When it comes to protection, never leave anything to chance.
The recent devastating floods caught many Malaysians off guard, and thousands were forced from their homes, with many left wondering if they had adequate insurance to cover their losses. The severity of the situation is further exacerbated as many flood victims were suffering from financial losses as they did not purchase flood cover which is an optional cover under the standard fire and motor policies or certificates.
Allianz General Insurance Company (Malaysia) Berhad Head of Claims, Damian Williams, said: "Insurance serves as one of the great equalisers of society. So, people must take advantage of the protection coverages made available to them, and more importantly, they must make their insurance policies work for them".
In 2021, only 11 percent of Allianz motor customers chose to add on special perils cover as part of the motor comprehensive cover.
Meanwhile, as at 29 December 2021, Allianz General provided towing assistance to 1,393 customers whose vehicles were affected by the recent floods. Only 68 vehicles had valid flood peril cover on their Motor policies. At the same time, the Company also saw 568 claims registered by individual policyholders (such as Smart Home Cover) as well as 426 claims registered by commercial policyholders.
“Insurance should be seen as an investment against your assets; things that matter the most to you, which are your health, your home, and your vehicle. Unfortunately, for most Malaysians, it almost always boils down to a matter of ringgit and sen. Many often try to save money by opting for a cheaper insurance policy, doing away with optional benefits for certain covers like windscreen or special perils (for motor insurance) and house content (for fire insurance). This also means losing out on the coverage that you deserve when it matters the most,” added Damian.