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Found 4 results

  1. William Maley Staff Writer - CheersandGears.com November 7, 2012 Hurricane Sandy was the largest storm in the Atlantic in US history, and the economic damage is beginning to come into view. Automotive News is reporting that around 15,000 new vehicles will be scrapped due to storm damage. About 40% of those are Nissan and Infiniti vehicles that were determined to be unfit for sale. Toyota is next with the possibility of having to scrap close to 4,000 vehicles. Other automakers that have announced they would have to scrap vehicles include, Honda/Acura: 3,440 vehicles Chrysler: 825 vehicles Hyundai: 400 vehicles Fisker: 320 vehicles Kia: 200 vehicles General Motors and Ford haven't come out with estimates at the moment and no one is saying how much replacing the wrecked vehicles will cost. Those numbers pale in comparison with estimate put out by the National Automobile Dealers Association which say that 200,000 vehicles could be replaced. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  2. By William Maley Staff Writer - CheersandGears.com February 24, 2013 Four months after Hurricane Sandy blasted the East Coast, the National Insurance Crime Bureau (NICB) announced its revised estimates for the number of vehicles damaged in the storm's wake. The new total of vehicles damaged in Hurricane Sandy stands at 250,500 vehicles. This number is well above the estimate put out by National Automobile Dealers Association which say that 200,000 vehicles could be damaged. The majority of the vehicle losses stem from New York (150,000) and New Jersey (60,000). NICB's data also showed how massive Sandy was, with West Virginia (1,000), Maine (500) and Vermont (500) all reporting losses. NICB points out that its figures only represent insured losses - uninsured vehicles could drive the figures higher. Source: NICB Image Credit: Doug Kuntz/Splash News William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.comor you can follow him on twitter at @realmudmonster. Releated Story: Sandy Cost Automakers 15,000 Vehicles, Total Vehicle Damages Could Total 200k Press Release is on Page 2 NICB Update-Sandy Damaged Vehicles Surpass 250,000 Mark DES PLAINES, Ill., Feb. 21, 2013 - The National Insurance Crime Bureau (NICB) today announced revised estimates for the number of vehicles damaged as a result of Sandy. The current estimate of vehicles damaged as a result of Sandy is now set at 250,500 based on claims processed by insurance companies. New York's number increased from a previous level of 130,000 to 150,000. This is the complete list of states generating Sandy-related vehicle damage claims in descending order: New York 150,000 New Jersey 60,000 Connecticut 8,000 Maryland 5,500 Massachusetts 5,000 Virginia 4,500 Ohio 4,000 Pennsylvania 4,000 Delaware 2,000 New Hampshire 2,000 North Carolina 1,500 District of Columbia 1,000 Rhode Island 1,000 West Virginia 1,000 Maine 500 Vermont 500 Total 250,500 It is important to note that these are preliminary figures and may change as additional claims are received and processed. Also, these are insured losses only. There are certainly many uninsured vehicles that were damaged by Sandy and those numbers are not reflected in this information. Moreover, there is no determination as to the extent of damage to these vehicles. They could have sustained minor paint scratches from flying debris, or have been under water for days and rendered total losses. By now there could be many Sandy damaged vehicles that are in the process of being reconditioned and sold to unsuspecting consumers all across the country. It is not illegal to buy or sell flood vehicles, or vehicles declared as salvage, as long as the parties to the sale are aware of the vehicle's status. Consumers should be aware that severely damaged vehicles may appear advertised for sale without any indication that they were at all affected by Sandy. As always, buyers should be careful when considering a used vehicle purchase in the weeks and months following a disaster such as Sandy. Consumers can download useful checklists and learn more about flood and salvage vehicle scams and post-disaster contractor repair schemes by visiting the NICB website here. Also, NICB's VINCheck allows 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. Anyone with information concerning vehicle theft and insurance fraud can report it anonymously by calling toll-free 1-800-TEL-NICB (1-800-835-6422), texting keyword "fraud" to TIP411 (847411) or by visiting our website at www.nicb.org. Or, iPhone or iPad users can download the NICB Fraud Tips app to make it easy to quickly send a tip and get a response. About the National Insurance Crime Bureau: headquartered 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 over $319 billion in insurance premiums in 2010, or approximately 80 percent of the nation's property/casualty insurance. That includes more than 94 percent ($152 billion) of the nation's personal auto insurance. To learn more visit www.nicb.org.
