S.3115

Rhode Island S3115 raises the percentage for declaring a vehicle a total loss from 80% to 85% of its fair market value.

Rhode Island S3115 amends the Unfair Claims Settlement Practices Act to increase the threshold for declaring a vehicle a total loss. Previously, insurers could declare a vehicle a total loss if the repair cost exceeded 80% of the vehicle's fair market value. This bill raises that threshold to 85%, allowing consumers to designate a vehicle a total loss when the repair cost is between 75% and 85% of the vehicle's fair market value. The act also includes provisions for appraisals, rental car coverage, and other related practices. This act takes effect upon passage.