The National Insurance Crime Bureau (NICB) has raised its estimate for insured vehicles damaged during Superstorm Sandy by more than 20,000, with New York state accounting for the bulk of the increase.
The NICB's current estimate now stands at 250,500, up from its November estimate of 230,000. New York saw its numbers rise most significantly, from 130,000 to 150,000. Ranking right behind New York in damaged autos is New Jersey, with its total unchanged at 60,000. Those two states account for the lion's share of Sandy-affected vehicles, with 14 other states accounting for the balance.
Connecticut ranks third on the list, with 8,000 vehicles, while Maryland is fourth with 5,500. Rounding out the top five is Virginia, with 4,500.
The NICB cautioned that the figures remain preliminary and can still change with the addition of more claims. What's more, the numbers only cover insured losses and do not reflect the many more uninsured vehicles damaged by the superstorm. The loss reports do not necessarily mean a vehicle was flood-damaged, the NICB notes, and minor losses are also included.
Consumers should be aware that just because a car was flooded, that does not prevent it from being reconditioned and resold. It is not illegal to buy and sell flooded vehicles, so long as the parties are aware of the condition. The NICB offers a checklist to consumers to help them avoid becoming victims to a flood-and-salvage vehicle scam.
Insured loss estimates for Sandy run as high as $25 billion, making it the second most expensive natural catastrophe in history. According to the Insurance Information Institute, Hurricane Katrina, in 2005, remains number one at more than $46 billion in 2011 dollars.
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