Insurance House Car Insurance

About Insurance House Car Insurance

Founded in 2011, Insurance House was set up in Abu Dhabi with the prime objective of fulfilling the insurance needs of the UAE residents. The Insurance House car insurance is driven by innovation. It follows a focused approach to fulfil the insurance needs of various insurance buyers.

Following the Dubai debt crises, Insurance House was one of the first successfully launched IPOs in the region. With a paid up capital of AED 120 million, Insurance House is listed in the Abu Dhabi securities exchange (ADX) under the heading of ADX: IH. Insurance House car insurance is offered online and at various branches in Abu Dhabi, Dubai, and Sharjah.

Types of Insurance House Car Insurance Policies

Insurance House car insurance offers insurance for both commercial and private vehicles under its all-encompassing umbrella of exceptional service. The two major types of Insurance House car insurance policies offered are:

  • Third-Party Motor Insurance
  • Loss and Damage Motor Insurance

Third-Party Insurance House Car Insurance

This car insurance policy covers any damage caused to a third-party’s person or to their property by the insured’s vehicle. Vehicles covered under third-party insurance include mechanical machines, motorcycles and commercial vehicles.

People covered under this policy include the injured third-party, family members of the insured and driver of commercial vehicles.

The coverage offered by third-party Insurance House car insurance is as follows:

  • Death
    In the event of a death of a family member of the insured, or of a commercial vehicle’s driver, the Insurance House car insurance policy pays out AED 2, 00,000.
  • Permanent Disability
    The Insurance House car insurance is liable to pay compensation depending on the percentage of disability to the insured’s family member(s) or to the driver of a commercial vehicle.
  • Legal Aid
    For accidents in which the insured is not at fault, the Insurance House car insurance will pay for court and settlement fees. This also includes hiring an attorney, if
  • Property Damage
    Any damage caused to the property of a third-party is covered under the Insurance House car insurance. The coverage is provided according to the sum assured offered by the policy. The coverage is provided if the accident was not caused due to the negligence of the insured. Property damage claims are capped at AED 20, 00,000 irrespective of the severity of damage caused to third-party.
  • Car Repairs
    The Insurance House car insurance policy covers car repairs of the damaged vehicle, in the following ways:
    • It pays the full market value of a damaged car if the cost of repair is more than 50% of the car’s market value.
    • It replaces the damaged car with a car of the same make, model and alterations if it is deemed to be a total loss.
    • It pays the injured party in cash (if requested) for the total cost of repairs and installation.
  • Replacement Parts

The Insurance House car insurance will replace any parts of the damaged vehicle, in accordance with the below-mentioned depreciation rate.

A. For Private Vehicles

Years Since Registration

Depreciation Percentage

1 Year

0%

2 Years

5%

3 Years

10%

4 Years

15%

5 Years

20%

6 Years or more

30%

B. For Commercial Vehicles

Years Since Registration

Depreciation Percentage

6 Months – 1 Year

10%

2 Years

20%

3 Years

25%

4 Years

30%

5 Years

35%

6 Years or more

40%


Certain parts are replaced by the Insurance House car insurance policy without any depreciation, regardless of the number of years since registration. These parts include:

  • Glass
  • Brake master & wheel cylinders
  • Brake calipers, cables, hoses, and diaphragms
  • Steering boxes, rakes, ball joints, and swivels
  • Seatbelts
  • Garage Repairs

The Insurance House car insurance policy offers the third-party a choice of car repair options based on the number of years since registration.

Years Since Registration

Type of Car Repair Offered

Less than 1 Year

Agency Repair (original replacement parts)

More than 1 Year

Other Repair (different replacement parts, but of the same quality as the original parts)

Ambulance Service

Third-party Insurance House car insurance also provides ambulance services for injured parties up to the amount of AED 6,770 per person.

