Dear Car Pro Show listeners impacted by Hurricane Harvey,
As you begin the process of rebuilding, obviously making sure your family is safe and has a roof over their head is most important. However, your transportation needs will soon come into play and there will be challenges. Here are some key points to ponder.
At this point, it appears that there will be more cars that need to be replaced than there are cars for sale in the hurricane area. This is going to create car shortages of both new and used cars. Pickups and SUVs will be shortest in supply. Used car prices have already started to go up. One dealer told me yesterday (Wednesday) that used vehicles at the dealers-only auction were bringing over retail prices.
Be aware there will be a massive shortage of rental vehicles. The rent car companies will be bringing in additional cars, but this will take time and there will not be enough of them.
If you have a car that is totaled and you only had liability insurance, buy a replacement now if possible. You will save money and there will be a much better selection. Generally, your comprehensive policy will cover the flood damage to your car.
If your vehicle is fully insured and deemed a total loss, do not accept the settlement offer without doing some research. The insurance companies will be moving quickly and could make mistakes. They also want to get you to settle as cheaply as possible. I have written an article on how to make sure you are getting replacement value: https://www.carprousa.com/advice-how-to-negotiate-with-an-insurance- company
Also, if your vehicle is totaled and you owe more on the vehicle than the settlement, check your purchase contract for GAP insurance. You may have purchased it and forgotten you did. This insurance will cover the deficit.
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