Will insurance companies pay out on the majority of cars written off by the recent flooding?

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inquisitor

Will insurance companies pay out on the majority of cars written off by the recent flooding?

Phil

Insurance companies have policies with individuals/companies to cover specific vehicles. The insurance companies are not responsible to pay out for flood damage on the majority of cars. Only those cars that they have a policy with comprehensive coverage.

In those cases, they will pay the claims.

They won't run a MVR report to try to find speeding tickets so that they can deny the claim. Besides, that wouldn't be a material misrepresentation, so the denial of coverage wouldn't stand.

Insurance

Flood could be an add-on rider to a comprehensive plan. In Malaysia, if you tend to visit areas which are prone to flash flood customers are adviced to get additional protection against flood.

Please take note, many insurance policies have exclusion clauses. Most car insurers may not cover flood even under their comprehensive plan.

Flood coverage is optional, as not many car owners live in flood prone areas. Majority of cars are not covered in the event of flood.

Carolina

Mostly but only if they are insured fully comprehensive. Third party ones won't get a penny. There may be some small print in fully comp that gets insurers off the hook but mainly you will get payment

van_at_lincoln

Flood is not excluded under comprehensive or "other than collision" coverage. The folks that have this coverage should get paid, minus their deductible, on an actual cash value basis.

Stephen A

I doubt it , as flooding is classed as an act of god , and insurance companies don't pay for such acts.

welcome news

Comprehensive motor insurance policyholders will be paid for the damage that their vehicles have sustained (subject to the damage excess)

Third Party, Fire & Theft or Third Party Only policyholders are not covered under their insurance for flood damage (I suppose they could try and claim from the Government if they could show that they were negligent i.e. not having taken flood precautions after a previous flood - but don't hold your breath).

It is unlikely that a non-disclosed speeding conviction would be used to avoid payment of damage - unless I suppose the driver was one of those madmen who overtook my wife at 80+ mph on the A1 through thick spray and aquaplaned - in that case a speeding conviction might be regarded as being relevant.

BTW everyone on these forums has a jaundiced view of insurers - is that because they have tried to deal with them direct rather than going through a broker - whose purpose in life is to ensure that their clients are treated fairly?

Barbarian

Will depend on the terms of the various policies.

luludoodie

In theory yes.
BUT
We will now probably find they invoke some exclusion clauses that the owner did not comply with, therefore they will not pay out......
FOR EXAMPLE
If you got caught by a speed camera and did not declare it the insurance company therefore did not load your premium
so not having received the extra money they declare the policy void, or only pay out say 80%.

Cynical I know but the sharks are learning new tricks all the time!

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