In the UAE, motor insurance is just an inseparable part of business use of vehicles. Be it delivery trucks, company cars, or whatsoever other variety of business motors, the need to select just the right kind of motor insurance policy is key. With such a large number of providers and an even greater myriad of options existing in the UAE market for motor insurance, sometimes it gets very perplexing to properly understand the coverage and compare different prices.
In this article, we take a look at in-depth, practical tips on how businesses can compare motor insurance prices to find the best policy that suits budget and protection needs.
Understanding the Types of Motor Insurance in the UAE
First things first: before proceeding to compare prices, you have to understand that there are mainly two types of motor insurance available in the UAE:
Third-Party Liability Insurance
This is the minimum legally required for any vehicle in the UAE. It covers damages to third parties involved in an accident where your vehicle is at fault. It’s cheaper but does not cover damages to your own vehicle.
Comprehensive Motor Insurance
This insurance covers third-party liability and damages to your own vehicles due to accident, fire, theft, and natural calamities. Ideally, the companies should have a more comprehensive protection in places where expensive or essential vehicles are to be used.
Key Things to Consider When Comparing Prices of Motor Insurance
While comparing the cost of motor insurance, an enterprise has to consider various parameters on which depend the price of the premium. Following are the main aspects to be considered while comparing the cost of motor insurance:
Coverage and Inclusions
One of the most important aspects is the extent of the cover that different policies provide. As opposed to third-party insurance, which may be cheap, comprehensive cover can assure a business with valuable assets. Make sure to compare what the policy covers, such as theft, natural disasters, and accidental damages.
Type of Vehicle and Usage
Insurance providers determine their costs of premiums through the kind of vehicle you run and its usages. Long hauls with delivery, as well as cargoes containing extremely valuable goods, stand at more risks of either damage or being stolen; that increases premiums payable on those risks. Be realistic with your applications concerning how the vehicles are employed so that true quotations may be returned to you.
No-Claim Bonuses
Most of the insurance providers offer a discount to businesses with good claims experience commonly known as no-claim bonus. If your business has been accident-free for many years, then you are likely to be rewarded with cheaper premiums. Ensure you ask about any NCBs and how it applies to your policy if you will compare prices in different motor insurance.
Deductible/Excess
The excess (or deductible) is the amount you’ll need to pay out-of-pocket before the insurance kicks in. A higher excess usually results in lower premiums, but it could be costly in the event of an accident. Consider what your business can afford in terms of an excess amount before making a decision.
Customer Support and Claims Process
What really makes a difference in experience when accidents do occur is the claims process for an insurer. Make sure to check the reputation of an insurer on customer service and claims handling. Understand how responsive and efficient the insurance company is during a claim by reading customer reviews and testimonials.
Insurance Add-ons
Most insurers will have add-ons that give further protection but at extra costs. These can include roadside assistance, personal accident cover, or rental car cover. When comparing the prices of motor insurance, consider how much the costs of these add-ons are versus adding value to your business.
Premium Flexibility
Some may have to amend policies due to changed circumstances. Determine whether the insurance company can provide for flexible payment plans and is equally capable of adjusting coverage accordingly. This can be beneficial to those businesses that own vehicles or fleets that are utilized during seasons of the year.
How to Compare Motor Insurance Price in the UAE
Use Online Comparison Tools
A number of online portals in the UAE allow a business to compare quotations of motor insurance provided by various insurance companies. You will be able to access side-by-side comparisons of features, premiums, and customer ratings on sites such as Shory, Compareit4me, and policyhouse. The use of such tools shall save your time and get the best deals within no time.
Get Quotes Custom
Most businesses have special needs, and thus, it may be worth requesting quotes from an insurer. It will be of great use especially if you operate a fleet or have particular coverage needs. Most insurers in UAE offer quotations tailor-made, depending on the needs of your business and particulars of your vehicle.
Seek the Services of an Insurance Broker
An insurance broker will walk you through the comparisons and offer expert advice on the best policies that will suit your business. Most brokers deal with a wide variety of insurers and thus can negotiate better terms and ensure value for money.
Review Policy Terms and Conditions
Go through the policy terms and conditions in detail only when you have the quotes in hand. Keep those exclusions, limits, and fine prints in your eyes that lead you to miss on something very important. Of course, a cheap policy may seem better, but exclusions somewhere may sting you much more than what you saved.
Conclusion
Comparing motor insurance in the UAE for your business need not be such a task. Your needs for coverage, the type of vehicle, usage, and customer service are some of the important factors in understanding your needs for coverage that will make it easy for you to find the best policy offering comprehensive coverage at competitive pricing. Go through the terms with care, and consider availing the services of an insurance broker for professional advice to make sure of getting the best deal for your business.
The right motor insurance protects your business against unwanted accidents or damages. It supports the growth of your business on the roads with confidence in the UAE.
