Enhances consumer protections by mandating appraisal rights for disputes over automobile insurance claims.

The bill requires automobile insurance policies with first-party coverage for physical damage to include a provision for the right to an appraisal to resolve disputes between the insurer and the insured regarding the actual cash value and amount of loss on the damaged automobile. The appraisal process involves each party selecting a competent and disinterested appraiser, who will then appoint an umpire to resolve any disagreements. The insurer must reimburse the policyholder for appraisal costs if the loss amount is adjusted by $500 or more before the appraisal process begins.

Enhances consumer protections by mandating appraisal rights for disputes over automobile insurance claims.

The bill requires automobile insurance policies with first-party coverage for physical damage to include a provision for the right to an appraisal to resolve disputes between the insurer and the insured regarding the actual cash value and amount of loss on the damaged automobile. The appraisal process involves each party selecting a competent and disinterested appraiser, who will then appoint an umpire to resolve any disagreements. The insurer must reimburse the policyholder for appraisal costs if the loss amount is adjusted by $500 or more before the appraisal process begins.