Rhode Island S3115 raises the threshold 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 redefine when a vehicle can be declared a total loss. The bill raises the percentage from 80% to 85% of the vehicle's fair market value before it can be deemed a total loss. This change allows consumers to designate their vehicle as a total loss when the repair cost exceeds 75% but is less than 85% of the vehicle's fair market value. The bill also includes provisions for insurers to directly pay for rental vehicles and restoration services, ensuring compliance with state regulations.

Rhode Island S3115 raises the threshold 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 redefine when a vehicle can be declared a total loss. The bill raises the percentage from 80% to 85% of the vehicle's fair market value before it can be deemed a total loss. This change allows consumers to designate their vehicle as a total loss when the repair cost exceeds 75% but is less than 85% of the vehicle's fair market value. The bill also includes provisions for insurers to directly pay for rental vehicles and restoration services, ensuring compliance with state regulations.