Plaintiffs in the original suit claimed that Progressive’s method of calculating the ACV of total loss claims undervalued vehicles; specifically referencing the “projected sold adjustment” used in the insurer's valuation methodology. (Credit: lexiconimages/AdobeStock)
A Pennsylvania court has reversed class certification for claims that Progressive Insurance underpaid the actual cash value (ACV) of totaled vehicles.
Plaintiffs in the original suit claimed that Progressive’s method of calculating the ACV of total loss claims undervalued vehicles; specifically referencing the “projected sold adjustment” used in the insurer's valuation methodology. This adjustment allegedly accounts for the fact that used cars often sell for less than the dealer’s listed price.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
