With the liberalization in the insurance industry since 2017, companies offering motor insurance and Takaful have enhanced their services and offerings. This is because it is an ‘open market’ where premiums can be varied to some extent (depending on various factors) so motorists can shop around for the best deal.
Consider the package, not just premium
The best deal is not just the lowest premium but also the other benefits that come with the insurance coverage. For instance, most insurance companies today offer roadside assistance services or offer add-ons at special rates. Thus it is a good idea to consider the entire package being offered, rather than just look at the premium alone.
Etiqa, a leading ASEAN Insurance and Takaful company under the Maybank Group, has introduced new features for its mobile application (and also on its website) which will be of much value to Malaysians at this time when floods are occurring.
Flood map tool
The app, known as Etiqa+, provides flood alerts and includes a flood map tool, as part of Etiqa’s effort to provide protection and enhance customer safety during flood emergencies, going beyond traditional insurance and Takaful services.
The flood alerts will be sent out whenever water levels at nearby water stations reach critical levels. These alerts will include essential information such as safety tips and guidance on how to avoid flood-prone areas when possible.
The flood map tool is based on historical data collected between 2020 and 2022. It allows customers to check if their homes or businesses are located in areas historically prone to flooding, enabling them to proactively plan their insurance coverage and make informed decisions about flood protection. This tool is available to the public on the website.
“Our newly introduced flood alert system equips customers with the vital information they need to mitigate risks and avoid danger when possible. From 2020 to 2024, Etiqa has processed more than RM436 million in flood-related claims, for over 30,000 policies were affected by flood during that period. These figures underscore the severe impact that floods have on our communities, further driving our dedication to proactive solutions such as flood alerts and the flood map tool,” said Faiezy Hasnan, Chief Data Officer of Etiqa.
In addition, Etiqa also offers a range of insurance and Takaful products to help customers protect their homes and vehicles from the impact of floods. These include coverage with reimbursement for damages caused by floods, hurricanes, typhoons, and windstorms resulting from floods, fire, lightning, theft, and other events.
Additional coverage for flood damage
It is important to note that common motor insurance policies do not automatically include coverage for flood events and if your vehicle is damaged due to flooding, you may have to pay for the repairs yourself and it can be costly.
Therefore, insurance companies recommend Special Peril add-ons coverage essential for comprehensive protection. Special Perils coverage typically provides protection against damages caused by floods, storms, landslides, and other natural disasters.
Vehicle owners can opt for Etiqa’s Special Perils coverage add-ons with either the Basic or Extended motor insurance or takaful plans, which vary in terms of coverage inclusions and fees. These options enable customers to select the appropriate level of protection, ensuring greater security in the face of unpredictable weather conditions.