By Staff writer
Souqalmal.com has a list of tips to follow and traps to avoid when it comes to seeking car insurance
Fraudulent agents collecting cash payments, policies being miss-sold, cheap quotes offered by forging driver details – unfortunately these are all everyday scams hitting those looking for car insurance in the UAE.
Price comparison website Souqalmal.com has a list of dos and don'ts when it comes to making sure your car insurance in the UAE isn't a scam.
DIY: Do it yourself
The best solution is to not allow any individual to represent you unless they are a regulated broker/aggregator or insurance company.
Always ask for the policy document to be sent to you directly from the broker/insurance provider and insist that the price and car value is mentioned.
Avoid cash payment and always ask for an official receipt from a regulated company.
Do your own research and represent yourself when purchasing a policy.
According to Souqalmal.com founder and CEO, Ambareen Musa: “If it’s too good to be true, it probably is. Often when you shop around for car insurance, and are quoted different premiums for the same policy, the culprit can very well be your car value. An agent may be able to offer you a much cheaper quote by simply decreasing your car value. This would have serious financial implications in case your damaged car was to be declared a total loss by the insurer.”
When it comes to dealing with independent insurance agents, you can’t be too careful. “And that’s exactly why it’s better to be safe than sorry. Opting to deal with regulated brokers, aggregators and insurance providers is one way you can avoid being scammed. And no matter who you talk to always ask for a receipt of payment from the regulated entity the policy is being issued from.” said Musa.
She added: “As a car insurance buyer, you must exercise caution when receiving quotes, paying for a policy, and reviewing your policy documents.
“Instead of paying cash to an agent, you should pay the broker, aggregator or insurance provider directly and try to do so by bank transfer or credit card where there is a proof of payment.
“Insist on having the policy sent directly to your email address so a third-party agent cannot tamper with the details.
“You must also verify the authenticity of your insurance documents, and check the fine print to ensure that the car value hasn’t been altered without your knowledge.
“Basically do not trust any individual who is trying to sell you insurance via cash payment.”