UAE: Insurers unwilling to cover certain vehicle models
Source: Middle East Insurance Review | Jul 2018
Most insurers operating in the local market refuse to provide comprehensive motor insurance for certain types of vehicles.
These vehicles include makes such as Alfa Romeo, Opel, Fiat, Lotus, Citroen, Aston Martin, Cadillac, Maserati, Mini Cooper and Audi, according to Mr Adnan Elias, director of sales at Fidelity Insurance Services.
He said some insurers do not want to insure expensive or luxury cars as they wish to avoid large losses, while other insurers are wary of covering vehicle makes that are not popular in the domestic market, reported Emirates Today. Their spare parts tend to cost more and take longer to be replaced because orders have to be placed with their manufacturers.
Insurers, which do cover such cars, impose high premiums and raise deductions to the maximum level allowed.
Mr Saeed Al Muhairi, executive director of United Gulf Insurance Brokers said because of the small number of such cars in the domestic market, it is difficult to deal with them in the event of claims for maintenance or spare parts, including the time required for maintenance. M