RACQ settles majority of flood-related motor claims
The State’s largest car insurer, RACQ, has now settled more than 80% of its motor claims two months on from the devastating flooding this year.
The State’s largest car insurer, RACQ, has now settled more than 80% of its motor claims two months on from the devastating flooding this year.
RACQ’s General Manager of Claims Trent Sayers said almost $36 million had been paid out to members for motor claims.
“Of the 2,654 car insurance claims we have received so far, the majority have been finalised through total loss cash settlements,” Mr Sayers said.
“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.
“We’re also glad to hear RACQ flood-affected car owners have been taking advantage of our agreement with dealerships including Eagers, Autopact and Motorama who are helping our members find a replacement vehicle.”
Mr Sayers said the Club has also completed 67% of home assessments for flood-affected properties.
“We bolstered the number of builders on our panel before the summer storm season, however the sheer volume of claims, as well as the significant strain on labour and materials prior to this event, means it is going to take longer than usual for repairs to be completed,” he said.
“The building boom and the COVID pandemic 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 scopes 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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The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance Products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQI) and arranged by RACQ Distribution Services Pty Ltd (RDS) ABN 35 116 361 650, AFSL 567130 and RDS' authorised representatives (including RACQ Operations Pty Ltd ABN 80 009 663 414, AR No. 234978 (RACQO)). Conditions, limits and exclusions apply.
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RACQ Operations Pty Ltd (ABN 80 009 663 414, AR No. 234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803, AR No.432492) (RACQ) are authorised representatives of the RACQ Travel Insurance insurer Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548) (Tokio Marine). Tokio Marine Management (Australasia) Pty Ltd (ABN 69 001 488 455, AR No. 1313066) is an authorised representative of Tokio Marine, and administers RACQ Travel Insurance as the managing agent on behalf of Tokio Marine. Terms, conditions (including eligibility criteria), exclusions, limits and sub-limits apply. Any advice is general advice only, and does not take into account your specific objectives, financial situation or needs. Before you purchase, please consider the Combined Product Disclosure Statement (PDS) / Financial Services Guide (FSG) and Target Market Determinations (TMDs) available at racq.com or on request from RACQ.