UAE - Reduced prices for accident free drivers
Tuesday, 03 13 2018, Category: Insurance and Reinsurance, Country: U.A.E
UAE drivers who have an accident-free record with no insurance claims are getting rewarded as their premiums have been reduced.
The UAE Insurance Authority announced a reduction in insurance premiums for vehicles owners who have claim-free records beginning from this year.
The authority also announced the reduction of insurance premiums for vehicle and motorcycle fleets by 30 per cent less than the minimum.
Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Insurance Authority, chaired the authority's board meeting and issued amendments to decision No. (30) of 2016, concerning the tariffs regulation of motor vehicle insurance. The second decision is to amend some provisions of decision No. (25) of 2016, concerning the regulation of the unified motor vehicle insurance policies.
Al Mansouri said the new amendments were based on the results of studies conducted by the authority on the effects of the 2 regulations in the local market during 2017.
He clarified that the new amendments help to encourage policyholders not to commit accidents and to reduce the death rate resulting from road accidents.