A $2.09 million State Farm settlement resolves claims that the insurer underpaid Washington claims by excluding “diminished value” payments from claims.
The settlement benefits individuals with State Farm Fire and Casualty Co. insurance whose vehicle repairs were covered under the underinsured motorist property damage provision of a Washington policy for an accident occurring between March 23, 2012, and Feb. 13, 2024, where the repair estimate exceeded $1,000, the vehicle was no more than six years old and had less than 90,000 miles and the vehicle suffered structural damage, deformed sheet metal and or required body or paint work.
The insurance class action lawsuit claims State Farm failed to fully pay certain vehicle claims after accidents where covered vehicles could not be repaired to their pre-accident conditions. According to plaintiffs in the case, they should have been compensated for “diminished value” damages stemming from these irreparable losses under Washington law.
State Farm is an insurance company that covers vehicles and other property.
State Farm hasn’t admitted any wrongdoing but agreed to pay more than $2.09 million to resolve the Washington insurance class action lawsuit.
Under the terms of the settlement, class members can receive a payment based on their vehicle repair costs. Exact payment amounts will vary depending on the number of claims filed and repair cost details, but each claimant may receive around $550.
The deadline for exclusion and objection was Aug. 28, 2024.
The final approval hearing for the settlement was scheduled for Sept. 27, 2024.
To receive State Farm settlement benefits, class members must submit a valid claim form by Nov. 12, 2024.