UAE – Registering insurance under the name of fathers to decrease price
Monday, 08 15 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Federal National Council examined six problems including the security, traffic, and social issues resulting from motor insurance price increases. Motor insurance prices increased by 50% to 100% for the youths below age 25, who obtained recently a new driving license.
Mr. Hamad Al Rahoomi, member of the Federal National Council said that the council received confirmations from His Excellency Sultan Al Mansoori, the Minister of Economy and Chairman of the Insurance Authority said that solutions will soon be found to the problem of registering vehicles under the name of the fathers and the resulting social consequences.
Mr. Al Rahoomi mentioned six implications related to this problem including security issues, traffic penalties being imposed on the fathers, psychiatric problems affecting the youths, weak responsibilities and the increase in material costs.
Source: Al Roeya - UAE