Car Insurance

[oilydan]

I have been out of the UAE for a few years and can't recall car insurance being that much of a rip-off??

Just had an RSA quote for a 350k F-Type R come in at AED10,500. That's about 2,300 quid!

Admiral in the UK would do that for less than 600 quid for me.

So why do UAE insurance companies hit the 'x4' button, because they sure as hell dont have all the compensation and accident management claims to put up with.

At least Dick Turpin had the decency to wear a mask. etc.

Any advice for decent, reasonable insurance?

[Paracetamol]

oilydan said:

I have been out of the UAE for a few years and can't recall car insurance being that much of a rip-off??

Just had an RSA quote for a 350k F-Type R come in at AED10,500. That's about 2,300 quid!

Admiral in the UK would do that for less than 600 quid for me.

So why do UAE insurance companies hit the 'x4' button, because they sure as hell dont have all the compensation and accident management claims to put up with.

At least Dick Turpin had the decency to wear a mask. etc.

Any advice for decent, reasonable insurance?

That's bang on the money at 3pc value of the car..you have seen the driving out here!

[oilydan]

Just laziness by the insurance companies.

I guess its great if you are a 19 year old local kid, jumping straight into a AED20k 1990 5.0 mustang straight from your back yard quad bike; pay your 600 chips and off you go. Straight into an accident.

But an....ahem....40 something, with a like of a nice car and a bit of comfort, driving 2 miles to work and back gets shafted.

[Paracetamol]

oilydan said:

Just laziness by the insurance companies.

I guess its great if you are a 19 year old local kid, jumping straight into a AED20k 1990 5.0 mustang straight from your back yard quad bike; pay your 600 chips and off you go. Straight into an accident.

But an....ahem....40 something, with a like of a nice car and a bit of comfort, driving 2 miles to work and back gets shafted.

yes...becuase that kid is likely to be the one driving into you..and his cheap insurance is unlikely to want to pay the true value of your car or its repairs..

The other issue is that the insurers are not all that sophisticated when it comes to assessing risk profiles. It should be remembered that the likes of Direct Line revolutionized insurance in the UK by honing down on risks through technology...just as with all other retail here (esp Banks) we have a way to go- especially since the population is so small.

So its easier to use finger in the air 3% than to deploy expensive actuarial resources to work out a proper way to do things..

[dxbtiger]

Plus you're effectively insuring the car here not the driver.

Oh and the arse has fallen out of the pound since you left, which has it's up sides!

[oilydan]

dxbtiger said:

Plus you're effectively insuring the car here not the driver.

Oh and the arse has fallen out of the pound since you left, which has it's up sides!

I've been working in Saudi with 45% salary uplift. Been watching the arse fall out of the pound with glee. Damn that PM May with her coherent plan for Brexit, taken the edge off it a bit. I want USD parity!!

I might have to change the car plans, I'm not sure if I can swallow paying so much for insurance.

[Fats25]

I assume you have all seen this:-

http://gulfnews.com/news/uae/transport/insurance-a...
http://www.thenational.ae/business/economy/new-uae...
http://www.meinsurancereview.com/News/View-NewsLet...

Unfortunately the regulators stop the competition between the Insurance companies here, like it works in the rest of the world. The underwriters are tied on what they can and cannot do, and it really comes down to the service rather than the price.