Total Loss Undervaluation Lawsuit Filed Against State Farm in North Carolina
A class action lawsuit has been filed against State Farm in North Carolina, alleging the insurance company undervalued total losses.
A similar complaint has been filed in six other states. The lawsuit, brought by policyholder Craig Brewer, claims State Farm reduced the retail cost of comparable vehicles, resulting in a 5.5% reduction in his total loss payout.
The suit alleges that for each class member, State Farm reduced their total loss payouts by 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. Therefore, none of the total loss vehicles have to be revalued.
Author's summary: State Farm faces lawsuit over total loss undervaluation.
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