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The DIY project would be to take the bumper off, use a heat gun from the inside and try to smoothen out the crease. An aftermarket M Sport bumper with paint will likely be between $1000-$1400 depending on your location. Your deductible may make it better to DIY but filing a claim and having a shop do it with BMW parts will total $3500-$4000.
I got hit and run on in my own driveway a couple years ago and went through insurance, it started a whole M Sport retrofit on my E92.
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