In Part 1 of our guide to UAE car insurance, we learnt the types of car insurance available and the things to consider while deciding on the add-ons.
Now that you’ve decided on the type of policy, let’s workout the premium you will have to pay.
You weighed the pros and cons of opting for a Comprehensive Insurance cover over a Third Party Liability policy. You have also decided to skimp on the add-ons in your policy. Now comes the part where you figure out the Premium you must pay the Insurance agency for a sufficient damage cover.
In this section of the UAE car insurance guide, we seek to answer your queries on factors you must consider while calculating your annual premium and how to finally get yourself a good deal.
What is the validity of my insurance policy?
In the UAE a one-year policy offers a 13-month coverage instead of a regular 12-month period. The additional one month is a penalty-free grace period offered by the RTA to re-register your car.
How is my Car Insurance Premium calculated?
A premium is a fee you pay to the insurance agency to keep your car insured for a time period. The amount that you pay is dependent on various factors, such as the cost of your car, the model and make of the car, how old is your car, your age, and past driving experience.
Your premium will increase if you are younger than 30 years of age, or have an accident-prone driving record, or happen to drive a car which is over three years old or own an exclusive model.
How can I lower my premium?
There are multiple things you could do to ensure that your insurance premium is within budget.
a. Get a ‘No Claim’ certificate. This certificate proves that your car was accident-free the previous year. This can get you a discount on your policy renewal premium
b. Pay a higher Excess fee or Deductible. This is the amount you agree to pay in case of an accident caused by you. The more you agree to pay, the lower your insurance premium.
c. Opt only for the most important policy add-ons. Do you really require a GCC policy cover if you do not travel outside of the UAE? Do you require a natural calamity cover for events like the flood when it barely drizzles in this part of the world?
How do I buy the policy?
You can either purchase the insurance from any of the RTA vehicle renewal centres in the UAE. Or you could contact multiple insurance agencies and ask for a quote.
You will need to submit the following documents along with the premium fee after you have decided on the policy and the agency.
– A copy of your valid Emirates ID or the passport with valid UAE residence visa
– A copy of your driving license
– Car registration copy
– No claims certificate (if it is applicable in your case)
Do your homework to choose an appropriate insurance policy. Make use of Car insurance comparison websites in the UAE to make sure you get the best deal.
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