UAE – Increased participation costs in motor insurance
Saturday, 01 09 2016, Category: Insurance and Reinsurance, Country: U.A.E
Insurance companies are imposing unreasonable participation costs on motor insurance customers in case of accident. However, insurance managers as well as brokers in the sector said that the participation cost imposed on some policies and especially the liability of causing an accident are in line with the increase in repair costs.
A customer confirmed the absence of credibility at insurance companies which impose additional fees on motor insurance indicating that insurers try as much as possible to decrease their liabilities toward insured vehicles despite the increased prices charged in comprehensive insurance.
Another customer said that most insurance companies decrease on purpose the value of the vehicle when calculating claims although they charge increased prices on services and they also offer inadequate repair fees.
Source: Al Roeya - UAE