Our client’s 2022 Tesla Model 3 was damaged. Our client filed a collision claim with their carrier Geico Insurance for the loss. Geico issued a loss statement/repair estimate for $15,068.48 before the deductible. Our client’s collision facility issued a preliminary loss statement/repair plan for $20,704.52 to return 2022 Tesla Model 3 to its pre-loss condition. Our client came to us for assistance with the $5,636.04 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 $20,237.67 as the loss statement/ repair cost to return our clients 2022 Tesla Model 3 back to its pre-loss condition.
The final binding agreement between the unbiased independent appraisers identified an under-indemnification of the loss of $5,492.26 or 34.3% from the Geico loss statement/repair estimate of $15,068.48. 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.