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Taiwan: Less than 10% of vehicles hit by Typhoon Soudelor insured against weather damage

Source: Asia Insurance Review | Sep 2015

Owners of about 90% of vehicles damaged by falling trees or flying debris during Typhoon Soudelor in August will not be receiving compensation from insurers as less than 10% of vehicles in Taiwan are insured against weather damage.
   The percentage of vehicles owners with typhoon insurance is low, because there have been few major typhoons in recent years, reported the Taipei Times. Coverage for storm damage is added to a general vehicle insurance scheme, while the premium for typhoon insurance is usually included in that of the vehicle insurance, said Non-Life Insurance Association director Mr Tai Ying-hsiang.
   Typhoon insurance schemes cover car damage from falling trees, flying debris or floods, he said, adding that the annual premium and maximum coverage for domestically produced vehicles are NT$4,000 (US$126.38) and NT$500,000 respectively, while those for an imported car are twice as much at NT$8,000 and NT$1 million respectively. Those amounts can cover repairs to most vehicles, unless the car is not salvageable and needs to be replaced, he said.
   Typhoon Soudelor made landfall in Taiwan on 8 August, bringing strong winds and heavy rainfall to mainly the northern third of the island. It also hit Saipan and China, and affected Japan.
 
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