question if we get a loaner or some similar car. Is it out of question to ask to be compensated for driving a much worse car?
Before COVID our leased q7 was rear-ended. The other guy’s insurance paid for a “comparable” car after they tried to put us in a Nissan armada. We were directed to Enterprise Exotics and rented a brand new RR, s class, 7 series, and a 718 over the course of 2 months.
Lucky you!! What insurance the other guy had? How could you rent so many different cars? With the parts shortage, I am looking at probably 2 months of rental car:( They gave us a Ford Edge btw…
DEFINITELY fight that BS. $40 in this market? That wouldn’t even get you a Camry down here! They owe you a comparable car. I’d absolutely get them on the phone and get someone to explain to you how a Ford and a BMW are on the same level.
It’s called a diminished value claim. There is a formula that insurance companies use for this but it is completely negotiable. Keep pushing for as much as you can and keep in mind that they will almost never pay what you ask for.
I would not mention that this is a lease to the other insurance company because they might come back and say there is no diminished value since it is a lease.
They already know it’s a lease by how a car is titled to begin with, so you’ll get nothing.
I used to handle these cases, with leases it sucks.
I hate to say it but the only thing you really can get out of them is to be injured in any way, that way you can get some pain and suffering, otherwise with it being a lease they don’t care. It’s not your car.
yes the insurance company definitely know it’s a leased car. but there is still diminished value per say as the lease I had was to return the car back to BMWFS after 3 years with a 5x% residual value, now the residual value will be less with the accident. But whatever diminished value came out of this it will go to BMWFS. And this is just to save my headache when I turn in my car when lease ends. The insurance agreed to use OEM parts and everything given it’s a 1year old car with only 6k mileage on it. tho i was thinking about buyout before the accident
What headache would this be? There is no headache. BMW takes the risk. As long as the car is put back together with oem parts, they aren’t coming after you when you ground it.
The residual value on your contract stays the same regardless. The book value of the car would change, yes, but that’s BMWs problem, not yours
This is correct. BMW has the liability of this, not the customer. One of the advantages of leasing vs. financing that as long as it’s fixed correctly, the person who leases the car is not charged.
The fact the customer may have wanted to sell it before the lease ends isn’t the insurance company’s problem. It sucks, sure, but that’s just what it is. You don’t own anything other than the ability to use the vehicle through the lease period. Lease company’s don’t even have to offer you the ability to sell the car before the lease ends.
Yes if they fix the car with OEM parts at a BMW certified repair shop then I would not worry about anything when turning it in. But still when body shop take the car apart, there still may have a diminished value due to BMWFS it really depends…
