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As a result of this, the number of car insurers in the market has exponentially increased in the past few years. A boon for car owners, the competing insurance companies offer them the opportunity to enjoy lower rates and better coverage. But on the flip side, certain luxury cars still come with bulky premium rates. This compels car owners to cut out some of the important add-on covers to afford the hefty premiums, putting themselves at higher risk at the time of any casualty.
It is important to understand that even the best car insurance in UAE needs additional covers that reduce the risk on drivers. No motor insurance is complete without some of these add-ons that cover additional risks that are not included in standard car insurance policies.
Some of these additional covers that are essential for the best car insurance in UAE are:
Out of these add-ons, the replacement vehicle cover has emerged as one of the most popular add-ons to car insurance in the United Arab Emirates. Over half the car insurance policyholders chose to buy the replacement car cover costing approximately AED 174, along with their standard insurance in the past few years. The second most popular add-on was the personal accident cover, bought at an average cost of AED 120 by around twenty-seven percent of car insurance buyers. The other twenty percent of the buyers chose the breakdown cover for AED 47.
There are two types of car insurance policies available in the market- a comprehensive insurance policy and a third-party liability cover. While a third-party liability policy is mandatory, that is, one must buy this cover in order to be able to legally drive on the roads in the UAE, it only covers third-party liability.
On the other hand, the comprehensive policy covers not only the owner of the car and the car itself but also the third-party. It is advised to get add on covers alongside your comprehensive plan to enhance your insurance, making it the best car insurance in UAE. One such additional coverage is the replacement car cover.
Though a comprehensive plan offers minimum coverage that necessitates a replacement car for those who were not at fault during an accident, after the new car insurance rules introduced by the Insurance Authority of UAE in 2017, the replacement vehicle add-on chosen by the buyers of best car insurance in UAE, however, provides replacement of the car to the owners regardless of whether the accident was their fault or not.
As a result, most of the best car insurance in UAE are sold along with this add-on, making it mandatory for the insurance company to give you the compensation regardless of who was at fault. Buying the replacement vehicle add-on makes sure that your insurance provider offers you the alternative of getting a replacement car in the misfortune event of getting in an accident irrespective of the circumstances that caused the accident.
This additional car cover acts as a courtesy car insurance device. The most important advantage of this additional cover is that it offers protection against those risks that are not covered by a standard comprehensive plan. For instance, if your car is damaged beyond repairs, or if it gets stolen, your insurance provider will provide a replacement car. This will enable you to enjoy the privileges of driving due to the replacement add-on.
The replacement vehicle cover can be bought online once you have thoroughly compared the quotes from different insurance companies, allowing you to make a choice regarding the best car insurance in UAE.
Here is a list of some other benefits of the replacement car add-on cover-
We recommend that policy buyers make sure to check the terms and conditions of the replacement car insurance add-on as the different features provided by this additional cover may differ depending on your car insurance provider.
It is extremely important to go through the inclusions and exclusions of any insurance policy or additional cover you choose to buy so as to avoid any shock later when crisis hits. Here are the exclusions of the replacement car add-on:
Let us look at the certain conditions that make buying a replacement car add-on necessary:
The Bottom Line
Buying an additional cover apart from your car insurance is not an unnecessary expense. These covers help enhancing your base cover, offering you tighter coverage and greater protection. Choose an additional cover based on your requirements after carefully evaluating the pros and cons of each to avoid making any mistakes. Drive towards your dreams with fewer worries and greater peace of mind!