Factors affecting the best time to buy car insurance
Figuring out the right time to buy car insurance can be confusing. Several factors can impact the ideal timing, insurance price and the coverage needed. Understanding the following factors will help you know when to purchase your policy and save money:
- Renewal date
- Seasonal discounts
- New purchase
- Driving history
- Life changes
Avoid cancellation fees or coverage gaps by buying car insurance near the renewal date.
Make the most of the holiday and festive period since many insurance providers offer discounts during that time.
A new car calls for insurance before it starts hitting the road to keep off any financial troubles due to, say, accidents.
You get lower rates if your drive well or know defensive driving.
Getting married or moving to a new location calls for a re-evaluation of your policy.
Tips for buying car insurance
You need to have a strategic approach while buying car insurance. Don’t get convinced by the first option on the table. Wait, research and compare if you want to get the coverage at the best possible price. Here are some good tips:
- Compare the prices
- Know your coverage needs
- Bag the discounts
- Consider bundled policies
Compare the prices
Don’t go for the very first policy you come across. Rather than wait, search for options and compare the quotes from different insurance providers. Always read the policy terms and conditions properly to make sure it’s a fair deal and you’re getting what you need.
Know your coverage needs
Evaluate the worth of your car, and consider your driving habits and every relevant factor that could influence your coverage requirements. With careful consideration, you can find the right policy at the best price.
Bag the discounts
There are insurance providers offering discounts/rewards for safe driving and having multiple policies. Inquire about these discounts to benefit from them in lowering your overall costs.
Consider bundled policies
If you’re planning on having multiple policies for multiple needs, try bundling them with the same operator. By bundling policies, you often get special discounts and benefits that can help you save money with time.
Car insurance in the UAE
In the Emirates, different car insurance policies are available with variable coverage levels and premiums. Let’s understand about insuring your vehicle in the UAE from the given points:
- Minimum coverage requirements
- Factors affecting insurance rates
- Available discounts and benefits
Minimum Coverage Requirements
The car owners are required to have Third-Party Liability (TPL) insurance. This covers damage by the third party and even self. The minimum coverage provided is AED 250,000 per person for injuries or death and AED 500,000 for third-party property damage. If you fail to obtain the minimum coverage, be ready to face penalties, fines, and imprisonment.
Factors affecting insurance rates
High-performing luxury cars draw higher rates and new models with updated safety features attract lower rates. Also, new drivers are usually charged more for car insurance.
Available discounts and benefits
The policyholders enjoy many discounts and benefits like no-claims discounts, multi-car discounts, roadside assistance, personal accident cover and emergency medical expenses coverage depending upon the providers.
Best car insurance providers in the UAE
While you’ll find many reputable car insurance providers in the country, some of the best ones are AXA, RS, and Oman Insurance providing many policies and additional benefits.
|Insurance Provider||Policies Offered||Additional Benefits|
|AXA||3rd party liability insurance, comprehensive insurance||24/7 roadside assistance, personal accident cover|
|RSA||3rd party liability insurance, comprehensive insurance||No claims discount, 24/7 roadside assistance|
|Oman Insurance||3rd party liability insurance, comprehensive insurance||Free car registration, 24/7 roadside assistance|
Insure your car in time for smooth years ahead
As we discussed, the perfect time to purchase car insurance depends on multiple factors. However, by following the suggested tips, you can avail the best coverage from a trusted operator at the most affordable price. Make sure you do your research, compare prices and make the most of available discounts to get the best possible deal.
Having provided you a guide on how to get insurance for your car, its worth mentioning that there is way to get around this hassle. When you a hire a sports car for a day or week, insurance is simply included in your package. Therefore, renting a car is a much more convenient option than buying one.