Grey imports, only 3rd party insurance cover ?
Discussion
My wife heard on the Dubai Eye radio station yesterday, that local insurance companies will now only insure non GGC spec cars (grey imports) 3rd party cover.
I called my insurance company to check this (AXA) and they confirmed they won't insure non GGC spec cars fully comprehensive.
Considering how many grey imports that are here from Japan / USA / Mainland Europe.... thats a big deal! Car souqs such as Al Awir & Sharjah are full of them.
Already theres a lack of cover if you own an older car (which could be rare / worth a lot) that its not covered, but if this is the case for new / newer grey imports too, this is bad news.
Does anyone (ideally from the local insurance industry ) know the full story ?
I called my insurance company to check this (AXA) and they confirmed they won't insure non GGC spec cars fully comprehensive.
Considering how many grey imports that are here from Japan / USA / Mainland Europe.... thats a big deal! Car souqs such as Al Awir & Sharjah are full of them.
Already theres a lack of cover if you own an older car (which could be rare / worth a lot) that its not covered, but if this is the case for new / newer grey imports too, this is bad news.
Does anyone (ideally from the local insurance industry ) know the full story ?
Thanks for your info Fats25.
I spoke to a broker today and asked the question. At first they said non UAE / GGC supplied cars can get comp insurance, but not agency repairs.
Then they double checked and confirmed that since Jan '17 you can't get fully comp on non GGC spec cars.
So again this seems to imply some change has happened recently.
I have a 1998 Elise over here in Dubai, imported from Europe. I know that only gets TP cover due to its age, so I just have to live with the risk unfortunately. A risk that wouldn't need to happen in other counties. I still dont know why older cars can't get full cover based on their true market value, their worth doesn't suddenly fall off a cliff after 6-7 years.
However I was interested in importing another Lotus (MY 2016 / 17) from Europe, a spec thats not available here in the GGC. But if I can't get fully comp cover, the value of that car would just be too high a risk.
Considering the large quantity of imported cars, often new & valuable (Toyota Tundras for example) I still find it difficult to understand that all these cars suddenly have only 3rd party cover.
Any further clarity welcome
I spoke to a broker today and asked the question. At first they said non UAE / GGC supplied cars can get comp insurance, but not agency repairs.
Then they double checked and confirmed that since Jan '17 you can't get fully comp on non GGC spec cars.
So again this seems to imply some change has happened recently.
I have a 1998 Elise over here in Dubai, imported from Europe. I know that only gets TP cover due to its age, so I just have to live with the risk unfortunately. A risk that wouldn't need to happen in other counties. I still dont know why older cars can't get full cover based on their true market value, their worth doesn't suddenly fall off a cliff after 6-7 years.
However I was interested in importing another Lotus (MY 2016 / 17) from Europe, a spec thats not available here in the GGC. But if I can't get fully comp cover, the value of that car would just be too high a risk.
Considering the large quantity of imported cars, often new & valuable (Toyota Tundras for example) I still find it difficult to understand that all these cars suddenly have only 3rd party cover.
Any further clarity welcome
Edited by cain-it on Thursday 9th February 11:01
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