REPAIR PROCEDURE ISSUE:
Posted March 1, 2022
Our client’s 2016 GMC Sierra was involved in a rear-end collision. Our client filed a collision claim with their carrier Geico Insurance for the loss. Geico issued a loss statement/repair estimate for $8,099.58 before the deductible. Our clients certified collision facility issued a preliminary loss statement/repair plan for $13,143.06 to return 2016 GMC Sierra to its pre-loss condition. Our client came to us for assistance with the $5,043.48 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 $12,200.00 as the loss statement/ repair cost to return our clients 2016 GMC Sierra back to its pre-loss condition.
The final binding agreement between the unbiased independent appraisers identified an under-indemnification of the loss of $4,100.42 or 51% from the Geico loss statement/repair estimate of $8,099.58. 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