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