Defines a "consumer accessible fair market value" for a vehicle valuation figure.
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.
Makes several pro-consumer changes to the "Fair claims settlement practices act".
Expands the definition of "unfair claims practices".
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.
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.
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.
Provides insured individuals with a private cause of action under the unfair claims settlement practices act.