UAE - Replacement car popular among ins. Clients
Friday, 07 27 2018, Category: Insurance and Reinsurance, Country: U.A.E
A replacement car was the most popular car insurance add-on sold in the UAE during the second quarter of this year, according to a study from financial comparison site yallacompare.
Forty-three per of UAE car insurance buyers who bought add-ons between the start of April and the end of June chose replacement car coverage at an average cost of Dh174, yallacompare said in a statement on Thursday. Twenty-seven per cent chose personal accident protection at an average cost of Dh120 and a fifth opted for breakdown cover at an average cost of Dh47.
“The minimum levels of cover that mandate a replacement car for anyone not at fault in an accident were introduced by the UAE's Insurance Authority in January 2017,” said Jonathan Rawling, the chief financial officer of yallacompare. “However, the replacement car add-on selected by these buyers provides a replacement car to the owner of the premium regardless of who is at fault.”
Yallacompare analysed sales data from its online car insurance comparison portal, which it says represents over 76 per cent of all online insurance sales in the GCC. The research found that 20 per cent of UAE car insurance buyers selected at least one add-on during the second quarter.
Source: The National - UAE