Auto renew your car insurance is easy, agree.  BUT, you can make such a saving by shopping around and it has become very very easy to do so.

In fact, changing insurance providers isn’t uncommon at all, as companies are always looking to compete with each other by offering additional benefits and competitive premiums to attract new customers.

So, is changing your car insurance provider financially beneficial or is it wiser to stick with your current provider? Souqalmal shows you the benefits of making the switch here…

When is the best time to renew car insurance?

Most insurance policies last for 13 months in the UAE . But it’s better to renew between 21-30 days before your policy expires.  We have found that this gives you enough time to look at options and time for providers to give you the best quote and value possible.

What should I expect at renewal time?

You will surely get a whole lot of emails or calls from providers, aggregators and brokers to lure you into getting a quote from them.

You don’t have to accept anyone’s offer AND insurance providers do not go on SALE.  So be aware if someone is offering you a deal too good to be true. 

  1. First of all, ask your current provider for your renewal quote.   Ask for exactly what changes from the year before and request the reason behind the new price.  Normally it should have gone down by around 15%.  If not, ask why
  2. When you know your renewal price you can shop around to find the best deal.  Contact the different companies like yallacompare, insurancemarket and policybazaar to get quotes from them
  3. Reach out to providers directly.  Use the Souqalmal platform to find out who you are eligible for and those insurance companies will call you with their quote directly avoiding all middlemen.  
  4. Compare the price, the excess and the coverage to make sure they are all the same
  5. Haggle.  Negotiate.

Why is my car insurance renewal price more expensive?

There may be multiple reasons why your car insurance renewal price is not what you expect – approx 15% lower and these are:

  • You made a claim during the year

  • Your car has changed specs 

  • Your car is not under warranty anymore so agency repair is added to your premium

Again, if your car insurance price is high due to any of these reasons, it’s worth shopping around.  The UAE has plenty of offers to consider.

Read more: The fine prints you need to know on your car insurance policy

Will I save money by staying with the same insurer?

It depends.  In the current market, the competition to acquire customers is very high so you may be in a great place to negotiate and your current provider might accept to throw in additional benefits to keep you.  This is generally true for customers with no claim.

However, price is not everything.  The car insurance policies benefits are changing on a weekly basis so there could be better policies for what you need in the market for you.  It is worth shopping around and talking directly to providers to see what is on offer.

You can save yourself some money by switching to a different policy with the same level of cover. You can transfer your no claims bonus too.

Valuable add-ons

Market competition is pushing insurers to offer better add-on features to attract customers in the UAE. Your new insurance provider may bundle your policy with additional benefits such as windscreen breakdown cover, GCC cover, roadside assistance, courtesy car service, etc. Additionally, you may be able to snap a good add-on deal at a better price than what your current insurer is offering.

Improved customer service

Besides the actual policy and its features, there are a lot of behind-the-scenes factors that may sway insurance buyers. How efficient are the insurance company’s call center representatives? How’s the after-sales support? If the customer service provided by your existing insurance company has left you feeling disappointed, consider making a switch for good and generally do ask around your friends and family about their experience when it comes to their claims.  That is when you see the value of a good insurance provider.

An overall better deal on your car insurance 

Different insurers quote different premiums which are based on several factors. For instance, a company may include additional features within the standard coverage, or they may offer extra perks and discounts on other services with your car insurance purchase. Changing your insurance provider gives you an opportunity to bring down your expenses based on such factors.

[Related: 10 Easy Ways to Cut Back On Your Car Insurance Premium]

Make sure you compare multiple car insurance quotes before you make your purchase.

Go Direct, Go Safe With Souqalmal

Souqalmal now offers you a safe and efficient way of finding an insurance policy for yourself. We connect you directly with multiple insurance providers. We also equip you with everything you need to know and what you need to ask before buying your insurance policy. From making you aware of the most common insurance scams out there, to offering you tips on how to compare your options and get the best price, our team is always in your corner.