Rhode Island Bill Proposes Changes to Vehicle Damage Appraisal Threshold and Timing

Rhode Island legislators have introduced bill S1015, proposing to raise the vehicle damage threshold for mandatory licensed appraisals from $2,500 to $5,000.

The bill also extends the appraisal completion timeframe for insurance company appraisers from three to four days, reflecting an adjustment in regulatory standards for vehicle damage assessment. S1015 revises the definition of 'fair market value' under the Unfair Claims Settlement Act to reference retail vehicle values from nationally recognized industry compilations, aligning insurance valuations with current retail standards.