Buying a car is not just an important decision; it is a necessary step. But this process is incomplete without getting a car insurance policy. Car insurance in the UAE is a mandatory requirement. It ensures you are financially taken care of in case of any unexpected crisis. Buying insurance is not necessarily a difficult process, but it does require some amount of market knowledge and careful consideration in terms of policy rules and regulations. To aid you in this process, here are a few tips you should follow before buying your car insurance policy in the UAE:
Purchase through an Insurance Broker or Intermediary
Buying car insurance requires careful screening of multiple car insurance companies, their history with claim approvals, turnaround time on requests and so much more. This process gets completely taken off your plate when you purchase your car insurance through an insurance broker. Insurance brokers/intermediaries in the UAE have access to in-depth market knowledge & historical performance of all insurance companies and their products in UAE. . They work closely with their clients to understand their unique needs and suggest a car insurance policy that is customized as per the buyer’s requirements. In addition, insurance brokers also handle servicing requests and claims made by their clients during their insurance period. Insurance brokers make the customer’s life easy by providing relevant updates to their customers on any changes in policy terms or overall regulations.
Understand the Type of Car Insurance Policies
There are two types of car insurance policies that you can get in the UAE. These are - Third Party Car Insurance and Comprehensive Car Insurance. Third-party car insurance, as the name suggests, is a policy that provides a financial safety net for any damage caused by you to a third party (living person, property, or another vehicle). Comprehensive car insurance or full car insurance, on the other hand, offers more extensive coverage and also covers damages caused to you or your vehicle even if the accident is caused by you or others. It is important to know what is covered and not covered under your car insurance policy, especially the inclusions and exclusions.
Add-On Insurance Covers
Just a basic car insurance policy by itself may not be enough to cover damages caused due to factors such as tire damages, engine damage, loss of keys or personal belongings, lack of roadside assistance, etc.. But add-on insurance covers can be purchased along with your car insurance policy to ensure complete protection of you and your loved ones. Check with your insurance broker to get more information on add-on covers offered by different car insurance companies. Each company could have its own set of add-on coverages; get your car insurance policy basis the add-on covers that match your needs.
The coverage offered to you by the car insurance company depends largely on the condition of your vehicle. Before finalizing your coverage, the car insurance provider conducts a thorough evaluation of your vehicle. This includes checks on the age and overall condition of your car. Newer cars generally face a less stringent evaluation process, while older vehicles are evaluated with a stricter lens. Your car insurance broker can guide you through the process and be present while the insurance provider conducts the evaluation. This will ensure your vehicle’s evaluation is done correctly, as the insurance broker knows your vehicle’s history, and will coordinate with the insurance provider accordingly.
This is possibly the most important factor you should consider when choosing a car insurance provider. The entire point of getting insurance is so you get assistance in your time of need. And this performance is best encapsulated in the claims data of the car insurance company. If you are purchasing car insurance through an insurance broker, you get the added benefit of not having to handle the claims process by yourself. But it is important to know how many claims are processed and passed by the insurance provider every year. This gives an accurate idea of the turnaround time you will see when you need to make a claim.
To know more about car insurance companies and guidance on how to get the process started, visit the Gargash Insurance website. Here, you can connect with the finest insurance brokers in the UAE, who will prioritize your insurance needs with absolute efficiency.