Virginia House Bill 441 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 5 2014 - 25% progression, died in committee
Action: 2014-02-12 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

Motor vehicle insurance; salvage vehicles. Requires a new insurance policy insuring a motor vehicle known to the insurer to be a salvage vehicle to contain, if the policy provides collision or comprehensive coverage, a notice that (i) the motor vehicle is a salvage vehicle and (ii) in the event of an accident in which the motor vehicle is declared a total loss, the insured will be paid less money than he would if a salvage certificate had not been issued for the vehicle because the actual cash value of a salvage vehicle is generally less than it is for motor vehicles that are not salvage vehicles. The measure also requires any schedule of rates, rate classifications, or rating plans for motor vehicle insurance providing collision or comprehensive coverage that is filed with the State Corporation Commission to provide for an appropriate reduction in premium charges for those motor vehicles for which a salvage certificate has been issued. The reduction in premium shall reflect that the actual cash value of a motor vehicle of a specific make, model, age, mileage, and condition for which a salvage certificate has been issued is less than that of a motor vehicle of the same make, model, age, mileage, and condition that is not a salvage vehicle. The requirement for a premium reduction applies to policies for which the rates are based on the actual cash value of the insured motor vehicle.

Motor vehicle insurance; salvage vehicles.

Del. Matt Fariss [R]

Date	Chamber	Action
2014-02-12	House	Left in Commerce and Labor
2014-01-28	House	Subcommittee recommends laying on the table by voice vote
2014-01-15	House	Assigned C & L sub: Subcommittee #1
2014-01-05	House	Referred to Committee on Commerce and Labor
2014-01-05	House	Prefiled and ordered printed; offered 01/08/14 14102928D

Chapter	Article	Section	Citation Type	Statute Text
38	2	2201.1	(n/a)	See Bill Text
38	2	2216.1	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB441
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB441+hil