The suit alleges that Progressive does not use the same adjustment reports to determine actual cash value in other states. (Credit: Diego M. Radzinschi/ALM)
Progressive Casualty Insurance is facing a class action suit filed by a New York policyholder, who alleges the insurance company undervalues and underpays claims after a vehicle is deemed a total loss by using non-standard adjustment reports to determine the actual cash value (ACV).
The suit claims the reports, prepared by Mitchell International, use "projected sold adjustment," which are deceptive and unexplained, contrary to appraisal standards and methodologies and "not based in fact, as they are contrary to the used-car industry's market pricing and inventory management practices," according to the court documents.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
