I am filing a client criticism against CCC Valuescope (CCCG) and my insurance company USAA for falsely alleging a good “industry worth” of my vehicle.
My insurer USAA has breached its obligation to workout the utmost excellent religion to me its insured. By making use of CCC Valuescope (a business I allege violates the U.S. federal RICO Act) USAA has intentionally offered me a lower and fraudulent valuation of my auto in hopes of getting an unreasonable and unfair settlement.
CCC Valuescope (previously known as CCC Info Solutions Team Inc – CCCG) can by no means be deemed a fair and marketplace benefit of vehicles as CCC Valuescope operates exclusively for insurers and for that reason has an financial interest to offer valuations that are intentionally underneath the precise truthful current market worth of what insured automobiles are truly truly worth.
It is recognized fact in the course of the coverage business that CCC gathers its values from what car sellers would sell a auto for at basement wholesale costs, not the accurate “retail price of an auto of like kind and high quality prior to the incident” as mandated by FL insurance policies polices. Also CCC Valuescope utilizes a mix of automobiles previously leased, utilised, and abused among wrecked cars when compiling valuations to find the money for their coverage firm customers having to pay out full losses the most affordable possible “values” to present their insured.
Ironically, virtually every single auto in CCC Valuescope’s appraisal of my automobile report consisted of vehicles that had over 20 information indicative of challenges this sort of as mishaps and defective autos. Among the the report, some cars and trucks experienced 28, 31, and 32 records.
Slicing charges and denying its insured “the utmost due care” traditionally can be documented towards USAA beginning with the course motion lawsuit in opposition to USAA in Washington’s King County (March 12, 1999) for compelling automobile repair service outlets to use “imitation” sections in repairs, though concurrently hiding this observe from policyholders. Over and above automobile coverage, USAA has plenty of problems submitted against it in 27 states across the nation.
CCC Valuescope is not unbiased in their valuations given that they are a hired gun for the coverage corporations! On conducting a VIN research on the automobiles inside of the CCC report 39813905, many cars had more than 20 documents indicative of many collisions, challenges with the car or truck, and quite a few improvements of possession. By relying on CCC’s intentionally reduced valuation of my vehicle, USAA is breaching its fiduciary responsibility to act in fantastic religion in handling my claim. No honest and sincere analysis of my declare can be performed by CCC as it is contracted by insurers for the major intent of minimizing monies paid out out by insurers to its fiduciaries. By working with CCC Valuescope, USAA is clearly not exercising the “utmost because of care” in the curiosity of me its insured as expected by Baxter v. Royal Indemnity.
CCC admitted by itself in its SEC Submitting on 3-16-2005 that “the Corporation sometimes pays a new consumer for the remaining motivation of its previous contract with third parties as an incentive”. In regard to regulation, CCC mentions in the very same submitting “in most states, nonetheless, there is no formal acceptance method for whole decline valuation items”. CCC itself confesses in the exact report “individual point out departments of insurance plan have taken positions as to whether or not the use of CCC Valuescope valuations is in compliance with a states assert handling regulations”.
“The Company is informed that given that 2002 the California Department of Insurance policies has suggested some of the Company’s prospects (which administration estimates to be close to 14% of the complete income earned in 2004 from the Company’s CCC Valuescope valuation item and service) that the Office considered that their use of CCC Valuescope experienced not been in compliance with the California insurance rules in result prior to Oct 4, 2004, with respect to specified parts of the solutions methodology. The Firm thinks the solution was in compliance with the applicable California regulations.”
“On April 24, 2003, the California Division of Coverage formally adopted new regulations that required the Business to adjust its methodology for computing overall loss valuations in California.” There is superior rationale thus to consider CCC Valuescope’s valuation methodology is terribly flawed and skewed to favor its coverage organization customers.
In CCC’s yearly report submitted February 13, 2004 the authorized proceedings and several course motion lawsuits in opposition to CCC are documented in webpages 35, 42, 43, and 44 of the 53 site report.
On web page 35, CCC Valuescope admits to setting aside $4.3 million as an estimate in the direction of potential settlement to “solve likely promises arising out of close to 30% of the transaction quantity of CCC Valuescope”.
By acknowledging 30% of transaction quantity getting to be prospective promises, CCC Valuescope thereby tends to make it community report that it anticipates a sizeable percentage of lawsuits for unfair and fraudulent valuations. These kinds of a superior proportion of transaction volume on your own attests to the flawed methodology of CCC’s report, its unscrupulous dealings, and wholehearted motivation to secure the economic pursuits of the insurers it serves.
Ironically, four of CCC Valuescope’s automobile insurance coverage firm clients have made contractual and, in some cases, also frequent law indemnification statements in opposition to CCC for litigation expenses, attorneys’ costs, settlement payments and other expenses allegedly incurred by them in relationship with litigation relating to their use of CCC’s flawed Full Loss valuation merchandise.
Surely the innumerable course motion lawsuits submitted across the United States against CCC Valuescape delivers further proof relating to the grossly low and inaccurate valuations of cars they give the insurers they serve. Among the the numerous are:
CCC Settles Class Action Suit on Valuation of Total Decline Automobiles (July 15, 2005)
Chicago-centered statements software program-maker CCC Facts Expert services Inc. declared that it and 15 of its shoppers signed a settlement settlement with the plaintiffs in several course motion fits pending in Madison County, Unwell. These consolidated fits, Circumstance Nos. 01 L 157, et al., relate to the valuation of cars that have been declared complete losses by insurers.
Phrases of the settlement settlement will call for CCC to spend recognize and administration costs and other prices connected with the settlement. The company estimates that these prices will full about $8 million, and such as available insurance policies proceeds of $1.8 million, the enterprise is totally reserved for these payments. Other settlement expenditures, including claims by course associates, will be compensated by the insurance corporations that are participating in the settlement.
August 23, 2000, a putative statewide class motion was filed in the Circuit Court for Hillsborough County, FL, versus CCC and USAA Casualty Insurance policies Company (Peter Sintes et al. v. USAA Casualty Insurance Organization and CCC Information and facts Expert services, Inc., Circumstance No. 00-006308). Plaintiffs allege that USAA contracted with CCC to supply valuations of “whole decline” motor vehicles and that CCC supplied valuations that were being deliberately down below the precise honest current market value of the insured automobile.
Iinsurance businesses “owe a duty to the insured to exercising the utmost great religion.” Baxter v. Royal Indemnity Enterprise, 285 So.2d 652 (Fla. 1st DCA 1973).
Supplied the numerous and ongoing course motion lawsuits versus CCC Valuescope there ought to now be no concern that CCC Valuescope is not unbiased in its vehicle valuations and is guilty of violating the U.S. federal RICO Act and National Insurance policy Restrictions, alongside with many of the complicit insurance companies this sort of as USAA who willingly and knowingly use their merchandise with the intent to deceive.
