Sec. 1. 24-A MRSA §2910-B is enacted to read:

§2910-B.__Insurance liability for total loss of motor vehicle

If an insurer provides coverage under a motor vehicle insurance policy for damage to property, including damage to a motor vehicle, the insurer shall provide coverage in an amount equal to the suggested retail price of a motor vehicle published in the most recent automobile trade publication of new and used car market values for the month in which the loss occurred when total loss of that motor vehicle has been determined.__An insurer may not restrict coverage under a policy for total loss of a motor vehicle to an amount equal to the suggested wholesale price for the motor vehicle.

SUMMARY

This bill requires insurers that provide motor vehicle insurance to provide coverage in an amount equal to the suggested retail price of a motor vehicle when a motor vehicle insured by the insurer is declared a total loss. The bill prohibits insurers from limiting payments to the suggested wholesale price of the motor vehicle.