59 percent of Malaysian motorists aren’t aware we live in a tropical country that floods

A survey by Zurich Malaysia has discovered that 59 percent of Malaysians skipped the part about Malaysian weather and the monsoon season back in school as they neglected to opt for flood damage cover when insuring their vehicles.

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As the Northeast Monsoon season descends upon us now until March 2022, the Impact of Pandemic on Protection survey has made it clear that most Malaysian motorists aren’t adequately prepared for floods that may damage their vehicles.

The Malaysian Meteorological Department has warned certain states are expected to have higher than average rainfall of between 450 mm and 1,000 mm between November and December.

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In addition to flood damage, the subsequent damage from the storm could also lead to landslides and falling trees; of which only one in three active motorists (34 percent) reported having coverage for storms including falling trees. Furthermore, even less; at just 29 percent, are prepared for landslide damage.

As more and more insurers shift towards online renewal for ease and convenience, 38 percent of the 990 respondents in the survey still prefer to engage an agent to handle their insurance renewal.

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Nonetheless, the majority of motorists; at 43 percent, currently renew it themselves online. With digital tools fast becoming a necessity rather than a luxury, users need to shift towards online renewal at a quicker rate.

Meanwhile, 16 percent of Malaysians still choose to physically visit a kiosk or the post office to renew their insurance.

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It goes without saying that most motorists opt for a plan that covers all drivers (36 percent) instead of just named drivers in the policy (34 percent).

Worryingly however, 47 percent of survey respondents admitted being unaware of their policy’s coverage as they renewed it for the sole purpose of being able to renew their road tax and drive. Although older vehicles mostly qualify for third party coverage, the detariffication of insurance in the country has made a number of features available even to third party policies.

Conducted in late September 2021, the survey engaged 1,201 Malaysians from all states; of which 990 are vehicle owners. It is an effort by Zurich Malaysia to understand the local consumer landscape and design protection plans that best suit customers’ lifestyle needs.