Yes, I successfully went through this back in 2005 when I was hit in my '03 M3.
The at fault driver has to have different insurance than you. Meaning, if you both have State Farm then you can't get diminished value.
My process took about a year to resolve.
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Ex Stig
'25 M5 Touring (on the list, first slot)
'24 X7 M60i
'22 M5 CS - (sold)
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