News Middle East08 Jul 2020

UAE:Average motor premium falls by 15.6%

08 Jul 2020

The UAE Insurance Authority has revealed that the average car insurance premium decreased by 15.6% during the coronavirus pandemic period, compared to the average price over the past year.

The Authority indicated that one reason for the decline is its decision to allow insurers to give a discount of up to 50% on the minimum insurance premium.

The discount applies to medical workers, employees of the army, police, civil defence, people over the age of 60, as well as insurance applicants with accident-free records, reported Emirates Today.

In addition, the Emirates Insurance Association said that vehicle insurance rates had declined in recent months due to other factors, the most significant of which is competition, as well as the low volume of insurance claims with the decrease in vehicle usage rates among individuals during the COVID-19 lockdowns.

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