Car insurance is not something you want to be without : your car insurance policy is your safeguard against damages, theft or third-party claims and gives you peace of mind when you’re on the road. It’s also a mandatory requirement in the UAE under RTA law – all car owners are required to possess a valid car insurance policy to legally drive on UAE roads. Damages and theft are only covered under a comprehensive Policy. The mandatory requirement is for Third Party Liability only.
So when it’s time for your annual car insurance renewal in the UAE, you may be tempted to simply hit ‘auto-renew’ and continue with your workday. However there are good reasons to review your existing car insurance before renewing.
Firstly, do you know how your premium is calculated for car insurance in the UAE? Insurance providers take into account the following:
- Make, model, year and value of your vehicle
- The age of the regular driver
- Years of driving experience
- Driving history
- Record of traffic violations
- Claim history
All of the above factors, as well as any safety features your vehicle may have, are taken into account when calculating your car insurance premium. However, this does not mean that you should simply accept the first car insurance quote that comes along. We’ve put together some tips to help you save money on your car insurance without compromising on cover.
- Compare Providers – staying with your current insurance provider might seem convenient, but shopping around and comparing offerings from multiple providers could save you cash. Let insurance companies compete for your business! Comparing multiple plans online is a simple process and will ensure you get an offering that’s right for you and the best deal for your budget.
- Evaluate Policy Features – policy renewal is a good time to evaluate your existing policy features and decide which to keep, and whether to add or opt-out of some features. Review your coverage and benefits as your needs might have changed since your last renewal.
- Avoid Policy Lapse – if you wait for your policy to lapse you’ll miss out on the opportunity to use your accumulated no claim bonus. Your policy will become inactive if you don’t renew it within 90 days of its expiry. The UAE RTA allows a 13th month grace period as a penalty-free month to renew your insurance policy. Use this extra time wisely for research and to compare policies.
- No Claim Discounts or Bonus – if you haven’t claimed on your car insurance policy for a few years, your insurance service provider will often reward you with a no-claim bonus – this usually increases with every claim-free year. You can use this to secure a discount when you renew or take out a new policy – remember to apply for a no-claim bonus certificate from your insurance service provider to take advantage of any potential discounts.
Be sure to have all the necessary documents on hand when you’re ready to renew your car insurance policy in the UAE to ensure a hassle-free process. You’ll need the following documents:
- copy of your UAE passport/visa
- valid UAE driving license and copy
- car registration details
- no claim bonus certificate
At InsuranceMarket.ae we work with leading car insurers in the UAE to customize the right policy to suit your needs. Alfred is your go-to personal shopper and will assist in making sure you get the best possible value for your money! Our industry expertise means that we can quickly source custom quotes for you to compare and also help you choose. Get quotes in your email to save you time and money. For more information, you can also read our Complete Guide to Finding the Best Car Insurance in Dubai.