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Senior lawmakers
press for Legislation to disclose totaled and flooded vehicles to
public
Each
year more than 5 million vehicles are "totaled" by insurance
companies. Unfortunately, thousands of these vehicles are sold each
year at salvage auctions, rebuilt and re-enter the market with clean
titles, so consumers, wholesale auto auctions and dealers may have
no way to learn about the total loss.
Senior lawmakers,
led by Sen. Trent Lott (R-Miss.) and Rep. Cliff Stearns (R-FL) have
introduced legislation to ensure that totaled and flood-damaged
vehicles—"Katrina cars" for instance--are permanently "red-flagged"
so that used car buyers--consumers and auto retailers--can make more
informed decisions about the safety and fair market value of a used
vehicle.
The National Automobile Dealers Association (NADA) and a
coalition comprised of automakers, service organizations and others,
have been working to build bipartisan support for legislation
requiring insurers to make total-loss data available to the public.
Insurance
companies already collect total-loss disclosure information, but do
not provide this valuable information to consumers. This
information, plus the reason for the total loss (flood, collision,
stolen, etc.), the date of total loss, the odometer reading on that
date, and whether or not the airbag deployed, could be easily
disseminated through vehicle history providers. This total-loss
information would make vehicle history reports more timely and
complete. For more information, please visit:
http://www.NADA.org
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