Texas Flooding Damaged Nearly 10,000 Insured Vehicles
An estimated 7,000 to 10,000 insured vehicles sustained water damage as a result of the recent flooding in Texas. That’s the current estimate from Copart, a company that works on behalf of insurers to handle the vehicles damaged in catastrophes.
About 2,500 cars, trucks, motorcycles, RVs and other vehicles have already been towed to one of Copart’s locations, a 200-acre processing facility in Houston.
After a disaster, the National Insurance Crime Bureau (NICB) works with its member companies, law enforcement and companies like Copart to identify the vehicles that have had an insurance claim filed and to process them for sale.
All of the cars will be retitled with the Department of Motor Vehicles and the new title will indicate the fact that the vehicle has been flood damaged. Most of the vehicles are sold to parts companies who will dismantle them and re-sell usable parts that were not damaged by the flooding.
The Vehicle Identification Number (VIN) is also entered into the NICB’s VINCheck and the National Motor Vehicle Title Information System (NMVTIS) database.
VINCheck allows car buyers to see whether a vehicle has ever been declared as “salvage” or a total loss by an NICB member that participates in the program. Insurers representing about 88 percent of the personal auto insurance market provide their salvage data to the program. It also alerts users if a vehicle has been stolen and is still unrecovered.
VINCheck is a free public service available at https://www.nicb.org/theft_and_fraud_awareness/vincheck/vincheck
Source: NICB
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs
- California Sees Two More Property Insurers Withdraw From Market
- DraftKings Sued Over ‘Risk-Free’ Bets That Were Anything But
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- Mother of 8-Year-Old ‘Violently Sucked’ into Houston Hotel Pool Files Wrongful Death Suit