Rhode Island H7866 raises the threshold for declaring a vehicle a total loss from 80% to 85% of its fair market value.

Rhode Island H7866 amends the Unfair Claims Settlement Practices Act to raise the percentage from 80% to 85% regarding declaring a vehicle a total loss. This change allows insurers to deem a vehicle a total loss if the cost to rebuild or reconstruct it to its pre-accident condition is less than 85% of its fair market value. The consumer can still designate the vehicle a total loss when the 75% threshold is met but less than 85% of the fair market value.

Rhode Island H7866 raises the threshold for declaring a vehicle a total loss from 80% to 85% of its fair market value.

Rhode Island H7866 amends the Unfair Claims Settlement Practices Act to raise the percentage from 80% to 85% regarding declaring a vehicle a total loss. This change allows insurers to deem a vehicle a total loss if the cost to rebuild or reconstruct it to its pre-accident condition is less than 85% of its fair market value. The consumer can still designate the vehicle a total loss when the 75% threshold is met but less than 85% of the fair market value.