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Thursday, 14 March 2019 19:51

CCC Accused of Low-ball Appraisals by Source One Financial Corp, AASP/MA Responds

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On Feb. 22, WBUR, a Boston news station, reported that a complaint had been filed against CCC Information Services by Source One Financial Corporation.

 

The complaint alleged that CCC frequently understates car values through sloppiness or fraud.

 

Source One CFO Michael Parsons told WBUR, "On a regular basis, we see [CCC] making claims regarding the sales price of motor vehicles that aren't substantiated. In fact, Source One has sent out private detectives to make sure that the prices they give are fair. And what we're finding is, on a regular basis, those prices are not the right price, either because they are discounting the price available [or] taking unreasonable condition adjustments against the consumer's car."

 

The Massachusetts Department of Insurance (DOI) has agreed to investigate Source One’s allegations, though the office refrained from announcing the decision publicly and is unable to discuss open complaints.

 

However, according to WBUR, Thomas Walsh, a supervisor in the DOI’s consumer services unit, wrote in a September email, "Our department accepts complaints from consumers only; we do not normally accept business to business complaints. Nevertheless, I made the decision to accept your complaint on the basis that if proven true, the allegations made in your complaint would affect many consumers."

 

Encouraged by the DOI’s intention to investigate the claims that CCC shorted Massachusetts drivers out of thousands of dollars in totaled and stolen vehicle claims, AASP/MA issued a statement on the subject. In the statement, AASP/MA Executive Director Lucky Papageorg expressed confidence that this matter will bring greater attention to the discrepancies existing between shop and insurer versions of estimating platforms.

 

Papageorg stated, “It is about time that a spotlight of this nature is shone on the Division of Insurance and on what is an obviously flawed system that only serves to condone the systematic defrauding of the consumers by insurance companies. The fox is truly watching the henhouse. All one has to do is call the DOI and see what it means to be stonewalled on any issue.


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