Insurers across New Zealand have now paid out more than $200 million in car insurance claims following the Auckland Anniversary Weekend floods and Cyclone Gabrielle earlier this year.
Devastating weather rocked the North Island at the start of February, with heavy rainfall causing flooding in both the nation’s largest city and Hawkes Bay, wiping out people’s homes, contents, and vehicles.
Approximately 112,812 claims have been made across the board, including those from other weather events that occurred later in the year, bringing the total value of claims to $3.5 billion. The estimated value of claims made in Auckland alone is just over $2 billion, while Hawkes Bay has surpassed $1 billion.
So far, $2.053 billion has been paid out, including $211.6 million for car insurance claims, $216.3 million for contents, $629.5 million for businesses, and $972 million for homes.
“Good progress continues to be made on settling claims, especially when compared to prior large-scale disasters,” says Insurance Council of New Zealand (ICNZ) CEO Tim Grafton.
“But there is much more to be done and insurers will stand by customers until the last claim is settled.”
In March, Insurance Australia Group (IAG) reported that 6200 vehicle insurance claims have been lodged with State, AMI, and NZI, with most relating to flooded cars. Taking into account other insurers and later weather events, the overall figure for vehicle car claims is now at 16,744 and counting.
Most of those were expected to be total losses, but the remaining vehicles are said to have reappeared in the used market.
Even though it has been over eight months since the first storms occurred, it’s still important to check for water damage when buying a used vehicle.