UAE residents buying Car Insurance through Souqalmal.com’s online platform will now have the option to skip their annual premium payment in favor of affordable Monthly Installments.
The Insurance aggregator has launched the installment payment option for those who would like to spread their Car Insurance payments. Customers will now be able to convert their yearly premium into Monthly Installments on their Credit Cards.
The installment payment option is set to bring some financial relief to UAE residents who are already concerned about rising living costs after the introduction of VAT earlier this year and wanting to manage their cash flow.
Souqalmal Founder & CEO, Ambareen Musa says, “We constantly try to adapt our product offering in response to customer sentiment. The installment option is just one of the many adaptations we have made after gauging multiple customer reviews. One of the pillars behind our latest Series B funding of USD 10M is to focus on and improve our product extensively to adapt to customer needs.”
“We recently conducted a UAE wide survey about payment preferences and 56 percent of the respondents said that given the option, they would prefer to pay for their Car Insurance on a monthly basis instead of the one-off yearly payment. Clearly, the demand exists.”
According to a 2016-2017 analysis of Car Insurance policies bought through Souqalmal.com, the average Insurance premium for comprehensive plans was around AED 3,000.
Musa notes, “This one-time expense can be quite heavy on the pockets of expats, especially those falling within the low to a middle-income segment. We hope the Monthly Installment option will offer customers greater financial flexibility and make it easier for them to incorporate Car Insurance payments into their monthly budgets.”
The alternative to extend Car Insurance payments over the policy tenure, will also allow car owners to upgrade their coverage without worrying about putting down a lump sum Insurance premium.
Musa adds, “The installment option will be especially useful for those who were forced to cut back on their Insurance benefits due to lack of affordability. For example, if you were considering buying a TPL Policy due to budget constraints, you can now upgrade to a Comprehensive Policy and spread your Insurance payments over the whole term.”
“This new payment alternative will also work in favor of cost-conscious customers who forego policy add-ons that could really benefit them. By paying in installments, you can now select the add-ons you really need and enjoy a truly comprehensive insurance coverage.”
The installment option is now live on Souqalmal.com and users can opt for it at the checkout stage.
Souqalmal.com offers a convenient and transparent platform where UAE residents can Compare and Buy Their Car Insurance Online from over 15 UAE insurance providers. The site allows users to generate multiple real-time Insurance quotes in under 60 seconds. To provide further support, Souqalmal also offers customers access to a call center that operates 7 days a week.