Policybazaar and Islamic Arab Insurance Company (SALAMA), have teamed up to launch an online comprehensive insurance plan for non-GCC specification cars.
The strategic alliance between the two will offer a fast and convenient comprehensive motor insurance for imported cars with a wide range of benefits.
Insuring non-GCC spec cars used to pose a greater risk to auto insurers because they were not designed for Gulf conditions.
The only available option was to purchase third-party liability insurance, which resulted in long waiting periods to obtain a quote.
With the exclusive launch of this product only on Policybazaar.ae, buyers of imported cars can now get an instant quote and drive their luxury cars hassle-free, the company said in a statement.
With a minimum premium starting from AED 910 for a sedan and AED 1400 for an SUV/coupe/pickup, (exclusive of VAT) owners and buyers can now get comprehensive car insurance coverage.
This insurance coverage includes a variety of additional benefits such as free roadside assistance, claims settlement by a reliable Takaful insurer, garage repairs and rental car insurance.
Neeraj Gupta, CEO, Policybazaar said, “Customers in the region can now get an instant quote for fully comprehensive insurance for their non-GCC-spec vehicles at policybazaar.”
According to Gupta, non-GCC vehicles do not have the same specs in terms of engine cooling/radiator, air conditioning /rust protection and are most likely to have problems in the UAE climate. Therefore, purchasing comprehensive insurance protects the vehicle owner from financial losses caused by accidental/mechanical damage to the insured vehicle.
Gupta said around 10 percent of searches on Policybazaar are about cars with non GCC specs.
“We are thankful to SALAMA for being able to build this product and bring it to launch quickly with us,” he added.
For reinsurance, Munich Re, the leading global provider of reinsurance, would help non GCC spec car owners renew their comprehensive car insurance. ”
Fahim Al Shehhi, CEO, SALAMA said, “Partnering with Policybazaar is in line with our commitment to provide a seamless and fast online insurance experience for all our customers, especially for owners of non-GCC specs vehicles who have not had the access to comprehensive auto insurance coverage in the past.”
“This is a great example of how we are working together to solve an existing challenge and ensure that reliable Takaful solutions are accessible to all consumers.”
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