Car Insurance
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Why Choose Fincredible
Comprehensive Comparisons
Fincredible simplifies your car insurance search by providing a platform where you can easily compare prices and features of car insurance from multiple brokers and providers, all in one place.
Best Value For Money
By comparing prices and coverage from different providers, you can make an informed decision to choose the car insurance plan that offers the best value for your money, without compromising on the quality of coverage.
Time - Saving
No more contacting multiple brokers or visiting numerous websites to find the best insurance deals. Fincredible streamlines the process, saving you valuable time and effort.
Trusted Partners
We work closely with leading brokers and insurance providers in the UAE, ensuring you receive quality coverage and services from reliable and reputable sources.
Personalised Service
Fincredible helps you find insurance solutions tailored to your unique needs, whether it’s for personal or business purposes. We cater to a variety of insurance requirements, making it easier for you to find the perfect plan.
Transparent Process
Our platform offers a transparent and unbiased comparison opportunity, empowering you to make the best choice based on your needs and budget.
Top Car Insurance Brokers & Providers In The UAE
Car Insurance In UAE
In the UAE, it is required by law for all car owners to have car insurance. If you are caught driving without it, you could face a fine of approximately AED500 and receive four black points on your driver’s license. Additionally, your vehicle could be impounded for a number of days.
Having car insurance is crucial as it protects you from any financial or legal responsibilities that may arise from accidents involving your vehicle. Although you’ll need to pay premiums on a regular basis, the advantage is that in the event of any unforeseen incidents involving your car, the insurance company will cover the expenses.
Best Car Insurance In UAE
Car insurance is not a one-size-fits-all solution in the UAE. Different people have different insurance needs depending on factors like the type of car, age of the driver, risk exposures, lifestyle, and financial situation. As a result, there is no universal best car insurance policy that suits everyone. Our objective is to identify the right type of car insurance that meets the unique needs of your vehicle.
Numerous car insurance companies offer a variety of products with additional features, but they often contain technical language and abbreviations. However, this should not persuade you to sign the insurance documents without comprehending them first. This contract will be crucial in the event of an unexpected incident. It’s critical to review the terms and conditions to understand what your insurance covers and what it does not.
To select the best car insurance for your car, take the time to assess your requirements and search for an insurer that matches them.
If you’re selecting a car insurance policy, keep the following pointers in mind to choose the right one for you:
- Determine what kind of car insurance your vehicle needs.
- Consider what coverage options to buy.
- Ensure that the policy premiums are within your budget.
- Research whether your preferred insurance provider upholds good industry standards.
- Evaluate what additional benefits the policy offers compared to others.
Choosing The Right Car Insurance In The UAE
Choosing the right car insurance provider is crucial to ensure that you get reliable and effective coverage. At Fincredible.ae, we’ve done our research and identified the following key characteristics to look for in an insurer:
- Competitive pricing
It’s important to compare prices among similar coverage options to find an affordable premium with comprehensive car insurance coverage. Competitive pricing doesn’t always mean the cheapest possible option.
- Excellent industry ratings
Do your own research to identify newer and better insurers who provide innovative and scalable coverage that meet customer demands. Check the insurance provider’s industry ratings to ensure that they have a good reputation.
- Stellar online reviews
Look beyond the reviews on the company website and check out what customers are saying on third-party platforms like Facebook, TrustPilot, and Google. Positive feedback is a good sign that you’ve found a trustworthy insurer.
- Strong financial condition
Check the insurance provider’s net worth, net income from the past year, and other financial data to ensure that they can handle any potential liabilities that may come their way. Review their claim settlement history to gauge their financial health.
- Excellent service
Ask friends and family about their experience with their car insurance providers. You can also call or visit an insurer’s office and ask questions to see if they provide good customer service. A good insurer will provide both good service and affordable coverage. Don’t settle for a cheap option that doesn’t deliver when you need it.
Types Of Car Insurance With Benefits
While you are driving on the road, you are not only responsible for your safety but also other’s safety as well. There are many covers available to safeguard both parties’ interests in case of any unforeseen circumstances. While selecting the right insurer and right insurance for your vehicle can be dry, making the wrong selection with limited information can worsen the situation. Whether you are buying a new car or want to insure your existing one, make sure to have a brief understanding of the policies in place and the coverages associated with it.
There are two broad categories of insurance available for car insurance in UAE, namely:
- Third Party Liability Insurance Policy
- Comprehensive Car Insurance Policy
Let’s understand a little better about the types of car insurance available in the UAE.
