Progressive responded to the suit by claiming the New York Superintendent of Insurance had approved the insurer’s use of Mitchell’s services. (Credit: Ken Wolter/Shutterstock)
Four Progressive subsidiaries have agreed to pay a $13.8 million settlement in a New York class action suit accusing them of undervaluing total loss vehicle claims. The defendants include Progressive Casualty Company, Progressive Advanced Insurance Company, Progressive Max Insurance Company and Progressive Specialty Insurance.
The original suit was filed in the Southern District of New York in October 2021. It alleges that the insurers determined the actual cash value of totaled vehicle claims using reports prepared by Mitchell International, Inc. Mitchell’s valuations allegedly included a “projected sold adjustment” deduction, which is described as an adjustment based on consumer purchasing behavior, which includes those who negotiate a different price than that at which the vehicle is listed.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
