Our client’s 2020 KIA Sportage was damaged. Our client filed a collision claim with their carrier Geico Insurance for the loss. Geico issued a loss statement/repair estimate for $3,952.97 before the deductible. Our client’s collision facility issued a preliminary loss statement/repair plan for $9,293.47 to return 2020 KIA Sportage to its pre-loss condition. Our client came to us for assistance with the $5,340.50 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 $7,028.35 as the loss statement/ repair cost to return our clients 2020 KIA Sportage back to its pre-loss condition.
The final binding agreement between the unbiased independent appraisers identified an under-indemnification of the loss of $3,267.59 or 77.8% from the Geico loss statement/repair estimate of $3,952.97. 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.