Louisiana Revised Statutes 22:1293 – Automobile insurance; total loss provision
Terms Used In Louisiana Revised Statutes 22:1293
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Policy: means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state, or any binder based on such a policy, insuring a single individual or husband and wife resident of the same household, as named insured, and under which the insured vehicles therein designated are of the following types only:
(a) A private passenger vehicle that is not used as a public or livery conveyance for passengers, nor rented to others. See Louisiana Revised Statutes 22:1266
An insurer may use the cost to repair or replace airbags used or damaged in an automobile accident to determine if the automobile is a total loss under the total loss provisions of the insurance policy if the policyholder agrees in writing. As used in this Section a “total loss” provision is any provision in an automobile insurance contract that allows the insurer to purchase the vehicle from the insured in lieu of paying for damages to the vehicle. Nothing in this Section shall require an insurer to pay more than the actual cash value of the vehicle, including the value of the airbags.
Acts 2005, No. 262, §1; Redesignated from La. Rev. Stat. 22:676 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.