CT SB00203

Requires automobile liability insurers to include diminution of value (loss of market value following repair) in damage payments made to third parties for vehicle damage caused by the insured.

Directs the Insurance Commissioner to adopt regulations establishing acceptable methods or entities for determining diminution of value amounts.

Specifies that for constructive total loss vehicles, insurers must calculate settlement values using at least the average of retail values from the National Automobile Dealers Association guide and one other Insurance Commissioner-approved automobile industry source.

Requires insurers to provide claimants with detailed calculation documentation, valuation reports, and written notice of their right to dispute the settlement amount by contacting the Insurance Department's Consumer Affairs Division.

Takes effect October 1, 2012.