Insurance Association announces RM500 subsidy for flood-damaged vehicles

The aid towards victims of the recent flooding continues, with the next largest ‘affected’ group providing a helping hand. The General Insurance Association of Malaysia (or better known as PIAM) has announced a one-off subsidy of up to RM500 for the clean-up of flood-affected vehicles.

PIAM said the insurance industry is potentially facing upwards of RM2 billion to RM3 billion in total flood-related claims. With many motor vehicles damaged and facing potentially high repair bills, PIAM via a Corporate Social Responsibility (CSR) initiative is pledging RM2.43 million to a newly established Flood Relief Fund Dec 2021.

Under the fund, a RM500 subsidy is specifically allocated for cleaning up of flood-affected cars and commercial vehicles while RM100 is the limit for motorcycles. The subsidy does not cover repairs.  

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Claimants will need to produce requisite evidence of flood damage to their vehicles and proof of previous insurance cover. The said vehicle must be either currently insured (any type of Motor policy with or without flood cover is eligible) or a vehicle that was last insured on June 1st 2021.

File image from PIAM

Apart from the clean-up subsidy, the association members also plan to expedite claims settlement and provide additional special relief measures.

As more news coverage of the extend of the devastation, many automotive distributors have also introduced their own flood relief assistance programmes to help ease the burden of their customers who have been affected. You can find them in the list below:

Main image credit: Facebook/SelangorJournal


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