Texas flood cars & insurance

[Bobw]

To accompany the 1 trillion in car loans post.
I've never heard of any lender who doesn't require full coverage on any vehicle they hold title to. I've never heard of a lender relinquishing title until the lien is fully satisfied. I don't know how this will be resolved, banks don't give away money.
In addition to your vehicle you may have lost your home or it's sustained a lot of damage and flood damage is excluded in HO policy's. You're living in a shelter with your family or at a friends. Your place of employment, btw do you still have a place of employment? Now here comes the happy go lucky dude from the insurance company who tells you owe more than your car is worth, IOW you're underwater, no pun intended. You need to come up with a few thousand to pay off your loan so the insurance company gets the title, the bank gets all their money and you get squat. You then lose your sh!t. Justifiable homicide?

Oh, no matter where you live just wait until you get your insurance renewal, companies are going to take a huge hit and they don't like that so look for a premium increase

http://speedsociety.com/over-100000...o-royal-purple-raceway-after-hurrican-harvey/
http://blackflag.jalopnik.com/thousands-of-flooded-hurricane-cars-finally-killed-texa-1797834948

 

[Professur]

I saw a similar discussion concerning Florida mortgages. Expect a whole lot of people to look at what's left of their house, look at their outstanding mortgage balance .. throw up their hand and tell the bank it's theirs .. enjoy.

 

[Bobw]

Yeah Texas mortgages too and Fla will have thousands of damaged cars to add to the count.

 

[StandOnIt]

yeah I am so distraught over the 1%er's who control 90% of the money taking a temporary hit that the rest of us will be forced to cover their loses with increased premiums. My thoughts and prayers go out to the folks who lost real property and keepsakes that can't be replaced.