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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RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.