According to a study done by the Middle East’s leading online financial comparison portal, compareit4me.com, drivers in the UAE don’t compromise over the quality and opt for best auto insurance. About two-third of the drivers in Emirates choose expensive insurance for their vehicles instead of going with the cheaper options.
The survey was carried out during the months of October and November this year. According to the statistics, about 69.7% of the UAE’s population prefers the best auto insurance for their vehicles. Only 24.2% residents of Emirates admitted they looked for a cheaper option, whereas, 6.1% mentioned the price didn’t matter as long as their car was fully insured.
The figures reflect how much the residents of UAE are concerned about their auto insurance. They don’t mind paying some extra dirhams to make sure their vehicle gets the finest protection.
The CFO at compareit4me.com, Jonathan Rawling says, the past few years have been expensive in terms of best auto insurance, as the car insurance premiums have risen. However, it seems the Arabs have accepted the fact that best auto insurance can be an expensive commodity. So, they’re willing to pay more just to get their car the best protection possible.
This can be an outcome of the emergence of online car insurance comparison portals in Emirates. People are becoming more aware about the benefits of fully comprehensive auto insurance and its cost. They want better protection for their money, so now they do not hesitate to select full coverage. It’s also true in some cases that third-party insurance is more expensive than the comprehensive coverage.
Even if auto insurance is not mandatory by law, 45.5% of UAE’s population would go for the best auto insurance in the market. Around 39.4% respondents said they would still like to get auto insurance, but the inexpensive option. Just 12.1% drivers admitted they would not opt for car insurance if it’s not mandatory.
The survey also took into account how satisfied the people are with their current auto insurance. It came out that 30% of the subjects were satisfied, about 22% were very satisfied, while 12% claimed they couldn’t have got a better deal than this.
54.5% of the respondents revealed they spent normal time buying auto insurance, which means purchasing best auto insurance is no-hassle now.
“How easy is to get a car insurance?” 15% respondents said they didn’t find it hard, another 21.2% admitted getting auto insurance couldn’t be easier, while just a 9.1% of the respondents considered getting car insurance a hard job.
According to Rawling, insurance companies in Emirates need to know that the people are ready to buy expensive auto insurance for high quality services. He further added the survey makes it obvious that the population is satisfied with the insurance policies and services, which is why they are willing to pay more for quality insurance.
Among the top five famous insurance companies in the UAE, Oman Insurance Company comes first with 23.5% of the respondents benefitting from its services. Second position was taken by QIC Insured with 11.8% respondents claiming to have bought their auto insurance. Next on the list is Dubai Insurance with 8.8% share, while Union Insurance and AXA secure the next place on the list with 5.9% share each.