Allstate settles auto suit for $59 million. (Auto Insurance).(diminished market value of damaged vehicles class action suit in Georgia)(Brief Article)

National Underwriter Property & Casualty-Risk & Benefits Management, January, 2002 by Hays, Daniel

Allstate has become the latest auto insurer in Georgia to reach a multi-million-dollar class action settlement over claims for diminished market value of damaged vehicles. A $59 million settlement fund will be created, the Northbrook, Ill.-based insurer said. The case, Earl et. al. v. Allstate, involved Allstate Insurance Company and Allstate Indemnity Company.

The suit leading to the settlement involves claims that customers in Georgia over the last six years were entitled to payment for their vehicles' loss of market value after an accident, in addition to repair costs. The inherent diminished value at issue was defined as the alleged difference between a vehicle's pre-loss value and its post-loss value after complete and proper repairs. Allstate said...

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