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UAE drivers paying 15% more for insurance in 2017
Dubai - Owners of SUVs valued at under Dh50,000 are now paying an average of Dh618 more for their fully comprehensive policies compared to 2016.
The increase comes as a result of new tariffs from the UAE Insurance Authority that were introduced on January 1, 2017. The new tariff system sees UAE insurers adopt minimum comprehensive insurance premiums of Dh1,300 for saloon cars and Dh2,000 for SUVs.
In December, a compareit4me report predicted that the new tariffs would leave 35 per cent of UAE drivers worse off. However, by analysing data from policies sold in January and February 2017, compareit4me can reveal that all drivers are now paying more for their fully comprehensive policies.
"Our research shows that SUV drivers are paying anywhere between 2.33% and 40.59% more - depending on the value of the car - for their fully comprehensive policies in 2017 than they were in 2016. For saloon drivers, again depending on the value of the car, the increase ranges from 4.6% to 19.34%," explained Radhika Agnihotri, Insight Analyst at compareit4me.com.
"Certainly, the worst hit are drivers of SUVs valued at Dh50,000 or under. Comprehensive policies for these cars are now 40.59% more expensive, on average, than they were in 2016. By way of comparison, drivers of saloon cars of the same value are paying an average of just 9.53% more for their fully comprehensive policies than they were in 2016."
In dirham terms, this means that owners of SUVs valued at under Dh50,000 are now paying an average of Dh618 more for their fully comprehensive policies compared to 2016. That's in contrast with the Dh131 more that owners of sub-Dh50,000 saloons are paying this year.
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