UAE car insurance premiums said to drop 8% over past year
dubizzle Motors and InsuranceMarket.ae reveal data showing change in gross premiums for Ford, Honda, Mitsubishi, Nissan, and Toyota in the UAE
Car insurance for some of the most popular car brands in the UAE have fallen by 8 percent over the past year, according to new research.
dubizzle Motors and InsuranceMarket.ae have revealed data showing gross premiums for Ford, Honda, Mitsubishi, Nissan, and Toyota declined in the first half of 2018, compared to the same period in 2017.
According to the data, premiums for Ford fell by AED216 from AED2,381 over the past year, while Honda premiums dropped by AED135.
Mitsubishi premiums fell AED124 to AED1,885 while Nissan premiums fell by AED183 and Toyota by AED187.
It added that the most popular car models insured in the first half of 2018 were the Mitsubishi Pajero, Honda Accord, Toyota Corolla, Nissan Altima, Ford Edge and BMW X5.
The study also revealed that the largest number of insurance claims are made over the summer months with 142 claims made at InsuranceMarket.ae last August, while the least number of claims are typically submitted in December with just 36 claims submitted.
The highest number of claims submitted were by clients under the age of 30 and above the age of 60, while those aged 51 to 60 submitted the lowest number of claims.
More than three quarters (76 percent) of InsuranceMarket.ae users opted for comprehensive insurance coverage rather than third party only insurance.
“These cost savings likely reflect a reduction in traffic accidents this year as well as the recent announcement from the UAE Insurance Authority that allows insurers to reduce premiums for policyholders with claims-free records,” said Avinash Babur, CEO of InsuranceMarket.ae by AFIA Insurance Brokerage Services.
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