Sec. 38a-353. (Formerly Sec. 38-175y). Calculation of settlement amount on totalled motor vehicle. - Connecticut Statutes

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Statutes > Connecticut > Title38a > Chap700 > Sec38a-353

      Sec. 38a-353. (Formerly Sec. 38-175y). Calculation of settlement amount on totalled motor vehicle. Whenever any damaged motor vehicle covered under an automobile insurance policy has been declared to be a constructive total loss by the insurer, the insurer shall, in calculating the value of such vehicle for purposes of determining the settlement amount to be paid to the claimant, use at least the average of the retail values given such vehicle by (1) the National Automobile Dealers Association used car guide and (2) one other automobile industry source which has been approved for such use by the Insurance Commissioner. For purposes of this section, "constructive total loss" means the cost to repair or salvage damaged property, or the cost to both repair and salvage such property, equals or exceeds the total value of the property at the time of loss.

      (P.A. 87-158.)

      History: Sec. 38-175y transferred to Sec. 38a-353 in 1991.

State Codes and Statutes

Statutes > Connecticut > Title38a > Chap700 > Sec38a-353

      Sec. 38a-353. (Formerly Sec. 38-175y). Calculation of settlement amount on totalled motor vehicle. Whenever any damaged motor vehicle covered under an automobile insurance policy has been declared to be a constructive total loss by the insurer, the insurer shall, in calculating the value of such vehicle for purposes of determining the settlement amount to be paid to the claimant, use at least the average of the retail values given such vehicle by (1) the National Automobile Dealers Association used car guide and (2) one other automobile industry source which has been approved for such use by the Insurance Commissioner. For purposes of this section, "constructive total loss" means the cost to repair or salvage damaged property, or the cost to both repair and salvage such property, equals or exceeds the total value of the property at the time of loss.

      (P.A. 87-158.)

      History: Sec. 38-175y transferred to Sec. 38a-353 in 1991.

State Codes and Statutes

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State Codes and Statutes

Statutes > Connecticut > Title38a > Chap700 > Sec38a-353

      Sec. 38a-353. (Formerly Sec. 38-175y). Calculation of settlement amount on totalled motor vehicle. Whenever any damaged motor vehicle covered under an automobile insurance policy has been declared to be a constructive total loss by the insurer, the insurer shall, in calculating the value of such vehicle for purposes of determining the settlement amount to be paid to the claimant, use at least the average of the retail values given such vehicle by (1) the National Automobile Dealers Association used car guide and (2) one other automobile industry source which has been approved for such use by the Insurance Commissioner. For purposes of this section, "constructive total loss" means the cost to repair or salvage damaged property, or the cost to both repair and salvage such property, equals or exceeds the total value of the property at the time of loss.

      (P.A. 87-158.)

      History: Sec. 38-175y transferred to Sec. 38a-353 in 1991.