Finding the best vehicle insurance company in UAE can be a time-consuming process, especially with several sites available for comparing insurance rates. The cost of vehicle insurance is influenced by a variety of factors, including the type of coverage desired and one’s driving record. Some factors, such as age and occupation, are unchangeable, whereas driving history and vehicle model are under your control.
Most insurance companies consider a few parameters when determining the cost, and here is a list of what commonly determines your auto policy premium.
Your Actual Age
– Your age has a significant impact on how insurance companies calculate risk. Younger and inexperienced drivers are statistically more likely to file a claim, so their insurance coverage will be more expensive as a result.
– In general, insurers charge more for young people under the age of 25 and older people over the age of 60.
Occupation
– Even if you are a careful and conscientious driver, your premium will be raised if you have a job that requires frequent long-distance travel.
– A sales representative, delivery boy, or journalist will typically pay a higher insurance premium than someone who drives only occasionally.
Your sexual orientation
According to statistics, women are less likely than men to be involved in car accidents.
– Men are statistically more likely than women to drive recklessly and have received more speeding tickets and traffic fines.
As a result, women’s car insurance rates would be more favourable.
Your driving record
– The lower your premium, the better your driving record. If you have had accidents or received serious traffic violations, you will almost certainly have to pay more than those with a clean record. A new driver who does not have a record may also have to pay more.
– With the No-claims Bonus, insurance companies reward cautious drivers (NCB). If you have not made any claims in the past, you will receive a discount when you renew.
Vehicle model and specifications
– A high-end vehicle owner will have to spend more money on repairing or replacing expensive spare parts, and may occasionally need only agency repairs.
– If an insurer’s data shows that drivers in a particular vehicle model have had more accidents or filed more claims, your rates will be higher. However, if the vehicle has sophisticated and advanced safety features (airbags, anti-theft alarms, trackers), the premium may be reduced.
Vehicle insurance is a recurring expense when purchasing a vehicle, so look for ways to keep it within your budget. Each insurance company evaluates your risk differently, so look for an insurer that offers competitive pricing for your specific combination of factors. Reduce the risk to the insurance company
