MS HB324

Allows motor vehicle owners to recover additional damages for diminution of value when their vehicle is damaged (but not destroyed) due to third-party negligence, provided the owner proves by preponderance of the evidence that repair would leave the vehicle worth less than its pre-damage value.

Caps total damages at the fair market value of the vehicle prior to damage, and requires that diminution of value payments be considered when determining whether a vehicle qualifies as a total loss.

Brings forward Section 83-11-1 of the Mississippi Code of 1972, which defines key insurance terminology including "policy," "automobile liability coverage," "automobile physical damage coverage," and "automobile collision coverage" for purposes of possible amendment.

Effective date is July 1, 2020.