X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Judge denies class action status to suit. The formula involves several calculations including a “base loss of value” of 10% of the vehicle’s pre-loss retail value,  along with modifiers for damage severity and mileage. (Photo: anekoho/Adobe Stock)

Judge Clay Land of the U.S. District Court for the Middle District of Georgia denied class action certification to more than 600,000 State Farm insurance policyholders over claims that the insurer had undervalued replacement and repair costs for accident-damaged vehicles for years.

Land wrote that a  20-year-old court decision aimed at providing a formula for evaluating the value of a vehicle’s lost value — which also allows for an insured to challenge such an estimate, if need be — seemed to settle the issue.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.