Electric vehicles recorded an average flood-related loss of RM8,404 in figures shared by the General Insurance Association of Malaysia (PIAM), compared with about RM34,000 for petrol and diesel vehicles. PIAM chief executive Chua Kim Soon discussed the figures at a monsoon readiness media roundtable on 6 November.
What could explain the gap?
Chua pointed to several possible factors, including protected electrical systems and mechanisms that isolate high-voltage components. He also cited lower exposure to flooding among predominantly urban EV owners, who were more likely to have bought flood cover.
PIAM said its experience with EV claims is still developing. The averages reflect the cases reported and can vary with factors such as how deep the water was and how long a vehicle was exposed. An individual repair bill can differ substantially from the reported average.
Flood cover is more common among EV owners
About 50% of EVs had additional flood cover, compared with around 13% of internal combustion engine vehicles. Flood cover is generally offered as a Special Perils add-on to comprehensive motor insurance in Malaysia. Drivers can check their policy schedule or ask their insurer which losses the policy covers.
Sources: MDROID and coverage of PIAM’s findings published on its website. Illustration: MDROID.
