The coverage, offered by companies like Haggarty and JC Taylor, agree to a value with the car owner and simply pay that total amount, regardless of occurrence.

Hopefully, the insurance companies will take the cars and replace the titles with something like a "salvage" title so these cars won't get cleaned up and sent to auctions where unassuming buyers will bid collector prices, then watch their dream car dissolve into a quick pile of rust and metal flake. With a salvage title, the car can still be disassembled and sold for parts.

It's possible that some owners who may have agreed to too low a value will not turn the car over to the insurance company, and sell it themselves on a site like eBay. Some, who may have had regular car insurance, will look at the ridiculous book value offered and try to sell their old Buick before the ravages of sea water take over.

Meanwhile, I know one DUer in Ohio who's likely to pay a higher premium on his TR6 next year to offset the cost of these people's tragedy.