Copart Proves Salvaging Vehicles Is Big Business
In 2017, Hurricane Harvey dumped as much as 60 inches of rain in Southeast Texas, flooding homes, schools, businesses, and autos. The Insurance Council of Texas estimated at least $4.75 billion was paid out to insured owners who collectively lost more than 250,000 private passenger and commercial vehicles in the flooding. And this is just one event. In 2005, Hurricane Katrina and two other storms damaged some 571,000 vehicles along the Gulf Coast and in Florida.
Flooding is the biggest cause of vehicle damage reported to insurers after storms like these, according to Roger Morris, spokesman for the National Insurance Crime Bureau. Add to this the number of wrecked and totaled vehicles that insurers declare as a total loss each year, and the numbers become overwhelming.
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Source Fool.com
