SB 1367 Summary

• Amends 36 O.S. 2011, Section 1250.8 to establish methods insurers must use when settling first-party motor vehicle total loss claims based on actual cash value or replacement cost.

• Allows insurers to either offer a replacement vehicle at no cost to insured (except deductible) or provide cash settlement based on comparable vehicle cost determined through local market availability, dealer quotes, or published guidebooks.

• Requires insurers and claimants unable to agree on loss amount to submit to appraisal process with each party selecting an appraiser and jointly selecting an umpire; each party pays its own appraiser costs.

• Prohibits insurers from selling totaled vehicles back to claimants without written consent acknowledging the vehicle will be titled as "junked" and unable to be restored to operative condition.

• Becomes effective November 1, 2012.