Insurance Companies Cut Policies as Hurricane Irma Approaches
After Devastation from Harvey, Insurance Companies Refuse New Car Policies in Irma’s Path
Published September 11, 2017
If you’re in the market for a new car in Florida, you might want to think twice – at least for the next week or so. Faced with impending disaster, many insurance companies are denying policies on new cars in the path of Hurricane Irma.
But dealerships are arguing cutting new car policies will cut into their sales figures, according to CarBuzz.
Ted Smith, president of the Florida Automobile Dealers Association, states, “If you take us out of business for a week before a storm hits and maybe a week after, you can imagine the impact, not just on consumers who are inconvenienced but the state’s economic resources.”
Of course, it’s hard to believe many people are shopping for a car in the midst of the most powerful Atlantic storm on record. And it’s easy to empathize with the insurance companies – Hurricane Harvey has already caused $10 billion in claims, according to FBR & Co., and that’s probably not even the final figure.
So, if you’re shopping for a new car, go someplace sunny. Someplace with insurance. Arizona, maybe?