The storm dumped more than 50 inches of rain on areas of Houston.
Update: Previous reports suggested that more than a half-a-million cars would be destroyed as a result of flooding from Hurricane Harvey, but new reports show that nearly one million cars have been totaled as a result of the storm, according to Wired.
By Thursday morning, insurance companies received more than 100,000 claims for cars damaged by Harvey, with more than 75 percent of them totaled. The total loss is estimated to be somewhere in the neighborhood $2.7 and $4.9 billion.
"In an event like this, that number’s gonna be rising daily," said Mark Hanna of the Insurance Council of Texas. "There are probably cars still submerged that people can’t get to."
Don't be fooled – here are 10 ways you can spot a flood damaged car.
Hurricane Harvey pounded the southeastern coast of Texas and parts of Louisiana for the past five days, dumping more than 50 inches of rain in areas like Houston. Among the many heart-wrenching images and videos of the aftermath, one constant remains: the amount of cars and trucks pictured with water sometimes up to their windows.
According to Cox Automotive, flooding in certain areas of Houston is so extensive that estimates suggests more than half a million vehicles may wind up at a complete loss. "This is worse than Hurricane Sandy," said Jonathan Smoke in an interview with CNBC, chief economist for Cox Automotive. "Sandy was bad, but the flooding with Hurricane Harvey could impact far more vehicles."
Though the New York metropolitan area is more dense than Houston, Houston records a higher number of vehicles per household, thus the two-fold increase. More cars and trucks were parked in driveways and on the street when Harvey hit. Hurricane Sandy in 2012 caused an estimated 250,000 vehicles to be scrapped throughout the New York and New Jersey area.
The estimated loss is expected to result in a surge of auto sales following the storm. Already companies like FCA and General Motors are offering those affected by the storm up to $500 off most of their new 2017 and 2018 vehicles. Hyundai, meanwhile, is offering $750 off any new car in its lineup. A wide array of counties throughout Texas and Louisiana qualify for the discounts between now and January 2018.
Other manufacturers like Ford and Nissan are contributing money towards disaster relief, including $100,000 by Ford in relief effort already, and another $50,000 to the American Red Cross. Nissan plans to donate $1 million to Habitat for Humanity, according to The Detroit Bureau.
Source: Cox Automotive via CNBC