Wednesday, June 18, 2014

DIMINISHED VALUE CLASS ACTION LAWSUITS AGAINST ALLSTATE AND STATE FARM INSURANCE COMPANIES

DIMINISHED VALUE CLASS ACTION LAWSUITS

FORT PIERCE, Florida - We are now seeing the second and third of what may be multiple class action lawsuits brought against insurance companies for unfair claim practices in automobile diminished value claims, Allstate and State Farm now find themselves with their feet in the fire. The State of Illinois, following the lead of the State of Washington which presided over a class action lawsuit against Hartford Insurance Company, has certified two class action lawsuits that could lead to the insurers paying hundreds of millions of dollars to wronged claimants.

In addition to Illinois, the action against State Farm includes the majority of other states. This action could potentially cripple the insurer and topple it from it's perch as the largest insurance company in the United States.

It is interesting that California is one of the few states not included in the class action. State Farm has been particularly selective in placing impositions on Californians seeking to make diminished value claims. Inherent diminished value, unlike repair-related diminished value, assumes that vehicles were properly repaired but have lost value simply due to the fact that they now have a bad Carfax or other vehicle history report. State Farm, in an effort to dissuade claimant's from seeking expert representation from independent appraisers located in other parts of  the United States, has implemented a requirement that vehicles be physically inspected. 


An Illinois Court has certified two class action lawsuits against Allstate and State Farm for breach of contract against their policyholders. Court documents declare that the "plaintiffs argue that vehicles which sustain certain types of physical damage cannot be restored to preloss condition through the repair process."

State Farm's case includes all states except for AZ, CA, KY, PA and VA. Allstate's case includes the same states and Ma. Those who qualify must have had a loss of at least $1,000.00 on a six-year-old vehicle or newer with less than 90,000 miles since January 1, 1996.

Car owners  need to know their rights when it comes to automobile diminished value. In every state with the exception of Michigan (as of this writing,) owners of vehicles that were damagesd as a result of the other party's negligence, have a right to make a claim against their insurer for the diminished value of their car after repairs have been completed. In addition, there are a few states, Georgia, Kansas and Washington, where a policyholder may make a diminished value claim with his own insurer.

Allstate and State Farm will now go down the same road that Hartford did in Washington. At the very least it will cost them a tremendous amount of money in defense costs. I can only hope that justice is done in these class action lawsuits because, having seen how poorly claimants are treated in diminished value cases, and how ineffective State Insurance Departments have been in correcting these misdeeds, Allstate and State Farm deserve the full measure of punishment for their thousands of indiscretions.


The St. Lucie Appraisal Company
P.O. Box 2700
Fort Pierce, FL 34954
Phone: (772) 359-4300
Fax: (772) 466-8400
Email: contact@stlucieappraisal.net



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The fee for an Automobile Diminished Value Report is $275.00. You may also make your Credit Card Payment by telephone, call 772-359-4300. Credit card payments can be made on the PayPal page. Click on "Don't have a PayPal account?" to be taken to the secure credit card payment page. 

After making your secure payment please email the body shop estimate or the insurance company appraisal to contact@stlucieappraisal.net or FAX to 772-466-8400.

NOTE: TESLA OR OTHER EXOTIC CAR OWNERS PLEASE CALL 772-359-4300 TO ARRANGE FOR AN AUTOMOBILE DIMINISHED VALUE APPRAISAL. 


 
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Keywords for this article: class action lawsuit, diminished value, state farm, allstate, illinois,