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What is Car Insurance Renewal?

Car insurance provides protection to car owners against accidents, theft, disasters, and third-party liabilities. The policy is valid for 12 months. Car insurance renewal is the process that starts a new term for the policy after its expiry. It ensures continued protection for car owners against possible losses & liabilities.
savings on car insurance plan

What are the Benefits of Renewing Car Insurance Policy Online?

Car insurance renewal online offers several advantages to policyholders. The details of the same are given below.

Continuous Coverage

Every car insurance policy has a fixed validity period. Unless it is renewed on expiry, the insurer is not liable to provide coverage for any loss, damage, or third-party liability arising from your car outside the police period.

Meet Legal Requirements

It is mandatory under the UAE RTA laws for car owners to possess a valid car insurance policy. Driving on roads without third-party insurance coverage for your car is illegal.

Financial Protection

A comprehensive car insurance policy covers the financial loss due to theft or damage suffered by your car in an accident/disaster. It also covers any injury or damage caused to third parties using the car.

Hassle-Free Procedure

Your car is not subject to a detailed inspection if you renew the policy on time every year. It makes vehicle insurance renewal completely seamless and hassle-free. But the insurer may demand a thorough examination of your vehicle if you renew the policy after a gap.

Preserve the No-Claim Bonus

Most insurers offer a discount on renewal premiums or a no-claim bonus (NCB) for every claim-free year. You lose these benefits if you do not renew the policy on time (not applicable to minimum premium cases).

Prevents Hike in Premiums

The insurance company typically hikes the premium if there is any own fault claims or market pricing changes in your car insurance. You also lose the benefits of accumulated NCB if you do not renew the policy on time. These factors can lead to a significant increase in the premium payable.

What is Covered Under Car Insurance Policy?

Most car insurance policies in the UAE offer the following services to the policyholders.

What is Not Covered Under Car Insurance Policy?

Car insurance coverage benefits will not be provided in the following situations.

Things to Consider While Renewing the Car Insurance Policy Online

It is essential to consider the following factors before you opt for your car insurance policy renewal.

Third-Party Insurance vs Comprehensive Insurance

As per UAE laws, purchasing third-party insurance is mandatory. It is low-cost but offers protection only against third-party liabilities. A comprehensive car insurance policy covers you from third-party liabilities and also covers personal losses. Though the premium is a little higher than the third-party car insurance plan, it provides comprehensive protection for the car owner and the third party who suffers a loss.

Take the Benefit of Add-On Covers

It is possible to enhance coverage and customize the policy to your requirements by buying various add-on covers. A personal accident cover protects the driver and the passengers if the car encounters an accident. An off-road cover is ideal if you engage a lot in off-road activities. A natural calamity cover protects against natural disasters.

Check If You are Eligible for NCB

Most insurers offer a no-claim bonus (NCB) every year you do not file a claim. This benefit gets accumulated with every claim-free year. It can be used to discount premiums when renewing the policy.

Consider Switching Car Insurance

You can always switch car insurance if you get a better deal. You may find a plan that meets all your requirements and offers better rates. Better service quality is another reason policyholders decide to shift to another insurer.

Types of Car Insurance Plans

The car insurance policies available in the UAE can be broadly categorized into two types:
third party car Insurance

Third-Party Liability Car Insurance

It is mandatory for car owners in the UAE to purchase third-party insurance. It compensates the policyholders for any damage or injury to third-party properties or lives caused by the insured vehicle. This policy does not cover the personal losses of the policyholder. It is the cheapest form of car insurance available.

comprehensive car Insurance

Comprehensive Car Insurance

This policy covers both third-party liabilities and personal losses. Any injury, loss, or damage to a third party will be compensated. Personal losses suffered by car owners due to theft, accident, or disasters are also covered by this policy. Comprehensive car insurance plans are more expensive than third-party covers.

Tips to Renew the Car Insurance Plan

The following tips are helpful for you to get the best car insurance renewal plan.

Always Renew the Policy On Time

Please ensure you renew the policy before it expires to benefit from continued coverage. You may incur hefty fines and huge losses if your car is not insured. Timely renewal also gives the benefit of NCB or discounts on premiums.

Know What Your Current Policy Offers

Check whether the existing policy suits your needs. You may need a more comprehensive plan or some add-on covers. Ensure you get the no-claim bonus if you have not made any claim in the past year.

Check Other Plans in the Market

You can decide to change car insurance if you get a better deal. You can use an insurance web aggregator to compare several plans. Talk to a professional insurance advisor if you need support & guidance.

Renewing the Current Policy

If you continue with the existing insurer, visit the company’s official website and complete the transaction. Do not let the policy lapse by delaying the renewal process beyond the expiry date.

Switching to a New Insurance Provider

Other insurers may offer more comprehensive plans at better rates. Choose a suitable plan that meets your needs and fits your budget. Provide complete information about your vehicle to the new insurance company. Due to insurance portability, your accumulated NCB on the old policy shall be carried over to the new one during the expired car insurance renewal online.

How to Switch the Car Insurance Company?

Insurance experts opine that switching car insurance every 2-3 years is a good practice. The following steps can help you make a successful shift:

Check out the different plans available in the market. Compare their features, benefits, and pricing on an insurance aggregator. Select the most suitable plan from this list.

Select the plan that offers maximum benefits at a reasonable price. Contact the company’s executives if you cannot find the pricing details online. Obtain the car insurance renewal quotes.

Do not compromise on quality for the price. Gather all information about the new insurance company. Know about its track record, claims settlement, and quality of customer service. Choose a company with a good reputation and strong financials.

Notify the current insurance company about your decision to switch to another insurer. Once you receive the cancellation notice, you must confirm it by sending another notice. It ensures that the old policy is not automatically renewed on expiry.

Why Should You Switch Car Insurance Companies?

Insurers typically update their policies and rates regularly. It is always possible to find better deals in the marketplace. Some important reasons why you should switch car insurance companies are as follows:

Better Rates

Compare the premium of your current policy with other similar plans. You must switch if it does not offer value, and you can find a better plan at the same or lower price. It can lead to significant savings in the long run.

Better Features

Other insurers may offer better features that suit your requirements. A hassle-free claims management procedure with high claims settlement numbers is a strong reason for policyholders to switch.

Better Customer Service

If you are not happy with the quality of service your current insurer delivers, you can shift to another company with an excellent reputation for customer satisfaction. Check the reviews online from trusted sources.

Frequently Asked Questions on Car Insurance Renewal

Yes. You can easily cancel the current policy at any time if you are unhappy with it or find a better plan with another insurer. But the insurer may charge a penalty for early cancellation of the policy i.e. before the due date for renewal

No. You can only have one insurance policy for one car at any point in time. But you are free to choose different add-on covers under this single policy.

No. Transferring the car insurance when you sell the vehicle is impossible. You must cancel the policy, and the buyer must get a new one.

It is illegal to drive a car without valid insurance in the UAE. You may face stiff penalties for driving an uninsured vehicle. You cannot get the benefits of insurance coverage for accidents if the policy is not in force. Further, if you do not renew your car insurance on time and it expires, you end up losing the benefits of the accrued no-claim bonus (NCB).

Disclaimer: The motor insurance policy or plan may have limitations, exclusions, and other terms and conditions that may affect coverage. It is important to carefully review the policy wording before making any decision.