Bill > SB227

This bill establishes a new rule for insurance companies in South Dakota regarding when a damaged vehicle can be declared a "total loss," meaning it's too expensive to repair and will be paid out by the insurance company. Specifically, an insurer cannot declare a vehicle a total loss due to damage from accidents, fire, vandalism, weather, or other causes unless the cost to fix the vehicle is at least 75% of its "actual cash value" before the damage occurred. The "actual cash value" is defined as the vehicle's current market value within a 200-mile radius of the owner's home, considering its year, make, model, features, wear and tear, mileage, and accident history. However, an insurer can still declare a vehicle a total loss if the owner explicitly agrees to it in writing, even if the repair costs are less than 75% of the vehicle's value.

Transportation and Infrastructure

https://sdlegislature.gov/#/Session/Bill/27041