To Thwart Title Washing, Nation's 8th Largest Auto Insurer to Provide Information on Every Totaled Car BOSTON, July 21
BOSTON, July 21 /PRNewswire/ -- It happens all across the country: people
purchase used cars without realizing they were totaled in crashes, floods and
other disasters. These buyers end up paying more than the car is truly worth,
often face steep repair bills, and -- most alarming -- are driving potentially
unsafe vehicles.
To protect consumers from this fate, Liberty Mutual, the nation's
eighth-largest car insurer, is providing Carfax with its data on every car
declared a total loss and sold for salvage for the past five years and
going-forward. This information is then disclosed to the buyer on a Carfax
vehicle history report.
"Varying state laws and a deceitful practice called 'title washing' allows
salvaged cars to be sold without any documentation they were once totaled,"
said Ted Gramer, Liberty Mutual executive vice president, Personal Claims.
"In the aftermath of disasters like the recent Midwestern floods and
hurricanes, consumers need added protection from increased fraudulent
activity."
Through the Liberty Mutual Rewards website, www.libertymutualrewards.com,
Carfax is offering consumers a free flood check to quickly confirm if a
vehicle they are interested in buying has ever been reported as flood damaged.
Consumers also can purchase through the site a complete Carfax vehicle history
report at a 25 percent discount.
"Liberty Mutual is the first insurance company to offer this protection to
consumers, which complements our commitment to making our roads safer and
reducing fraud in the used car market," said Dick Raines, president of Carfax.
"The addition of total loss information to our database helps both buyers and
sellers of used cars. A Carfax Vehicle History Report combined with a
mechanic's inspection protects consumers from hidden problems and helps them
find safe, reliable cars."
Furthering its consumer safety responsibility, Liberty Mutual also
recently announced its support of the National Insurance Crime Bureau's
VINCheck(SM) buyer protection program. Consumers can input any vehicle's
unique 17-character identification number (VIN) at www.nicb.org to determine
if a participating insurance company such as Liberty Mutual had previously
declared the car a total loss.
About Liberty Mutual
"Helping people live safer, more secure lives" since 1912, Boston-based
Liberty Mutual Group is a diversified global insurer and sixth-largest
property and casualty insurer in the U.S. based on 2007 direct written
premium. Liberty Mutual ranks 94th on the Fortune 500 list of largest U.S.
corporations, based on 2007 revenue.The eighth-largest auto and home
insurer in the U.S., Liberty Mutual (www.libertymutual.com) sells full lines
of coverage for automobile, homeowners, valuable possessions, personal
liability, and individual life insurance. The company is an industry leader
in group sponsored voluntary auto and homeowners insurance programs, offering
personal lines insurance through payroll deduction and direct billing to
employees and members of more than 10,000 companies, credit unions,
professional associations and alumni groups.
Liberty Mutual Group has over 41,000 employees located in more than 900
offices throughout the world.
About Carfax
Millions of used car buyers and sellers each year rely on Carfax, the most
trusted provider of vehicle history information. Using the unique
17-character vehicle identification number (VIN) found on vehicle dashboards
and title documents, Carfax instantly generates a detailed Vehicle History
Report on any used car or light truck. Carfax Vehicle History Reports(TM)
provide valuable information that helps used car buyers and sellers make
better decisions. Free Carfax Vehicle History Reports are instantly available
with vehicles listed in nearly every online marketplace by Carfax-subscribing
dealers. For more information, ask your dealer or visit www.carfax.com.
CONTACT: Glenn Greenberg
(617) 574-5874
glenn.greenberg@libertymutual.com
SOURCE Liberty Mutual
