RI H7866

Raises the threshold for insurers to declare a motor vehicle a total loss from 80% to 85% of the vehicle's fair market value, meaning repair costs must exceed 85% before an insurer can designate the vehicle as totaled

Consumers retain the option to designate their vehicle a total loss when repair costs reach 75% of fair market value but remain below 85%

Fair market value is defined as the retail value from a nationally recognized automotive industry compilation used to establish vehicle values

Insurers may still agree to deem a vehicle a total loss at the owner's written request even if repair costs are below 85% of fair market value

Takes effect upon passage