AN ACT RELATING TO INSURANCE -- UNFAIR CLAIMS SETTLEMENT PRACTICES ACT

HB 7604 modifies insurance claim rules by raising the damage threshold requiring a professional appraisal from $2,500 to $5,000 for vehicle repairs. It also extends the timeframe for insurers to complete appraisals from three to four days. This directly affects auto insurance claimants and insurers when vehicle damage exceeds $5,000, requiring insurers to use licensed, unaffiliated appraisers who conduct physical inspections (not photo-based appraisals). The bill aims to standardize appraisal processes for higher-value claims under the Unfair Claims Settlement Practices Act.