- Third-Party Liability Insurance Policy:
Under the UAE legislation, it is mandated to choose this optimum cover that protects against the damages(bodily damages, vehicle damage, death) caused by your vehicle to a third party or its property/vehicle. But the policy doesn’t cover your car or you unless the damage is caused by someone else, and you can claim from their insurance provider. If you want to protect your car from unforeseen events, better coverage is needed provided by the Comprehensive Car Insurance Policy.
- Third-Party Liability Insurance Policy (Theft & Fire Coverage Included)
There is an optional add-on covering theft and fire mishaps to the mandatory third-party liability insurance policy. When this is combined with the standard third-party liability insurance policy, the premium cost also increases accordingly.
- Comprehensive Car Insurance Policy
- Main Policy covers
As the name suggests, it provides complete protection for you and the third party when you are at fault and mishaps when there are no third parties involved, e.g., natural disasters(not covered for all vehicles), man-made disasters, vandalism, etc. The premium for comprehensive car insurance is more than the third-party liability policy.
There are many riders which can be added to this base policy at extra premium costs. Additional Benefits which you can add are:
- Personal Accident Benefit Cover
It provides compensation for death and disability (permanent or partial, e.g., losing hearing or vision abilities, losing a limb) caused by accident. Even if some passengers may not have health insurance, this cover will still protect them. These policies come with a cap on the amount of coverage per person, i.e., in case of an accident, if there are multiple co-passengers, then the add-on will cover only a specific amount for each person. In specific circumstances, it also provides for loss of pay and funeral expenses in case of death; however, it doesn’t provide coverage in case the damage is caused by:
- an attempt to harm oneself intentionally
- driving under the influence of drugs or liquor
- damages caused while there are more passengers than the allowed seating capacity
- Off-road
This provides for loss/damage on unmarked/off-roads like mountains or deserts.If you drive your 4WD for running daily errands, then a standard policy will be enough for the vehicle.
However, if you take your 4WD off-road, you will need this coverage. This cover usually includes:
- On and off-road drives
- Off-road recovery expenses
As this cover differs across insurance providers, know exactly how the provider will be covering your car before buying it.
- Road-side Assistance
This rider comes in handy if your vehicle breaks down in the middle of nowhere and you are stranded. With the help of this add-on, you can seek help for towing services, flat tires, repair costs, emergency fuel delivery, medical assistance, travel arrangement, etc. You can ask for assistance through a phone call, and then the insurer arranges the necessary steps to help you in the shortest possible span.
- Car Hire Cover
When your car is at the garage for accidental repairs, you will need another vehicle to continue your day-to-day activities. For such situations, the Car hire add-on comes in handy. This add on is applicable for private cars only. Do remember to check the duration of usage of the car hired, as it differs across insurers.
- GCC (Gulf Cooperation Council) Cover
As the climate and road conditions are harsh in the Middle East, cars are open to greater risk. Therefore, to protect your vehicle from intense climatic situations, you can either:
a. Opt for GCC modification in your car, leading to a lesser premium cost
b. buy the cover at a higher price if your vehicle is non GCC compliant
The GCC cover is a third party liability cover which includes territories of Kuwait, Bahrain, Saudi Arabia, and Oman. If you own a third-party liability policy, you need to buy the cover separately for each country while crossing the border (except for Oman).
Availing the benefits of this cover is subjected to conditions, which are:
- The maximum duration of a particular trip doesn’t exceed 60 days
- Total max. number of days doesn’t exceed 90 days(in case of multiple trips) in 12 months
- Coverage for Loss of Personal Items in the Insured Vehicle
This rider covers expenses if there is any damage/loss of any personal belongings carried in the insured vehicle. (Policy terms & conditions will apply)
- Agency Repairs
If it is included in your car insurance policy, you can repair your vehicle at one of the manufacturer’s authorized dealers. If it is not included in the policy, then the insurer selects one of its approved garages for the repair.
It is a win-win for all, i.e., the insurer, insured, and the workshop owners. Insurer manages to pay less by partnering with fixed dealers, the insured’s vehicle is repaired in a trusted and authorized workshop, and the garage happens to receive continuous business.
- Windscreen Cover
This provides coverage for accidental damage to your insured car’s windshield, though mostly windscreen cover is included in comprehensive car insurance cover it is important to check your cover and its benefits thoroughly.
