If Sen. Trent Lott has his way, there soon will be national legislation that requires information to be provided to consumers about vehicles that are declared total losses by insurance companies.
Lott, who represents Mississippi and is a member of the Senate Commerce, Science, and Transportation Committee, has introduced a bill called the Passenger Vehicle Loss Disclosure Act (S. 3707). If passed, the bill would require insurance companies to publicly disclose the vehicle identification number, the date a vehicle is declared total loss, the odometer reading on the date of the declaration of total loss, and a statement explaining why a vehicle was declared totaled. The U.S. Secretary of Transportation would regulate and require all insurers and self-insurers to disclose this information to the public.
“Insurance companies will be required to make this information available for purchase by commercial companies that package and sell information to consumers, such as web sites offering vehicle history reports,” said Lott, in a release.
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