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Case ID: 3070 | Insurance | 01/21/2004
The parties have reached a tentative $2,346,535 settlement in an action filed against SAFECO Insurance Company of America and numerous affiliated companies on behalf all persons insured by an automobile insurance policy issued in Georgia by the defendants and who made a claim for damage to their vehicles under their collision, comprehensive, underinsured, or uninsured motorist coverage for a loss that occurred between June 19, 1997, and November 28, 2001. The action sought reimbursement for the diminished value of these vehicles due to their having been repaired. Though there is no claims deadline at this time, persons who are eligible to take part in the settlement who have not received a notification letter should act as soon as possible to alert the company of their eligibility.
Under the settlement, the companies have agreed to reimburse those drivers the amount by which the value of their vehicles was reduced--its so-called "diminished value"--by the mere fact that it was involved in an accident and then repaired. The theory of diminished value asserts that buyers choosing between two otherwise equal vehicles will select the one that has not been previously damaged and repaired, even where the repairs to the other vehicle were first-rate. Therefore, this theory contends, the very fact that a car has been involved in an accident causes the car to lose value, even if it was fully repaired. Also named as defendants in the action are American Economy Insurance Company, American States Insurance Company, American States Preferred Insurance Company, First National Insurance Company of America, General Insurance Company of America, SAFECO Insurance Company of Illinois, and SAFECO National Insurance Company. All defendants are SAFECO Companies. The class is made up of persons who were insured under a Georgia automobile insurance policy issued by SAFECO, or one of its subsidiaries, who reported one or more valid physical damage claims for vehicle damage under that policy’s collision, comprehensive, or uninsured motorist coverages, which occurred and was reported between June 19, 1997, and November 28, 2001. Class members can call the Settlement Hotline toll-free for further information at (877) 657-9156. To participate in the settlement, class members do not have to do anything at this time. If you think you are an eligible class member and want to verify that the administrator has your name, please write to: SAFECO Diminished Value Settlement Please include your name, current address, daytime telephone number, policy number and date of accident/loss. This will enable the parties to verify your eligibility as a potential class member. The settlement will not be effective until the court grants it final approval. 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