DES PLAINES, Ill.,
June 5, 2015
/PRNewswire/ -- The recent flooding in Texas means the end of the road for an
estimated 7,000 to 10,000 insured vehicles that suffered water
damage.
Experience the interactive Multimedia News Release
here http://www.multivu.com/players/English/7523152-nicb-texas-floods/
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.
To see a video about the processing of flooded vehicles, click
here.
The Vehicle Identification Number (VIN) is also entered into the
NICB's VINCheckSM and the National Motor Vehicle Title
Information System (NMVTIS) database.
NICB's 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.
Keeping damaged cars out of the hands of unsuspecting buyers is
a major focus of the industry. Unfortunately, some of the flooded
vehicles may be purchased at bargain prices, cleaned up, and then
taken out of state where the VIN is switched and the car is
retitled with no indication it has been damaged.
NICB warns that buyers be particularly careful in the weeks and
months after a major catastrophe. Vehicles that were not insured
may be cleaned up and put up for sale by the owner or an
unscrupulous dealer with no disclosure of the flood damage.
Buyers should have a vehicle checked by a reputable mechanic or
repair facility before handing over any cash.
Consumer Resources
- For a free brochure with tips to avoid post-disaster fraud,
click here.
- For useful checklists, including how to spot flood and salvage
vehicle scams and post-disaster contractor repair schemes, click
here.
- For 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, access
NICB's VINCheckSM.
Anyone with information concerning insurance fraud or vehicle
theft can report it anonymously by calling toll-free 800-TEL-NICB
(800-835-6422), texting keyword "fraud" to TIP411 (847411) or
submitting a form on our website. Or, download
the NICB Fraud Tips app on your iPhone or Android
device.
About the National Insurance Crime
Bureau: Head-quartered in Des Plaines, Ill., the NICB is the nation's
leading not-for-profit organization exclusively dedicated to
preventing, detecting and defeating insurance fraud and vehicle
theft through data analytics, investigations, training, legislative
advocacy and public awareness. The NICB is supported by more than
1,100 property and casualty insurance companies and self-insured
organizations. NICB member companies wrote $371 billion in insurance premiums in 2013, or
more than 78 percent of the nation's property/casualty insurance.
That includes more than 93 percent ($168
billion) of the nation's personal auto insurance. To learn
more visit www.nicb.org.
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nicb-texas-flooding-damages-up-to-10000-insured-vehicles-300094583.html
SOURCE National Insurance Crime Bureau