There are many exclusions that this policy doesn’t cover, such as wear and tear, depreciation, damage caused under the influence of drugs, to name a few. A crucial thing to keep in mind is that the terms of Comprehensive Car Insurance differ from insurer to insurer depending upon policy regulations in place.
Premium Comprehensive Policy:
Premium Comprehensive Car Insurance policy is mainly available to clients with luxury or high-end vehicles.
- Temporary Insurance
While all the previously discussed insurance products are long-term, you can also purchase short-term car insurance policies that cover a specific period. The reason for its growing popularity is because of the less premium that comes with it. While many people like to opt for policies that cover them all year long, temporary insurances are for people who need protection for a particular period or from specific situations. For example, if you use regular routes on the map for daily commuting to the office and one of the weekends, you choose to go to the outskirts. In such situations, you may not need off-road cover all year long, but you may buy it just for that weekend.
But if you are a frequent traveler who travels throughout the year and may need a specific cover all the time, then buying temporary insurance, again and again, is of no value. FinBuddys doesn’t provide this cover currently; however, clients can only avail of this cover when the vehicle holds an export plate.
- Inclusions and Exclusions
No matter which insurer you opt for, the terms and conditions are explained in the four below documents.
- Insurance policy document
- Declarations
- The Endorsement Document
- Exclusions
Inclusions and exclusions can be easily explained in a car insurance policy as conditions/situations that will not be covered under a cover respectively. Inclusion and Exclusion in a Third Party Insurance Cover:
- The insurance company is liable to pay for the damage caused to the third party by the insured.
- Any damage caused to the insured’s own car won’t be covered under this policy.
Inclusions in a Comprehensive Car Insurance Policy:
- Natural calamities, e.g., earthquakes, hailstorms, volcanic eruptions(It is not applicable for all vehicle. Not all insurance providers provides this cover)
- Man-Made hazards, e.g., fire, theft, hitting a tree, protests, house break-ins
- Coverage to the third party or its property in case of any damage caused by the insured
- Coverage to your own car damage
- Legal liabilities/settlements in case of any accidents or mishaps
- While some insurers provide personal accident cover in the base plan, some insurers provide this as a rider with an additional premium.
Exclusions in a Comprehensive Car Insurance Policy:
- Damage due to depreciation of the car or its parts
- Damage/loss caused to the vehicle while driving with an invalid/expired driving license
- Damage/loss caused to the vehicle outside insurer’s coverage area
- Damage/loss caused to the car while driving under the influence of drug/alcohol
- Damage/loss caused while using the car for any purpose other than the ones mentioned in the policy
- Non-compliance with the terms and conditions mentioned in the policy
- If the insured violated the car manufacturer’s instructions for usage and thereby causes any damage to the vehicle
- Intentional staged damage for financial gain
- If your insurance policy has lapsed and you haven’t renewed it, and in the meanwhile, there is any damage caused to the car, then that damage won’t be covered by the insurer.
- buy the cover at a higher price if your vehicle is non GCC compliant
- Fines & Penalties
Think of car insurance as an annual legal contract that needs to be renewed every year without fail. The insurer always updates you about the insurance renewal date well in advance through app notifications/emails/phone calls. Do remember to respond in time and keep no gap between expiry and renewal date.
- If the vehicle is pledged as a loan to an individual by the insured and the damage or loss is caused by the other person, then the coverage will not be provided for the same.
- Consequential Damage: If the damage arises from the action of an individual rather than any uncertain event, then such situations will come under consequential damage for which no cover will be provided.
Certain exclusions can be added to the base plan with additional premium amounts.
These insurance exclusions are often heavily worded with jargon and are difficult to understand. We recommend you to ask as many questions to your FinBuddy to have a good understanding of the car contract you are signing for.
- No Claim Bonus
Your auto insurance in the UAE not only protects you from unnecessary risks but also helps save some money! There is a minimum premium for all the vehicles. The premium amount doesn’t go below that threshold premium; having said that, NCB or No Claim Bonus is one of the easiest methods to save money on your car insurance in Dubai. It also promotes safe driving among people and reduces mishaps on the road.
No Claim Bonus is a reward provided by the insurer for not raising claims during a policy year. It comes in the form of a discount percentage on the premium amount while renewing the car insurance policy. The more policy period you can go on without raising any claims, the more discount you will be receiving on your premium. Think of it as an incentive that the insurer gives you for not asking for claim settlement for smaller issues so that you can save big while paying your next premium.
