Wondering how to save money when renewing your car insurance in the UAE? Well, you’ve come to the right place! As you read on, you’ll be delighted to know that you can keep enjoying the perks of your car without worrying about spending too much while renewing your insurance for another year. With the tips we have for you, you’ll be able to properly reassess your current policy and save a little extra on your overall vehicle expenses. By following these simple steps, we’ll show you how you can budget your money without really having to break the bank. And once you are better informed, you’ll be able to share your newfound insights with friends and family, helping them save some cash as well when it comes to renewing their car insurance in the UAE.
1) Compare Car Insurance Policies, Insurance Providers & Multiple Quotes
With vehicles fast becoming a necessity for daily commute, there is no shortage of car insurance brokers and providers out there in the UAE. Did you know that by comparing quotes from different car insurance providers, you’ll be able to save up to 50% as compared to what you might be currently shelling out on your car insurance policy? Often, it happens that the policies offered by banks and even exclusive dealerships could prove to be an expensive affair as they have general policies that cater to certain segments of customers and types of vehicles. By checking with multiple third-party providers, you’ll be offered a lot more options to choose from and perhaps even something that’s more tailor made for you. You’ll find plenty of online car insurance quotes on BankOnUs which will help you pick the right policy without you having to leave the comfort of your home.
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2) Choose your Add-Ons Carefully
Like any other policy, while renewing your car insurance in the UAE, you are offered a varied choice of extra add-ons to choose from. Some examples of what you can expect to see on the renewal policy include roadside assistance, off-road coverage, rental car, coverage spanning across the GCC, agency repairing services, personal accident cover and personal accident cover for passengers, to name a few. You need to carefully consider whether you would in fact, use or participate in these activities as opting out of these options would help you reduce your costs and save on your overall car insurance premium. So for example, if you intend to only drive around the UAE and aren’t particularly involved in any off-road activities, you can un-check those boxes that read GCC Coverage and Off-Road Coverage.
3) Avail the ‘No Claims Discount’
Driving cautiously on the roads of the UAE and adhering to the road, traffic and safety rules can now get you more than just peace of mind and a clean driving record. Your safety stance as a driver could save you over AED 1000 when you renew your car insurance. To avail this, you will require to produce proof of your claim-free driving history by acquiring something called as a ‘No Claims Certificate’. It is a letter issued by your present insurance provider stating that no claims were filed against your policy. Each ‘claim-free’ year helps reduce the premium for the following 365 days. The NCD or No Claims Discount is taken into consideration by car insurance providers as with this, they now have proof that you are a safe and less risky driver. This in turn, will give you the best rates while scouting around for car insurance quotes.
How do you obtain a No Claims Certificate, you might ask? Well, this is to be issued by your current insurance provider so you need to make sure you know the company’s policy beforehand for acquiring the No Claims letter. We recommend you file your request at least a week prior to the expiry date of your car insurance policy. Now armed with the NCD, you’ll be able to beat your current insurance provider’s rate and fish around for a more budget-friendly option.
4) Get The Right Estimate Of Your Car’s Value
In order to save money when renewing your car insurance in the UAE, you need to get an accurate estimate of your car’s value so that you don’t end up paying a higher premium this year. Generally, a vehicle undergoes an annual depreciation of about 15% – 20% depending on the car model. You’ll need to check with a few car dealers around and maybe even try browsing through classified websites to get a better insight to your car’s actual value.
5) Look out for deals on BankOnUs
While browsing through the sea of car insurance quotes online on BankOnUs, you’re bound to come across some really good deals when renewing your car insurance. You are likely to come across some of the cheapest car insurance quotes based on your requirements. You can check out some tempting deals here
6) Increase Your Excess
In an attempt to save money when renewing your car insurance in the UAE, you could try increasing the insurance excess. This tip could just work in your favor especially if you are confident about your driving skills and adherence to road and traffic rules. Again, there are pros and cons for the same. On one hand, you’ll get a better rate on your policy while on the other hand, you might need to shell out more for small repairs now as a customer. Another plus side is that you could even get more attractive quotes from car insurance companies depending on the vehicle model you drive.
Conclusion
People are more likely to automatically renew their car insurance with their existing provider especially if they are constantly preoccupied or even lack substantial knowledge on the subject, leading many to believe it might be quite a hassle to switch over. However, we urge you to think again! By following the previously mentioned steps and tips we provided, you’ll be able to easily save money when renewing your car insurance in the UAE.
To compare car insurance quotes from the UAE’s leading providers and save money, check out https://bankonus.com/insurance/