CT HB05444

Repeals and replaces General Statutes Section 38a-353 regarding valuation of constructive total loss motor vehicles, effective October 1, 2011

Requires insurers to calculate the value of damaged vehicles declared as constructive total loss for settlement purposes, removing the previous requirement to use at least the average of specific valuation sources

Defines "constructive total loss" as when repair or salvage costs, or combined repair and salvage costs, equal or exceed the total vehicle value at time of loss

Requires insurers to provide claimants with a detailed calculation of the vehicle's value, any non-public valuation reports used, and written notice explaining the right to dispute the settlement amount with the Insurance Department's Consumer Affairs Division

Written dispute notice must include the Insurance Department's address, toll-free number, and internet address in at least twelve-point type in the final paragraph