Originally Posted By: bioburner
Originally Posted By: addyguy
New car manufacturers are dancing with glee.
how many of those with cars lost will be able to afford a new car? I was at my insurance agency last week and flood insurance is not a common loss. Many will be SOL
Unlike homeowners where basically all the insurers pulled out of that market and it's basically just the federal government selling flood insurance (floodsmart.gov), for auto insurance it should be covered under comprehensive. Most people probably have comprehensive, it's usually not that expensive compared to collision.
Also I believe Sandy destroyed about 250,000 cars. Cash for clunkers about 690,000. Car sales last year were at a record 17.5 million, but this year it was probably going to go down to 16.5 million. Automakers can easily make up the difference. It's a minor blip. And that'a assuming everyone buys a new car. The ones that didn't have insurance were probably beaters and those people would probably just buy another beater if they didn't have insurance instead of a new car, that is if they can afford it.