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Car insurance premiums fall by an average Dh169

The drop for the top five most insured car brands was attributed to the reduction in traffic accidents this year

  • Publish date: Monday، 16 July 2018 Last update: Thursday، 25 February 2021
Car insurance premiums fall by an average Dh169

Insurance premiums in the UAE declined by an average of Dh169 in the first half of 2018 for the most insured car brands compared to the same period last year, according to experts in UAE.

The report found that Ford, Honda, Mitsubishi, Nissan, and Toyota are the top five insured car brands in the UAE.

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The study found that more than three quarters (76 per cent) of InsuranceMarket.ae users opted for comprehensive insurance coverage rather than third party only insurance. About 45,300 enquiries to InsuranceMarket.ae were for comprehensive cover while just 10,700 were for third party only policies.

The study also revealed that the largest number of insurance claims is made during the summer with 142 claims made at InsuranceMarket.ae last August, compared to just 36 in December when the least amount of claims are typically submtitted.

“The peaks in claims are likely driven by car purchase cycles as insurance renewal cycles are 13 months from first registration," said Mr Hammad. "We generally see a rise in car purchases near the end of summer, right around start of school often driven by new residents that time their purchases with when their families move over and start school. We also see a decline right before the December holidays, as most people prefer to buy a car once they are back from holidays and plan to use it.”

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The highest number of claims submitted, according to InsuranceMarket.ae, 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.

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