Cars flooded from Imelda may be hitting the market

    Posted by Soules Insurance on Wed, Oct 16, 2019

    A month after Tropical Storm Imelda, the Texas Department of Insurance reminds consumers to be on the lookout for flood-damaged vehicles hitting the resale market.

    Unscrupulous sellers will buy salvage cars at auction and resell them to unsuspecting buyers across the state and nation. Once an engine gets waterlogged, it’s almost impossible to ever make it right. 

    “If you’re shopping for a used car, make sure to look for signs of water damage,” said Insurance Commissioner Kent Sullivan. “There’s often a reason when the deal looks too good to be true.” 

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    Tags: Flood, Flood Damage, Flood Vehicle Fraud, Flooding, Flooded Vehicles, How to avoid flooded vehicles, Flooded Cars, Avoid Flooded Vehicles, Imelda

    How to Avoid Becoming a Victim of 'Flood Vehicle' Fraud

    Posted by Soules Insurance on Mon, Oct 10, 2016

    Flooding has devasted many areas of the United States over the past few years, creating enormous damage to properties and thousands of vehicles. Flood-damaged vehicles offer a tempting opportunity for criminals to defraud unsuspecting consumers. 

    Fraud involving vehicles damaged by storm flooding which later appear in used car lots and auction sales is common, according to the Insurance Information Institute. In some states, vehicles that have been flooded bear the words “salvage only” on their titles, usually after damage to the vehicle has reached about 75 percent of its value.

    However, if the vehicle’s owner doesn’t have comprehensive insurance coverage at the time, or the repair bill didn’t exceed a certain amount, the vehicle might not get a ‘salvage’ or branded title at all. 

    Here's important information and tips on how to avoid becoming victimized by flood vehicle fraud.
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    Tags: Flood Damage, Flood Vehicle Fraud