Thursday, February 21, 2013
NICB Reports Sandy Damaged Vehicles Surpass 250,000 Mark
The National Insurance Crime Bureau (NICB) announced revised estimates for the number of vehicles damaged as a result of Sandy. The current estimate of vehicles damaged is now set at 250,500 based on claims processed by insurance companies. New York's number increased from a previous level of 130,000 to 150,000.
This is the complete list of states generating Sandy-related vehicle damage claims in descending order:
New York 150,000
New Jersey 60,000
New Hampshire 2,000
North Carolina 1,500
District of Columbia 1,000
Rhode Island 1,000
West Virginia 1,000
NICB says these are still preliminary figures and may change as additional claims are received and processed. Also, these are insured losses only. There are certainly many uninsured vehicles that were damaged by Sandy and those numbers are not reflected in this information. Moreover, there is no determination as to the extent of damage to these vehicles. They could have sustained minor paint scratches from flying debris, or have been under water for days and rendered total losses.
By now there could be many Sandy damaged vehicles that are in the process of being reconditioned and sold to unsuspecting consumers all across the country. It is not illegal to buy or sell flood vehicles, or vehicles declared as salvage, as long as the parties to the sale are aware of the vehicle's status. Consumers should be aware that severely damaged vehicles may appear advertised for sale without any indication that they were at all affected by Sandy. As always, buyers should be careful when considering a used vehicle purchase in the weeks and months following a disaster such as Sandy.
NICB's VINCheck allows free consumer access to the vehicle salvage records of participating NICB member insurance companies who collectively provide 88 percent of the auto insurance in force today.
Copyright 2013 CollisionWeek (www.collisionweek.com) – reprinted by permission from the publisher