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.

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.