Our client’s 2017 Toyota 4Runner was damaged. Our client filed a collision claim with their carrier Geico Insurance for the loss. Geico issued a loss statement/repair estimate for $12,022.00 before the deductible. Our client’s collision facility issued a preliminary loss statement/repair plan for $16,778.44 to return 2017 Toyota 4Runner to its pre-loss condition. Our client came to us for assistance with the $4,756.44 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 $16,577.11 as the loss statement/ repair cost to return our clients 2017 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 $4,839.80 or 37.9% from the Geico loss statement/repair estimate of $12,022.00. 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.