BMW total loss valuation › Rhode Island
Rhode Island total loss rules for BMW owners
Rhode Island has its own rule on how an insurer values a total loss: Rhode Island 230-RICR-20-40-2 § 2.8(B). Here is what it says, and what to do if the offer on your BMW looks low.
What the rules say
- Comparable vehicles. Rhode Island 230-RICR-20-40-2 § 2.8(B) provides: "at least comparable in that it will be by the same manufacturer, same or newer year, similar body style, similar options and mileage as the first party claimant vehicle and in as good or better overall condition". The model regulation values the loss at “the cost of two or more comparable automobiles in the local market area when comparable automobiles are available or were available within the last ninety (90) days to consumers in the local market area”, and otherwise “the cost of two (2) or more comparable automobiles in areas proximate to the local market area, including the closest major metropolitan areas within or without the state”.
- Adjustments. Under Rhode Island 230-RICR-20-40-2 § 2.8(B), "Any deductions or betterment from fair market value, including deduction for salvage, must be measurable, discernible, itemized and specified as to dollar amount and shall be appropriate in amount." A settlement that deviates from the comparable-vehicle methods on account of the vehicle's condition must be supported: under the model regulation “the deviation must be supported by documentation giving particulars of the automobile condition”, with every deduction itemized in dollars.
- Dealer quotations. Where comparables are not available, the model regulation permits “one of two or more quotations obtained by the insurer from two or more licensed dealers located within the local market area when the cost of comparable automobiles are not available”. Our Total Loss Market Valuation Report is a written quotation of market value from a licensed California dealer.
- How to request the insurer's valuation report. Under Rhode Island 230-RICR-20-40-2 § 2.8(B) the insurer must show you the basis of its valuation on request. Ask the adjuster in writing for the complete valuation report on which the offer rests, including each comparable, its source, price, mileage and every itemized adjustment, and keep a copy of the request and the response.
- If you cannot buy a comparable. If you cannot buy a comparable vehicle for the amount paid within 35 days, the claim can be reopened under Rhode Island 230-RICR-20-40-2 § 2.8(B).
- The appraisal clause. Under the policy's appraisal provision, you and the insurer each appoint a competent, impartial appraiser; the appraisers then agree a value or submit their differences to an umpire. Our report can be given to the appraiser you appoint as evidence of what cars like yours sell for. On a reopened claim the insurer may "conclude the loss settlement as provided for under the appraisal section of the insurance contract in force at the time of loss", binding on both parties (§ 2.8(B)(2)(d)).
- Where to complain. The Rhode Island Department of Business Regulation, Insurance Division takes complaints about claim handling (401-462-9500): https://dbr.ri.gov/questioncomplaints
If the offer on your BMW looks low
- Ask for the insurer's valuation in writing. It lists the comparable cars the offer rests on and every adjustment made to them.
- Check the comparables. They should be the same generation, body, gearbox and trim as your car, at similar mileage. Enthusiast and classic BMWs are where the software most often reaches for the wrong cars.
- See what cars like yours actually sold for. The valuation tool shows recorded Bring a Trailer and Cars & Bids sales for your model, year and mileage. Free.
- Put the evidence in front of the adjuster. The Total Loss Market Valuation Report ($199) lays out comparable sales, adjustments in dollars and your state's rule, with a letter to your adjuster on the first page. The preview is free.
Questions
How is a totaled BMW valued in Rhode Island?
Rhode Island 230-RICR-20-40-2 § 2.8(B) provides: "at least comparable in that it will be by the same manufacturer, same or newer year, similar body style, similar options and mileage as the first party claimant vehicle and in as good or better overall condition".
How recent and how close must the comparable cars be in Rhode Island?
The NAIC model regulation, which most states adopted in substance, values the loss at “the cost of two or more comparable automobiles in the local market area when comparable automobiles are available or were available within the last ninety (90) days to consumers in the local market area”, and otherwise “the cost of two (2) or more comparable automobiles in areas proximate to the local market area, including the closest major metropolitan areas within or without the state”.
Can I get the insurer's valuation report in Rhode Island?
Under Rhode Island 230-RICR-20-40-2 § 2.8(B) the insurer must show you the basis of its valuation on request. Ask the adjuster in writing for the complete valuation report on which the offer rests, including each comparable, its source, price, mileage and every itemized adjustment, and keep a copy of the request and the response.
What if I cannot buy a comparable car for what the insurer paid in Rhode Island?
If you cannot buy a comparable vehicle for the amount paid within 35 days, the claim can be reopened under Rhode Island 230-RICR-20-40-2 § 2.8(B). Our Total Loss Market Valuation Report lists what dealers are asking for comparable cars near you today, widening the search nationwide when it has to.
What if I still disagree with the insurer's offer in Rhode Island?
Under the policy's appraisal provision, you and the insurer each appoint a competent, impartial appraiser; the appraisers then agree a value or submit their differences to an umpire. Our report can be given to the appraiser you appoint as evidence of what cars like yours sell for. On a reopened claim the insurer may "conclude the loss settlement as provided for under the appraisal section of the insurance contract in force at the time of loss", binding on both parties (§ 2.8(B)(2)(d)).
Where do I complain about a total loss claim in Rhode Island?
The Rhode Island Department of Business Regulation, Insurance Division takes complaints about claim handling (401-462-9500): https://dbr.ri.gov/questioncomplaints. Before you file, ask the adjuster in writing for the complete valuation report on which the offer rests, with each comparable and every itemized adjustment, and keep a copy of the request and the response.
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Total loss rules in other states
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