The most popular features among UAE consumers when purchasing car insurance were agency repair and personal accident cover for drivers and passengers, according to a recent study by dubizzle Motors and Souqalmal.com.
The average premium per policy was around AED3,000 (US$817) for comprehensive coverage, according to an in-depth analysis of the car insurance policies that have been purchased through Souqalmal.com from May 2016-March 2017.
In terms of the number of insured vehicles, Japanese cars rank first. By brand and model, the most insured cars in 2016 in the UAE were Nissan Altima, Honda Accord, Honda Civic, Nissan Tiida, Mitsubishi Pajero and Toyota Corolla. More than 50% of insured cars on the site were less than three years old.
In addition, the value of the cars differs depending who is valuing it. For example, a 2010 Nissan Altima has an average value of AED25,460 in the used car market, while insurers value it lower at AED18,989. Conversely, a 2016 car of the same make and model, with an average value of AED51,572, is valued higher by insurers at AED88,650.
The age of the car is also a key factor when determining premiums. For example, the premiums for a comprehensive coverage of a Mercedes Benz S Class 2010 range from AED2,675 to AED3,450, while for a 2016 make, the range is much higher at AED10,447 to AED12,812.
The survey results are revealed as dubizzle Motors and Souqalmal.com announce a partnership to provide a tool to search for, compare and buy car insurance for second-hand cars.
Through this new partnership, dubizzle Motors’ 5.5 million monthly users can now get instant, customised insurance quotes for cars within 60 seconds, have a policy issued within 60 minutes, and have all questions answered seven days a week via the Souqalmal.com call-centre.
Currently offering car insurance plans from 10 leading providers in the UAE, Souqalmal.com, through its partner Lifecare International, allows users to customise their insurance coverages. M
AED1 = US$0.27