Average gross premiums for the top-five insured car brands in the UAE declined by an average of AED169 ($46) or 8% in the first half of 2018 compared to the same period last year, according to a study from comparison site InsuranceMarket.ae and the classifieds platform dubizzle.
The study showed that Ford, Honda, Mitsubishi, Nissan, and Toyota were the top-five insured car brands in the UAE in 1H18, according to InsuranceMarket.ae, which assessed about 56,000 enquiries to the site between 1 January and 14 June. Ford drivers experienced the biggest drop in premiums, paying AED216 less from AED2,381 on average for their car insurance.
“Our insights reveal an overall decline in premiums on average for car owners in the UAE,” said Mr Avinash Babur, chief executive of InsuranceMarket.ae, which has tied up with dubizzle to offer insurance-comparison services.
“These cost savings likely reflect a reduction in traffic accidents this year as well as the recent announcement from the UAE Insurance Authority that allows insurers to reduce premiums for policyholders with claims-free records.”
The study also revealed that the largest number of insurance claims are made over the summer months with 142 claims made at InsuranceMarket.ae last August, while the least number of claims are typically submitted in December with just 36 claims.
The highest number of claims submitted were by clients under the age of 30 and above the age of 60, while those aged 51 to 60 submitted the lowest number of claims.
More than three quarters (76%) of InsuranceMarket.ae users opted for comprehensive insurance coverage rather than third party only insurance, recognising the advantages of a policy that covers accidental damage to the policyholder’s own vehicle as well as its liability to the public.
The most popular car models insured in the same period were the Mitsubishi Pajero, Honda Accord, Toyota Corolla, Nissan Altima, Ford Edge and BMW X5, according to the study. M
AED1 = $0.27