Texas Flood Damaged Cars Can Be Hazardous to Buyers

  Monday, June 8th, 2015 Source: Bloomberg

As many as 10,000 vehicles may have been damaged in last month’s catastrophic Texas floods, and some could be resold out of state to unsuspecting buyers, according to a group that works to prevent insurance fraud. About 2,500 cars, trucks, motorcycles and recreational vehicles have already been towed to a facility run by Copart Inc. in Houston, the National Insurance Crime Bureau said Friday in a statement. Dallas-based Copart works with insurers to salvage and resell vehicles. Record rainfall and severe storms from May 23 to May 30 killed 28 people in Texas, and contributed to $3 billion in U.S. storm-related economic losses last month, insurance broker Aon Plc said. The NICB said that flooded vehicles are given new titles to document the damage and are usually sold for parts. Some are peddled by unscrupulous dealers.

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