Call Us CALL US TODAY | 717.653.1816   Mon. - Fri. 8:30am - 5pm
Protecting you since 1935

Homeowners Insurance HOMEOWNER

A standard policy insures the home itself and the things you keep in it.

Read More
Auto Insurance AUTO

Auto insurance protects you against financial loss if you have an accident.

Read More
Business Insurance BUSINESS

Discover the perfect insurance options to meet your specific and unique needs.

Read More
Farm Insurance FARM

Browse a variety of insurance options in order to find the right one for you.

Read More
Motorcycle Insurance MOTORCYCLE

Learn about different motorcycle coverage options that fit your specific needs.

Read More
Renters Insurance RENTERS

Finding insurance doesn't have to be difficult. We do the work for you.

Read More

Beware of Flood-Damaged Vehicles

Cox Automotive estimates the number of vehicles lost to Hurricane Florence-related flooding between 20,000 and 40,000. And, as typically occurs after a mass-flooding event, there are concerns about these vehicles being resold throughout the country – to unsuspecting buyers and to those who don’t understand the financial repercussions of purchasing a flood-damaged car.

HOW TO IDENTIFY A FLOOD-DAMAGED VEHICLE
The National Association of Insurance Commissioners (NAIC) offers a consumer alert with tips for identifying a previously flooded car, including:

  • Check the National Motor Vehicle Title Information System, a database of total loss and junk/salvage vehicles
  • Look for suspicious signs of a flooded vehicle (e.g. rust, corrosion, mildew smell)
  • Demand to see the title, as some car wholesalers will claim to have lost the title or will transfer it to avoid disclosing flood damage

Review the NAIC Consumer Alert

WHAT TO EXPECT FROM CARRIERS, LENDERS
Insurance companies likely will not provide comprehensive and collision coverage on a flood-damaged car because its value and the extent of repairs are uncertain. In turn, without securing comprehensive and collision coverage, consumers likely cannot secure a car loan.

Pennsylvania Insurance Commissioner Jessica Altman in a recent press release on Florence-damaged cars added:

Even if the vehicle is new, if a claim is later filed, the insurance company will research the vehicle history and see the prior claim for flood damage. If the vehicle is deemed to be a total loss, the insurer will likely pay out significantly less than would be paid for a vehicle that did not have flood damage.

originally published by Insurance Agents & Brokers www.iabforme.com

 

 

Posted 10:46 AM

Share |


NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
 
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
© Copyright. All rights reserved.