RACQ settles 90% of flood-related motor claims
RACQ’s General Manager of Claims Trent Sayers said of the 2,667 car insurance claims the Club had received so far from the devastating February floods, the majority have been finalised through total loss cash settlements.
“We’re processing claims as quickly as possible to help members get back on the road following one of the largest flooding events in Australia’s history,” Mr Sayers said.
“RACQ flood-affected car owners can also take advantage of our exclusive agreement with dealerships including Eagers, Autopact and Motorama, making the search for a replacement vehicle a little easier.”
Mr Sayers said the Club has also completed 83.7% of home assessments for flood-affected properties and almost 5,000 home repairs had been completed or were underway.
“Of the more than $100 million in total payments, $84.5 million has been paid out as cash settlements and there has been $14.3 million in supplier payments,” he said.
“We have more than 2,500 builders and other personnel working on claims, however the sheer volume of claims, as well as the significant strain on labour and materials prior to this event, means it's going to take longer than usual for repairs to be completed.
“The building boom and COVID have contributed to driving up demand for trades and materials, and this extends wait times and increases costs. Overall, construction material costs have risen around 20% in the past two years, with steel prices jumping 60% since 2020.
“Our assessors are prioritising vulnerable members in our community, while our builders are continuing to process scope of works and proceeding with repairs.
“We understand this is a challenging time and we’re committed to being there for impacted members during this process, as well as continuing to serve those with existing insurance claims outside of the flood event.”
To lodge a claim with RACQ click here.
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