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Car insurance premiums are down by 8% during 2018

 

Dubizzle Motors, the largest and most trusted automotive marketplace on the Internet in the UAE, issued a report in cooperation with InsuranceMarket.ae, the leading digital insurance service of AFIA Insurance Services, highlighting the most important trends related to the auto insurance sector in the country, with the aim of providing users With a transparent view of the market and a wider choice when purchasing used vehicles.
 
InsuranceMarket.ae allows users to easily compare and purchase insurance policies from multiple sources, in addition to having a private insurance advisor to help them achieve this. Dubizzle Motors and InsuranceMarket.ae are collaborating to give users a fast, easy and reliable tool for comparing and purchasing car insurance in the UAE. Alongside every used car advertisement for sale on Dubizzle Motors, there is a personalized link that includes an application that is filled out for a price comparison from the best insurance providers from across the country.
 
As part of this partnership, data released by InsuranceMarket.ae indicates that Ford, Honda, Mitsubishi, Nissan and Toyota vehicles are the most insured cars in the UAE. The study also revealed a decrease in total insurance premiums during the first half of 2018 by 8% compared to the same period in 2017. While the list of the most insured car models during the first half of 2018 included Mitsubishi Pajero, Honda Accord, Toyota Corolla, Nissan Altima and Ford Edge. And BMW X5.
 
 Average gross premium - 2017 Average gross premium - 2018 Year-on-year change
 Ford 2,381 AED 2,165 -216 AED
Honda 1,826 AED 1,691 AED -135 AED
Mitsubishi 2,009 AED 1,885 -124 AED
Nissan 2,166 AED 1,983 -183 AED
Toyota 2,233 AED 2,046 -187 AED
 
Commenting on the results, Avinash Babur, CEO of InsuranceMarket.ae, said: “Through our partnership with Dubizzle Motors, we aim to provide a seamless experience for users looking to purchase and secure a car at the same time by filling out the application on InsuranceMarket.ae. Our data indicates a decrease in the average value of insurance premiums. This is most likely due to the decrease in the number of traffic accidents during the current year in the country, and this is in addition to the decision of the UAE Insurance Authority, which allows insurance companies to reduce premiums for those with records free of traffic accidents.
 
The report also indicated that the number of auto insurance claims peaked during the summer months, as the number of insurance claims submitted through InsuranceMarket.ae in August 2017 reached 142; Whereas, December 2017 recorded the lowest number of insurance claims, which amounted to 36. The report also indicated that the largest number of insurance claims were filed by clients under the age of 30 years and those over the age of 60 years, while the lowest number of insurance claims were submitted by people between the ages of 51 to 60 years.
 
In addition, more than three-quarters (76%) of InsuranceMarket.ae users choose to take out comprehensive insurance coverage instead of only third party insurance. Due to several factors, one of which is their awareness of the benefits of the insurance policy that covers accidental damage to their cars, in addition to their responsibility towards others.
 
In turn, said Jean-Pierre Mendelek, General Manager of Dubizzle Motors: “The dubizzle Motors platform is a one-stop shop for people who want to buy a car in the UAE. Our partnership with InsuranceMarket.ae enables users to make informed decisions when purchasing auto insurance policies, as well as reinforces our efforts to create a convenient and reliable platform for car buyers in the market. ”

Anthony Blackford, Head of Ad Sales for Asia, the Middle East and Africa at Dubizzle, said: “We are always looking for new approaches to provide a seamless and integrated user experience on our platform. Thanks to this fruitful partnership, Dubizzle Motors’s monthly 5.5 million users can enter our platform and benefit from the service provided by InsuranceMarket.ae, and make comparisons between insurance rates with ease and transparency. ”
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