UAE: New car insurance comparison tool launched
Source: Middle East Insurance Review | Apr 2016
The Middle East’s leading finance comparison website, compareit4me.com, has launched the region’s first car insurance comparison portal, giving car owners in the UAE a chance to save thousands of dirhams on their insurance.
The portal allows users to get instant prices from online leading insurers. In addition, users have the chance to compare and buy their insurance online via credit card or cash collection.
Insurers already on the compareit4me portal include Oman Insurance Company, Noor Takaful, Union Insurance and Qatar Insurance Company. More insurers will be added and the company expects the list to “grow rapidly” over the coming months.
Mr Jon Richards, CEO of the compareit4me Group, said: “With the automotive market in the GCC reporting strong sales figures year-on-year, adding a car insurance comparison to compareit4me.com was a logical move.”
He added: “Overall car sales volumes during the first nine months of last year reached 1.32 million units across the Gulf – a clear indication that a comparison tool for motor insurance is not only in demand, but required.”
The proprietary technology took the compareit4me team close to six months to build. The launch follows a recent survey by compareit4me which found that 30% of drivers in the UAE do not know what level of cover they buy when purchasing a car insurance policy. The same poll found that nearly two thirds of consumers believe that they would save money on their car insurance if they stayed with the same insurer.
Mr Richards said: “Shopping around for your car insurance policy really should be a prerequisite for all car owners to ensure they benefit from the best deal. Sometimes renewing a policy with your existing insurer can prove convenient but a quick search on compaireit4me.com will give you a breakdown of the cheapest polices in under three minutes – why wouldn’t you compare?”
compareit4me.com said that in the two weeks since its launch, 90% of its users received their policy within one hour of buying, and more than 70% saved more than AED300 (US$82).
AED1 = US$0.27