Total loss GAP claims arising from the recent hurricanes in Texas (Harvey) and Florida (Irma) are catching up to administrators across the country, causing delayed service and claims processing.
Though the hurricanes took place in August 2017, the more than one million flood-damaged cars are continually being found and placed into holding areas to be processed on a first come first serve basis. Once a vehicle is located, an insurance appraiser must go to the car to assess its damage. Primary insurance company appraisers are remarkably bogged down by the high volume of claims in several different areas. The search continues for many vehicles that were simply lost in the storms and remain in places the owner or the insurance company have yet to discover, so they are awaiting a report from holding areas.
CU Insurance Solutions is working with our GAP partners to help our credit union clients work through possible time delays for member claims. At this time, they are close to being caught up. We appreciate your patience in the process and we promise to do all we can to expedite your requests as quickly as possible.
For more information about how credit unions can identify flood-damaged vehicles returning to the used market, see this article.
Photo credit: Brazos Drones Photography