For example, if your insurance premium costs AED 5000 and you go by a year without filing any claims and earn about 10% NCB, then you will be required to pay only AED 4500.
In UAE, according to the Insurance Authority Board of Directors’ decision No. 41, a no claim period of about one to three years may receive about a 10-20% reduction in the premium amount upon renewal. The maximum amount of NCB that you can earn goes up to 30-50%, depending upon the driver’s profile.
These days, many insurers provide you with an NCB calculator that you can use to know how much No Claim Bonus you will be receiving. The NCB period usually starts from the second year of your policy purchase.
- Key Points about NCB
- No Claim Bonus is issued only at the time of renewal.
- The interesting part is that NCB is associated with the driver instead of the vehicle registered. This means No Claim Bonus is transferable even if your insurance company or vehicle is switched or changed
- There is a common misconception that NCB becomes nullified if you ever make a claim after 3-4 years. The truth is that the earned discount amount due to NCB doesn’t become null if you happen to raise a claim. It may get reduced to a certain extent depending upon the insurer. The number of claims that can be raised without affecting the bonus varies from insurer to insurer.
- As mandated by the UAE Insurance Authorities regulation of 2018, insurers provide a ‘No Claim’ Certificate free of cost.
- If the same driver owns another car, then the NCB can also be used on that car.
How Price Is Calculated In UAE
At some point in our lives, almost all of us look for reliable car insurance. Whether you are buying a car for the first time or many years, the search for the cost-efficient best-fit car insurance policy is never-ending.
There are many factors at play associated with the price of car insurance and the coverage it can provide. They are:
Price, Model, and Age of your Car
If your car is a high-end one, it is evident that the servicing, repair, or replacement of the same will be expensive, which translates to high premiums. Similarly, sports cars are exposed to greater risk, so they will also incur high premium amounts. The insurance company also happens to look at the extra features in your car, such as GPS, and charge more premium than they do for the base model. If your vehicle model has a good safety standard, then the premium will cost less. Similarly, a newly bought car is expected to perform better than an old one. Likewise, while the former incurs less premium and the latter comes with more premium.
Deductible Amount Chosen
The excess or deductible is the customer contribution made at the time of non-recoverable claim(s) due to an accident. Non-recoverable motor claims usually occur when an accident is caused by the insurance policy holder. A low deductible and high premium could be the right choice for you; if the risk exposure of your vehicle is high and you may use the insurance cover often or you don’t have enough funds to cover any damage on your own in case of any mishap.
The base location of the registered Car and where it will be driven
Not every area poses the same level of risk to the vehicle. Therefore, the insurance company needs to know if the area in which you drive comes under the default scheme or not.
If the car is being driven regularly to any other GCC country, that will mean extra coverage to protect it from any potential damage.
Premium charges are higher in big/metro cities than the small ones as the traffic density is higher.
Insured’s Occupation
Some insured’s go through more stress than others because of their job profiles. While a scientist or artist is less prone to a high stress-induced lifestyle, a salesman is assumed to have a busy lifestyle and spend long hours at the office or driving. So, the latter category is priced at a higher premium than those with less hectic work schedules.
Age of the Insured
Apart from the insured’s occupation, the COI(cost of insurance) also depends upon the driver’s age. The minimum age to obtain the car insurance policy is 18 years old. If the driver’s age is about 23-24, then the cost comes as an extra addition to your basic premium. For the age group of 25-30-year-olds, a certain amount of surcharge is added to the premium cost. For people between 30-60, discount is provided on the premium as they are considered to be more risk-averse while driving.
Driving history of the Insured
While insuring your vehicle, the insurer will also like to look at whether you have been charged with DUI, traffic tickets,accidents in the past. In case of any such past situations, the insurer assumes that covering you will make the company more vulnerable to high expenses. Likewise, a low mileage driver is charged much less than a high mileage one.
Eligibility and Documents for Car Insurance
If you are 18 years or above, you can apply for car insurance in the UAE. While it is mandatory to obtain car insurance to drive in the UAE, there can be situations where you are denied for the same by insurance companies. Those are: If you have too many violations If you have too many at-fault accidents If you are too young or old If you don’t live in the insurer’s coverage location There are a few documents necessary before you apply for car insurance. Driving Licence: It is not necessary to hold a driving license to get car insurance. The policies are also issued to those who don’t have a driving license. The insured has to provide a self-declaration that the insured’s husband/wife/driver who holds a valid UAE driving license to drive that particular category vehicle will drive the car. If you already have a driving license from another country, you can also use that for faster processing of your driver’s license application in the UAE. Proof of Vehicle Registration: A copy of the car registration/VCC Paper/Possession certificate is also essential for a car insurance application. Current Declaration Page: If you already have a car insurance policy and are looking for a new quote. Passport & Residence Visa: Both of these act as proof of residence in UAE and are one of the mandatory documents for a car insurance application. Policy Cancellation Proof: If you have canceled your car insurance with an insurer, and want to opt for another insurance company, then providing the previous policy copy will help the company understand your needs better and provide a befitting customized policy.
