Young America, Loya Insurance UIM Coverage Class Action Settlement
You may qualify for the Young America and Loya Insurance settlement if you were a policyholder in New Mexico between October 1, 2010, and February 28, 2022, or had a UIM claim reduced due to offsets.
Settlement Closed
Who’s Eligible
You are included in the Settlement Class if you meet either of the following criteria:
- You were a policyholder of YAIC or LIC between October 1, 2010, and February 28, 2022, who (i) resided in New Mexico, and (ii) purchased or otherwise paid premium for an insurance policy that included UM/UIM coverage; AND/OR
- You were insured under a YAIC or LIC policy between October 1, 2010, and February 28, 2022, and made a claim for UIM benefits after October 1, 2010, under a policy that included UM/UIM coverage but did not include the required disclosure or exclusion, and had UIM benefits reduced or denied due to the offset of insurance coverage limits of a third party responsible for your injuries and/or property damage.
Eligible States
Claim Deadline
What You Need to Do to Get Paid
To get paid from the Young America and Loya Insurance settlement:
Claim Online
You may submit a Claim Form online at the Settlement Website if you are seeking a UIM Claim Readjustment.
Claim by Mail
You may download and mail the Claim Form to the Settlement Administrator. Policyholders eligible only for a premium refund do NOT need to submit a claim to receive payment; it will be sent automatically.
You must submit all reasonable, required supplemental documents concerning your UIM claim to obtain any additional UIM benefit payment.
Settlement Payout
Young America and Loya Insurance settlement payments vary based on the type of benefit:
- UIM Claim Readjustment: Class Members who submit a Valid Claim for readjustment may receive an additional benefit payment. There is an $800,000 cap for all valid readjustment claims.
- Premium Refund: Policyholders who do not make a readjustment claim (or aren’t eligible for one) will receive a pro rata share of the Direct Premium Refund Settlement Fund, which consists of the remaining Settlement Fund after other costs are paid.
- Attorneys’ Fees: Up to $649,935
- Service Awards: $10,000 apiece to Class Representatives
- Settlement Administration Costs
Background of the Lawsuit
The lawsuits, Apodaca v. Young America Insurance Company and Swiech v. Loya Insurance Company, allege that Young America Insurance Company (YAIC) and Loya Insurance Company (LIC) violated New Mexico law. The plaintiffs claim the insurers failed to properly disclose the limitations of underinsured motorist (UIM) coverage or misrepresented its value. specifically, the lawsuits challenge the practice of applying an offset to UIM benefits based on the liability coverage limits of the third party responsible for the accident. The insurers deny these allegations and any wrongdoing but have agreed to a Settlement Fund of $1.95 million to resolve the litigation.
Frequently Asked Questions
What is the Young America and Loya Insurance settlement about?
Who is eligible for the Loya Insurance settlement?
How do I get a payment from the Loya settlement?
What if I do nothing?
When is the deadline to file a claim?
How much money will I receive?
Can I exclude myself from the settlement?
When is the Final Fairness Hearing?
Settlement Administrator
Swiech and Apodaca v. Loya c/o Epiq Settlement Administrator P.O. Box 2078 Portland, OR 97208-2078
Case Details
Listing Information
There are no similar listings
No news articles related to this settlement yet
Discussion
Disclaimer
The information on this website is free to access and provided for general educational and informational purposes only. It is not legal advice. We summarise settlement information from official notices, court documents, settlement websites, administrators, and other primary sources where available.
Settlement details and deadlines may change. Always refer to the official settlement website or consult a licensed attorney for advice specific to your situation.
Every listing is reviewed by our research team. Found an error? Let us know. Learn more about how we verify our information.