TL;DR
- - Geico underpaid nearly 227,000 California policyholders on total-loss claims by excluding sales tax and other required regulatory fees.
- - Company agreed to a $19 million class-action settlement to resolve those underpayment claims.
- - Always get an independent expert appraisal or second opinion before accepting a total-loss settlement because insurers commonly underpay or lowball vehicle value.
Geico has underpaid nearly 227,000 of their own policy holders in California for their total loss vehicles. The class action lawsuit alleges that Geico did not properly indemnify their insureds for sales taxes and other regulatory fees as part of their total loss settlement. Geico has agreed to pay $19 million to their insurers as a result of the lawsuit. These practices by insurance companies are things we see every day along with habitually low balling the actual vehicle’s value. Always have an expert give you a second opinion when dealing with a total loss settlement.
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