Our client’s 2022 Tesla Model Y was damaged. Our client filed a collision claim with their carrier Geico Insurance for the loss. Geico issued a loss statement/repair estimate for $3,216.59 before the deductible. Our client’s collision facility issued a preliminary loss statement/repair plan for $5,133.27 to return 2022 Tesla Model Y to its pre-loss condition. Our client came to us for assistance with the $1,916.68 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, Vehicle Value Experts came to a binding agreement with the Geico independent 3rd party appraiser for $5,133.27 as the loss statement/ repair cost to return our clients 2022 Tesla Model Y back to its pre-loss condition.
The final binding agreement between the unbiased independent appraisers identified an under-indemnification of the loss of $2,036.47 or 59.6% from the Geico loss statement/repair estimate of $3,216.59. 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.