UAE – Ins. Authority: Motor prices include all fees
Wednesday, 08 15 2018, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority told “Emarat Al Youm” that the motor insurance tariff system of regulatory decision No 30 of year 2016 indicates that the tariff includes all covers of the two contracts including fees, administrative expenses and commissions.
However, managers working in brokerage firms told “Emarat Al Youm” that insurance companies in the local market charge fees for the issuance of contracts. On the other hand, the Insurance Authority added that the unified motor insurance contract under decision No 25 of year 2016 specifies a maximum deductible that is paid by the person at fault only when an accident takes place but the insurer can decrease the deductible below that maximum level.
Furthermore, point No 3 of the second article of decision No 41 of year 2017 amending the provisions of decision No 30 of year 2016 says that drivers who have clean driving records will benefit from decreases in premiums.
Source: Emarat Al Youm