Migliaccio & Rathod LLP is currently investigating insurance companies that fail to properly compensate owners whose vehicles are deemed a “total loss” following an accident. When filing a first-party claim through one’s insurance company, the claimant should expect to receive the actual cash value (ACV), or market value, of the insured vehicle. This amount must also include sales tax – an addition that many insurance companies fail to pay claimants who suffer a total loss. When insurers fail to apply this sales tax payment to the lost vehicle’s value, the resulting payment to the insured is often hundreds, if not thousands, of dollars below what is required by state law. Consequently, many claimants may be unable to replace their lost vehicle with one of equivalent quality without paying out of pocket to make up for the necessary sales tax amount. With auto vehicles currently in such high demand and prices rising accordingly, failure to include sales tax in a total loss insurance payment may result in claimants having to settle for a lower quality replacement vehicle, a hugely negative outcome for the insured and their families.
Are you a U.S. driver who believes their insurance company failed to pay the proper ACV amount following a total loss event?
If so, we’d like to hear from you. Please complete the questionnaire below, send us an email at [email protected], or give us a call at (202) 470-3520 for more information.
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The lawyers at Migliaccio & Rathod LLP have years of experience in class action litigation against large corporations, including in cases involving unfair and deceptive trade practices. More information about our current cases and investigations is available on our blog.