Car Insurance Industry Feels Changes from Hurricane Sandy

Car Insurance Industry Feels Changes from Hurricane Sandy

Hurricane Sandy vehicle damage car insuranceFall 2012- It has been a month since Hurricane Sandy destroyed much of the Mid-Atlantic and Northeastern US coast, and residents are firmly entrenched in the hard work of rebuilding. Obviously the super storm has resulted in an enormous volume of insurance claims, with residents filing claims for homeowners insurance, business property and casualty insurance, car insurance, and more.

The devastation of the coast and the large number of claims will have far-reaching implications for the insurance industry. According to the article How Much Will Hurricane Sandy Vehicle Damage Cost?, customers can expect increased premiums on car insurance.

Though the number of car insurance claims is less than originally expected, overall damage from Hurricane Sandy is estimated at between $7 billion and $15 billion, with over a quarter of a million vehicles estimated to be removed from use due to flooding and other storm damage.

Residents of coastal New Jersey and other storm-affected areas will probably end up absorbing the cost of these insurance claims through higher premiums. But while rising premiums are never fun, they still beat the alternative. Those who chose to violate state law by not carrying basic car insurance are now stuck holding the entire bill for their ruined or damage vehicles.

If you are looking for car insurance or other Jersey Shore insurance policies, contact Connelly-Campion-Wright Insurance today at 732.280.2800. Our independent insurance agency has over 85 years of experience serving the residents of coastal New Jersey.

photo via Flickr