Inconvenience Benefits

The third-party Insurance House car insurance will offer benefits under the following conditions:

  • If the injured third-party opts for cash compensation, no benefit allowance is paid.
  • The injured third-party is given a daily transportation allowance from the date of the accident.
  • This amount does not exceed AED 300 per day and is capped at 10 days in total.
  • Insurance House car insurance may offer the injured third-party a replacement vehicle for these 10 days.

Loss and Damage Insurance House Car Insurance

The loss and damage Insurance House car insurance policy is a more extensive plan which covers not only the injured third-party but also the insured party. Here is the coverage offered by loss and damage car insurance house car insurance:

Damages

The loss and damage Insurance House car insurance cover the policyholder against:

  • Mechanical breakdowns
  • Wear and tear damage
  • Fire damage
  • Theft
  • Damage caused during transport of the car by land, by water or due to towing and lifting
  • Natural disasters 

Additional Riders

By paying an additional premium, the policyholder can opt for additional riders under the Insurance House car insurance

Personal Belongings

Damages caused to the insured’s property and personal belongings (inside the vehicle) are all covered under the loss and damage Insurance House car insurance

Car Repair

The loss and damage Insurance House car insurance policy cover the cost of repairs for the insured vehicle. If the car’s integral components such as chassis are damaged, the car will be deemed a total loss. In that case, Insurance House car insurance will pay the amount specified in the policy.

Premiums & Deductibles

Depending on the level of cover the policyholder opts for, Insurance House car insurance will attract a premium. The premium can be reduced by opting for a higher deductible. A deductible is the total amount of money the policyholder pay’s in the event of a claim. While opting for a higher deductible helps a policyholder to save on premium costs, at the time of claim they will have to spend money from their pocket. The maximum amount of deductible the policyholder can opt for are as follows:

Type of Vehicle

Maximum Deductible (per accident)

9 Passenger private vehicles

Market Value: AED 50,000

AED 350

9 Passenger private vehicles

Market Value: AED 50,000 – 1,00,000

AED 700

9 Passenger private vehicles

Market Value: AED 1,00,000 – 250,00

AED 1,000

9 Passenger private vehicles

 Market Value: AED 2,50,000+

AED 1,200

9 Passenger private vehicles

 Market Value: AED 5,00,000+

AED 1,400

9 - 12 Passenger private vehicles

AED 1,500

12+ Passenger private vehicles

Trucks with a tonnage of more than 3 tons

AED 1,700

Trucks with a tonnage of more than 3 tons, passenger buses and industrial vehicles

AED 4,500

Recovering Your Premium

The Insurance House car insurance policies are offered for a period of 12 months. The policyholders who want to opt out before the expiry date can do so by foregoing a certain percentage of their total premium amount. The exact percentage of recoverable premium amount is mentioned below:

Months Remaining in Policy

Returned Premium Amount

11 Months Left

80%

8 – 11 Months Left

70%

6 – 8 Months Left

50%

2 – 6 Months Left

30%

2 Months Left

0%

Frequently Asked Questions

Question 1- Does Insurance House cover motorcycles as well?

Answer- Yes. Both of the Insurance House car insurance policies – third-party and loss & damage, cover motorcycles.

Question 2- How do I file a claim?

Answer- In the event of an accident, you should first contact the police and remain on the accident scene till they arrive. Once they have made their report, you will need to contact an Insurance House car insurance executive. They will require a copy of the police report, vehicle registration and driver’s license. Be sure to go over your policy documents to confirm you are covered.

The UAE toll-free number for Insurance House is 800-4441.

Question 3- Where are the Insurance House branches located?

Answer- You can apply for Insurance House car insurance at their branches in Dubai, Abu Dhabi and Sharjah. The full list of branches and branch address can be found online.

Question 4- What is car depreciation?

Answer-  Vehicles see a drop in their market value every year, due to wear and tear and the availability of newer models. This is known as car depreciation. Typically, a new car will see a huge drop in value in its first year. This depreciation in the value will also affect the premium of your Insurance House car insurance policy.