Even though it is mandatory to get a car insurance in UAE, most of us find it as a useless investment. The true value of a car insurance will be understood only when you claim for coverage during uncertain situations. Having car insurance premium payments to your monthly expenses is definitely an add-on. But there are several ways where you can save money on car insurance.
Ways to save money on car insurance:
1. Not sticking to one particular policy
It is not a good decision to buy the first policy you look at. There are several car insurance products available in UAE. It is recommended to compare the different policies according to your preferences like budget, features provided, add-ons required, etc. Comparing different policies will make it easy to understand the best one that fits your need perfectly and choosing the right policy will save a lot of money.
Check: Types of Car Insurance – What you need to know before buying?
2. Check and pick add-ons rightly
There are several additional benefits provided on car insurance policies where some of them may not be useful for you. Most of the insurers provide these add-ons for extra charges. These benefits which are not useful for you can be a waste of money. You can check the add-ons provided and opt only the ones that are useful for you.
3. Make use of no-claim bonus
Insurers provide up to 20% discount on premium rates if the insurance holder has not made any claims for 2-3 years. No-claim bonus is one of the best ways to save in huge on car insurance. The only way to avail this discount is being a good driver by driving safely.
4. Review before renewing
Most of them renew their previous insurance policy when it expires. But in a year there would be several upgrades and improvements. You can check different policies available in the market instead of renewing your previous one. The new options provided can save you money and also can avail new features on the policy that are a good fit for your vehicle.
5. Prefer online sources to buy
Rather than buying an insurance policy by visiting the company in person, you can avail online portals to buy a car insurance in UAE. Online websites provide exclusive discounts and benefits on the cover. This can save you a decent amount.
Maybe interested: Top Car Insurance Policies in UAE
Apart from the above-mentioned options, there are few other ways where you can save money on your car insurance. At times car insurance can be a bit of burden, so before buying a new one or renewing it is important to check where you save and make it feel light on your expenses.
MyMoneySouq helps the visitors to find the right financial product by comparing different products provided by various banks in UAE. It compares different loans, insurance, accounts, credit cards. It works with a goal to give the users a clear idea of what to expect out of their funds and what they can get from those.