By following these steps, you can make an informed decision and choose the best group health insurance plan for your organization in the UAE, ensuring the well-being of your employees and the financial stability of your company.
Eligibility And Documents For Car Insurance
To err is human; to panic is of no use! We, FinBuddys, advise you to keep the following pointers in mind if you are involved in a car accident.
1. Inform the Police ASAP: The fast reporting ensures the authorities are in the loop and all the evidence is fresh and untampered.
2. Don’t try to run away in case of an at-fault accident.
3. Reach out to your insurance provider: To file a claim, it is important to inform your insurer after you inform the Police. Depending upon the policy and its cover, your FinBuddy will be able to guide you through further steps.
4. Capture videos/pictures of the damage caused: This will be helpful while filing a police report through a mobile application. It may also be required for the claim processing.
5. Save the receipt: Saving all the receipts of your expenses from the time of the accident will help you in making the right claims
To submit the claim, keep the following information ready.
● Proof of Driving License
● Proof of Car Registration(Mulkiya)
● Policy Number of the insurance availed
● Proof of Filed Police Report
But do you know when you shouldn’t file for a claim? Well, for damages that cost you less than your agreed-upon deductible, the insurer will not be paying for those situations. If you still end up filing claims in those circumstances, you will lose your No Claim Bonus(NCB) and will have to pay an extra amount of premium for renewal.
How To File Claim Insurance In UAE
- Buying Car Insurance Online
Why Choose Fhink to Buy Car Insurance Online? Fhink is your ultimate destination for purchasing car insurance online, providing a seamless and efficient platform that simplifies the process of finding the perfect coverage at competitive rates. Our user-friendly interface enables you to effortlessly compare quotes from a wide range of trusted brokers and insurance providers in the UAE.
By choosing Fhink, you can access the widest range of product offerings, as you are not limited to a single broker or their channel of insurance providers. This ensures that you receive the best value for your money while enjoying the convenience of a one-stop solution for all your car insurance needs.
Our platform is designed with your convenience in mind, allowing you to compare prices for the same car insurance across various brokers hassle-free. This transparent comparison process empowers you to make informed decisions based on your specific needs and budget.
With Fhink, you can rely on our trusted partner network, which guarantees top-notch coverage and services from reputable sources. You can have peace of mind knowing that you are well-protected by the best providers in the industry.
Choose Fhink for your car insurance needs and experience the advantages of a smarter, more efficient way to protect your vehicle. Embrace the convenience and enjoy the benefits of our comprehensive platform, all while saving time, money, and effort.
FAQs For Car Insurance in UAE
In the UAE, there are two main types of car insurance: comprehensive insurance and third-party liability insurance. Comprehensive insurance covers damages to your vehicle, as well as third-party damages, whereas third-party liability insurance only covers damages caused to other people’s property or bodily injury as a result of an accident.
The cost of car insurance in the UAE is determined by several factors, including the vehicle’s make, model, age, and value, as well as the driver’s age, driving experience, and history of accidents or claims.
· Ensure the safety of all parties involved.
· Call the police to report the accident and obtain a police report.
· Document the accident by taking photos and gathering contact information from witnesses.
· Contact your insurance provider and inform them of the incident.
· File a claim with your insurance provider, providing all necessary documentation and information.
Yes, car insurance is mandatory for all vehicle owners in the UAE. Driving without valid insurance is against the law and can result in fines, vehicle impoundment, and other penalties.
Yes, you can purchase car insurance online in the UAE. Platforms like Fincredible offer a convenient and efficient way to compare and buy car insurance policies from multiple providers, ensuring you find the best coverage at competitive rates.
To file a claim for your car insurance in the UAE, contact your insurance provider and provide them with all the required information, including your policy number, details of the incident, a copy of the police report, and any other relevant documentation. The insurance company will then review your claim and determine the appropriate course of action.
