Homeowners flood Insurance

Auto insurance estimates for damage from Sandy reach 230,000 vehicles

Homeowners auto Insurance News for Hurricane SandyThe NICB has released its preliminary estimates from the superstorm, showing most is in NY.

The National Insurance Crime Bureau has now revealed its preliminary auto insurance estimates for vehicles that were damaged when Sandy came crashing through.

The NICB believes that there were around 230,000 vehicles affected by the storm.

The auto insurance estimates have indicated that of that total, around 130,000 are located in the state of New York, while another 60,000 are in New Jersey. The remaining 40,000 vehicles in that total are from Maine, Washington D.C., Connecticut, New Hampshire, Delaware, North Carolina, Rhode Island, Massachusetts, Maryland, West Virginia, Virginia, Vermont, Pennsylvania, and Ohio.

The NCIB noted that the auto insurance statistics include damage from total loss down to scratched paint.

According to a public auto insurance statement from the NICB, “The important message to used vehicle consumers is to be aware that severely damaged vehicles may appear advertised for sale without any indication that they were at all affected by Sandy.” It went on to explain that “As always, buyers should be careful when considering a used vehicle purchase in the weeks and months following a disaster such as Sandy.”

The estimate that was made by the bureau for the auto insurance and total vehicle damage was created using data that was gleaned from the Verisk Analytics subsidiary called the Insurance Services Office, Inc. (ISO).

The losses from the superstorm continue to build. By November 26, AIR Worldwide had considerably increased its predictions regarding the total insured losses from Sandy to a range of between $16 billion and $22 billion. It was at this same time that the NICB revised its own initial auto insurance damage forecasts for vehicles.

Only a few days after the storm, on November 5, Progressive Corp. had already received 6,000 auto insurance claims. Though Glenn Renwick, the CEO of the company, had initially predicted that the majority of the claims would be for total losses, it is still not known how many of the 230,000 damaged vehicles were totaled.

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