Car insurance buyers in the UAE are skipping add-on covers to reduce their premiums, new research from financial comparison site Souqalmal.com revealed on Wednesday.
Just under one in five UAE consumers (18 per cent) who bought policies through Souqalmal opted for the agency repair add-on in 2017 – a feature that allows drivers to have accident repairs carried out by the dealership they bought the car from. This is a significant drop on 2016 when over 42 per cent chose this feature.
Souqalmal founder and chief executive, Ambareen Musa, said a rise in car insurance premiums following the introduction of new car insurance regulations at the start of 2017, coupled with rising concerns about the effects of VAT on the cost of living, had changed how customers shop for car insurance.
“The trend we’re seeing now is that customers are happy to settle for non-agency repair, the cheaper alternative. They are finding it increasingly difficult to justify the additional expense of opting for agency repair,” she said, adding that the increased price-sensitivity towards add-ons may force some consumers to settle for inadequate coverage.
While most insurers in the UAE offer agency repair as a standard benefit for a period of up to three years, car owners can extend this coverage for up to five years as an add-on with an additional premium. Souqalmal said many are now choosing the cheaper alternative of premium garage repair, which still guarantees a reputable service.
Raaed Sheibani of CarSwitch.com, a UAE platform for buying and selling certified used cars, said agency repair beyond the first three years carries quite a hefty premium.
"With all the other costs of car ownership, we hear a lot of our buyers asking to strip out the bells and whistles in insurance and give them a more affordable option," he said. "We don't feel this necessarily means that UAE drivers are under insured, as we have not seen buyers yet veer to further extremes like opting for third-party insurance instead of comprehensive for further discounts."
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Read more:
How to renew your car registration in Abu Dhabi and Dubai
Safe drivers in UAE entitled to no-claims discounts of up to 20%
The expensive bills you can now pay monthly in the UAE
How VAT affects car owners and sellers in the UAE
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Another indication that consumers are taking a more cost-conscious approach is the drop in the demand for personal accident coverage. Only 48 per cent of car insurance buyers on Souqalmal.com selected the personal accident cover for drivers in 2017, compared to 65 per cent in 2016.
This optional feature stretches the car owner’s insurance coverage to include financial compensation if the driver dies or sustains a physical injury in the event of an accident. The maximum compensation under this cover is Dh200,000 for the person insured, across almost all UAE insurers, said Souqalmal.
The research also found that while more customers opted for add-on benefits such as fire and theft cover, roadside assistance, emergency medical expenses and natural calamities cover, fewer wanted to pay for extras such as off-road cover, dent repair, GCC cover and Oman extension.
According to a 2016-2017 analysis of car insurance policies bought through Souqalmal, the average insurance premium for comprehensive plans was around Dh3,000.
Mr Sheibani said buyers are generally more conscious of the rising costs of running a car - from VAT and higher petrol prices to car registration and renewal fees.
“This is influencing purchasing behaviours,” he said. “Buyers are showing rising interest in cars that have better fuel economy, they are negotiating car prices much more aggressively [particularly with the abundant discounts on new cars], they are asking for more options when it comes to financing and comparing interest rates, and are shopping around more aggressively when it comes to insurance."
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Company%20Profile
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COMPANY%20PROFILE
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The%20specs
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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COMPANY%20PROFILE
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Company%20Profile
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Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Confirmed%20bouts%20(more%20to%20be%20added)
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
SPECS
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