UAE – Policy cost increase weakens car sales
Saturday, 12 12 2015, Category: Insurance and Reinsurance, Country: U.A.E
Customers are not buying specific categories of vehicles since insurance companies are declining coverage for huge accidents. Moreover, they sometimes also increase the price of coverage for some categories considered as high risk.
Officials of local agencies said they are financing themselves the insurance costs for some vehicles through agreements with insurance companies in order to help customers overcome the difficulty of securing an insurance policy.
They also clarified that insurers consider some categories of cars such as sports cars or modified cars as an additional risk that should be met by an additional premium or even a refusal to cover altogether.
Source: Al Roeya