Progressive has agreed to a $48 million settlement in a lawsuit accusing the insurer of undervaluing totaled vehicles in New York. The lawsuit claimed that Progressive used software that underestimated the pre-accident value of vehicles by giving too much weight to negotiation tactics, despite the widespread availability of online car pricing tools. This allegedly resulted in reduced payouts to policyholders.

While Progressive denies any wrongdoing, the company has agreed to the settlement. The agreement covers New York drivers who had their vehicles totaled between July 28, 2015, and the present. Each class action member is expected to receive approximately $335, with attorneys potentially receiving up to $16 million in fees. The settlement is pending approval by a federal judge.

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