REPAIR PROCEDURE ISSUE:
Our client’s 2015 Chevrolet Malibu was damaged. Our client filed a collision claim with their carrier Geico Insurance for the loss. Geico issued a loss statement/repair estimate for $2,042.81 before the deductible. Our client’s collision facility issued a preliminary loss statement/repair plan for $6,651.60 to return 2015 Chevrolet Malibu to its pre-loss condition. Our client came to us for assistance with the $4,608.79 under-indemnification and out-of-pocket expense to safely return their vehicle to its pre-loss OEM condition.
As a result of going through the appraisal process in the policy, our subsidiary Vehicle Value Experts came to a binding agreement with the Geico independent 3rd party appraiser for $5,987.61 as the loss statement/ repair cost to return our clients 2015 Chevrolet Malibu back to its pre-loss condition.
The final binding agreement between the unbiased independent appraisers identified an under-indemnification of the loss of $4,191.35 or 193.1% from the Geico loss statement/repair estimate of $2,042.81. Through the invoking of the Geico policy right of appraisal our client has been made whole for their loss with no out-of-pocket expense other than their deductible.