NY Drivers Seek Class Action Against Insurer For Systematically Underpaying Total Loss Claims (Repairer Driven News)

NY Drivers Seek Class Action Against Insurer For Systematically Underpaying Total Loss Claims

  Friday, August 13th, 2021 Source: Repairer Driven News

A proposed class action suit has been filed against the Progressive Corporation in New York federal court accusing the insurer of underpaying total loss claims by applying an arbitrary and deceptive valuation adjustment.

The suit claims that Progressive ‘systemically thumbs the scale’ against claimants by applying a so-called ‘Projected Sold Adjustment’ that reduces the base values of the comparable vehicles used to calculate the actual cash value of claimants’ total loss vehicles.

The negative price adjustment is applied on top of normal adjustments for differences such as trim level, mileage or options.

According to the suit, the only explanation for this ‘Projected Sold Adjustment’ appears on the last page of the valuation reports and is a ‘general, nondescript statement’ claiming that the reduction is to ‘reflect consumer purchasing behavior (negotiating a different price than the listed price).’

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