  3. William Maley Staff Writer - CheersandGears.com November 7, 2012 Hurricane Sandy was the largest storm in the Atlantic in US history, and the economic damage is beginning to come into view. Automotive News is reporting that around 15,000 new vehicles will be scrapped due to storm damage. About 40% of those are Nissan and Infiniti vehicles that were determined to be unfit for sale. Toyota is next with the possibility of having to scrap close to 4,000 vehicles. Other automakers that have announced they would have to scrap vehicles include, Honda/Acura: 3,440 vehicles Chrysler: 825 vehicles Hyundai: 400 vehicles Fisker: 320 vehicles Kia: 200 vehicles General Motors and Ford haven't come out with estimates at the moment and no one is saying how much replacing the wrecked vehicles will cost. Those numbers pale in comparison with estimate put out by the National Automobile Dealers Association which say that 200,000 vehicles could be replaced. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article
  4. By William Maley Staff Writer - CheersandGears.com February 24, 2013 Four months after Hurricane Sandy blasted the East Coast, the National Insurance Crime Bureau (NICB) announced its revised estimates for the number of vehicles damaged in the storm's wake. The new total of vehicles damaged in Hurricane Sandy stands at 250,500 vehicles. This number is well above the estimate put out by National Automobile Dealers Association which say that 200,000 vehicles could be damaged. The majority of the vehicle losses stem from New York (150,000) and New Jersey (60,000). NICB's data also showed how massive Sandy was, with West Virginia (1,000), Maine (500) and Vermont (500) all reporting losses. NICB points out that its figures only represent insured losses - uninsured vehicles could drive the figures higher. Source: NICB Image Credit: Doug Kuntz/Splash News William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.comor you can follow him on twitter at @realmudmonster. Releated Story: Sandy Cost Automakers 15,000 Vehicles, Total Vehicle Damages Could Total 200k Press Release is on Page 2 NICB Update-Sandy Damaged Vehicles Surpass 250,000 Mark DES PLAINES, Ill., Feb. 21, 2013 - The National Insurance Crime Bureau (NICB) today announced revised estimates for the number of vehicles damaged as a result of Sandy. The current estimate of vehicles damaged as a result of Sandy is now set at 250,500 based on claims processed by insurance companies. New York's number increased from a previous level of 130,000 to 150,000. This is the complete list of states generating Sandy-related vehicle damage claims in descending order: New York 150,000 New Jersey 60,000 Connecticut 8,000 Maryland 5,500 Massachusetts 5,000 Virginia 4,500 Ohio 4,000 Pennsylvania 4,000 Delaware 2,000 New Hampshire 2,000 North Carolina 1,500 District of Columbia 1,000 Rhode Island 1,000 West Virginia 1,000 Maine 500 Vermont 500 Total 250,500 It is important to note that these are preliminary figures and may change as additional claims are received and processed. Also, these are insured losses only. There are certainly many uninsured vehicles that were damaged by Sandy and those numbers are not reflected in this information. Moreover, there is no determination as to the extent of damage to these vehicles. They could have sustained minor paint scratches from flying debris, or have been under water for days and rendered total losses. By now there could be many Sandy damaged vehicles that are in the process of being reconditioned and sold to unsuspecting consumers all across the country. It is not illegal to buy or sell flood vehicles, or vehicles declared as salvage, as long as the parties to the sale are aware of the vehicle's status. Consumers should be aware that severely damaged vehicles may appear advertised for sale without any indication that they were at all affected by Sandy. As always, buyers should be careful when considering a used vehicle purchase in the weeks and months following a disaster such as Sandy. Consumers can download useful checklists and learn more about flood and salvage vehicle scams and post-disaster contractor repair schemes by visiting the NICB website here. Also, NICB's VINCheck allows 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. Anyone with information concerning vehicle theft and insurance fraud can report it anonymously by calling toll-free 1-800-TEL-NICB (1-800-835-6422), texting keyword "fraud" to TIP411 (847411) or by visiting our website at www.nicb.org. Or, iPhone or iPad users can download the NICB Fraud Tips app to make it easy to quickly send a tip and get a response. About the National Insurance Crime Bureau: headquartered 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 over $319 billion in insurance premiums in 2010, or approximately 80 percent of the nation's property/casualty insurance. That includes more than 94 percent ($152 billion) of the nation's personal auto insurance. To learn more visit www.nicb.org. View full article
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