July 20, 2024

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RACQ pays out over $100 million in motor claims from February/March 2022 flood


Now, the insurance company is finalising 90% of the 2,667 car coverage statements it experienced received so considerably from the costliest flood in Australia’s background.

“We’re processing claims as rapidly as doable to enable customers get again on the street next 1 of the most significant flooding situations in Australia’s background,” reported Trent Sayers, general manager of statements at RACQ. “RACQ flood-influenced vehicle owners can also get advantage of our exceptional settlement with dealerships which includes Eagers, Autopact, and Motorama, creating the research for a replacement automobile a tiny simpler.”

Browse extra: RACQ invests in methods improvement following regulatory breach

RACQ has also finished 83.7% of home assessments for flood-impacted properties and both concluded or is nevertheless processing almost 5,000 dwelling repairs.

“We have additional than 2,500 builders and other personnel performing on statements having said that, the sheer volume of statements, as nicely as the major pressure on labour and resources prior to this occasion, mean it’s heading to take more time than standard for repairs to be done,” Sayers mentioned. “The constructing growth and COVID have contributed to driving up need for trades and products, and this extends hold out situations and will increase prices. Over-all, building substance costs have risen all around 20% in the past two many years, with metal prices jumping 60% considering that 2020.”

Contemplating the prolonged wait around situations and amplified fees, RACQ’s assessors are prioritising susceptible customers of the local community though builders process the scope of works and progress with repairs.

“We comprehend this is a hard time, and we’re dedicated to currently being there for impacted members all through this approach, as very well as continuing to serve these with existing insurance statements outdoors of the flood event,” Sayers stated.

RACQ most lately joined the Insurance policy Council of Australia’s (ICA) townhalls for policyholders impacted by the flood in southeast Queensland.


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