A bill is once again before the Rhode Island legislature to increase the amount of vehicle damage that requires an appraisal performed by a licensed appraiser, and increase the amount of time insurance company appraisers have to complete appraisals.

S1015 would increase the damage amount from $2,500 to $5,000 and the time in which appraisals must be completed from three days to four.

A similar bill, H5571, was held for study by the House Corporations Committee in March. The new bill was filed on May 2.

S1015 eliminates a sentence from another bill considered earlier this year, H5572, that would’ve prohibited photo-based appraisals.

Like the previously introduced bill, S1015 also amends the definition of “fair market value” under the Unfair Claims Settlement Act. However, it isn’t specific to consumers like the other bill. S1015 would also add that the term is in reference to the retail value of a motor vehicle as outlined in a current edition of a nationally recognized compilation of retail values commonly used by the insurance industry to establish motor vehicle values. The current definition only includes what is recognized by the automotive industry to establish fair market value.

H5572 would’ve required that fair market valuations meet the following requirements:

• • Publicly available or accessible via electronic or print
  • Commonly used by the automotive industry and car-buying public
  • VIN-specific
  • Reflects a vehicle’s unique and widely available characteristics, including but not limited to trim and options, prior damage, prior service, and prior ownership information

The bill was held for further study by the House Corporations Committee in March.

Reps. Megan Cotter (D-District 39), Edith Ajello (D-District 1), and Brandon Potter (D-District 16) co-sponsored H5571 and H5572. Deputy Senate Majority Whip Ana Quezada (D-District 2) and Sen. Brian Thompson (D-District 20) are co-sponsors of S1015.

Upon introduction, S1015 was referred to the Senate Judiciary Committee. As of Monday afternoon, the bill hadn’t been added to a committee meeting agenda.

Images

Featured image credit: megaflopp/iStock