Increases the amount requiring that an appraisal be performed by a licensed appraiser when a vehicle sustains damage from $2,500 to an amount in excess of $5,000. This act also corrects a citation regarding salvage and reconstructed titles.
Clarifies the definitions of unfair claims practices pertaining to insurers with regard to appraisals and total losses and corrects a citation regarding salvage and reconstructed titles.
Establishes a definition of consumer accessible fair market value for purposes of determining the value of any vehicle that is damaged or totaled as a result of damage.
Provides that any insurer refusing to honor a "direction to pay" executed by an insured for payment on a property damage benefit would constitute an unfair claims practice.
Provides that any insurer refusing to honor a "direction to pay" executed by an insured for payment on a property damage benefit would constitute an unfair claims practice.
Provides that any insurer refusing to honor a "direction to pay" executed by an insured for payment of a property damage benefit constitutes an unfair claims practice.
Defines a "consumer accessible fair market value" for a vehicle valuation figure.
Makes several pro-consumer changes to the "Fair claims settlement practices act".
Expands the definition of "unfair claims practices".
Provides insured individuals with a private cause of action under the unfair claims settlement practices act.