REPAIR PROCEDURE ISSUE:
Posted March 8, 2022
Our client’s 2016 Toyota 4Runner was involved in a comprehensive loss. Our client filed a collision claim with their carrier Gainsco/MGA Insurance for the loss. Gainsco issued a loss statement/repair estimate for $4,458.61 before the deductible. Our clients certified collision facility issued a preliminary loss statement/repair plan for $20,799.72 to return 2016 Toyota 4Runner to its pre-loss condition. Our client came to us for assistance with the $16,341.11 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 Gainsco independent 3rd party appraiser for $19,600.00 as the loss statement/ repair cost to return our clients 2016 Toyota 4Runner back to its pre-loss condition.
The final binding agreement between the unbiased independent appraisers identified an under-indemnification of the loss of $15,141.39 or 339% from the Gainsco loss statement/repair estimate of $4,458.61 Through the invoking of the Gainsco policy right of appraisal our client has been made whole for their loss with no out-of-pocket expense other than their deductible