§431:10C-310  Total loss motor vehicleclaims:  replacement.  When an insurer elects under section 431:10C-309 tooffer the insured a replacement vehicle as defined in section 431:10C-103, theinsurer shall comply with the following requirements:

(1)  The claim file, which is maintained by theinsurer, shall contain a description of the replacement vehicle, including thevehicle identification number and a schedule of options;

(2)  Replacement vehicles of the current model plusthe three previous model years shall be purchased through motor vehicle dealerslicensed under chapter 437.  This requirement may be waived in writing by theinsured.  The signed waiver shall be maintained in the insurer's claim file;

(3)  If the insurer offers a replacement vehicle tothe insured and the insured rejects the offer and elects a cash settlementinstead of the replacement vehicle, the insurer need pay only the amount itwould have otherwise paid on the replacement vehicle.  Evidence of theinsured's rejection shall be apparent in the file; and

(4)  If the insurer offers a replacement vehicle tothe insured and the insured rejects the offer and wants another vehiclesubstantially similar in value, the insurer need pay only the amount it wouldhave otherwise paid on the replacement vehicle.  The insurer shall maintain inthe claim file the insured's written waiver that the acceptance of anothervehicle is of the insured's own free will and choice. [L 1987, c 347, pt of §2;am L 1997, c 251, §48]