Total Loss Undervaluation Lawsuit Against State Farm in North Carolina
A class action lawsuit has been filed against State Farm in North Carolina by a policyholder, alleging undervaluation of total loss.
The lawsuit, similar to those filed in six other states, claims that State Farm reduced the retail cost of comparable vehicles, resulting in lower total loss payouts.
In the case of plaintiff Craig Brewer, the reduction led to a 5.5% decrease in his total loss payout, while for other class members, the decrease ranged from 4-9%.
[T]he plaintiff only contests State Farm’s blanket reduction of the retail cost of comparable vehicles on behalf of himself and the class.
According to the suit, this reduction means that none of the total loss vehicles need to be revalued.
Author's summary: Lawsuit filed against State Farm over alleged undervaluation.
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