- 74% of the customers buy car insurance online in the UAE
- More than 90% of the consumers review car insurance offers online
A large number of motorists in the UAE prefer to buy car insurance online, according to a survey.
Insurance aggregator Policybazaar.ae has said that 74 percent of the customers buy insurance online in the UAE. The survey covered 10,000 customers in the country and focused on consumer attitudes and behavior towards buying motor insurance.
Buying motor insurance online offers customers a great deal of flexibility as well as convenience to choose from a plethora of options, it said.
Apart from the choice of platform customers preferred for searching insurance plans, the survey also revealed the most preferred mode to review quotes and the medium to make payments while buying motor insurance.
More than 90 percent of respondents were those who preferred reviewing insurance quotes online before making a purchase decision. Additionally, it was also seen that 93 percent of respondents prefer an online mode of payment and only seven percent chose the offline mode of payments while buying motor insurance.
It was witnessed that 68 percent of respondents in the region bought comprehensive motor insurance while only 32 percent bought third-party motor insurance which translates that more people in the region are inclined towards buying comprehensive motor cover. The comprehensive car insurance policy includes third-party liability cover plus the cost of repairs or replacement to your own vehicle, whether you are at fault or not. Apart from that, it also covers damages caused to one’s car due to natural calamities, man-made disasters, and theft.
Nearly 68 percent of the surveyed respondents consider the claim settlement ratio as the biggest pull for them to choose a motor insurance provider, followed by other factors like the reputation of the insurer, add-on covers provided, and lastly, the policy premium. This translates that 68 percent of the customers, review policy features and benefits as major deciding factors instead of choosing lower premium plans before opting for their motor insurance provider.
The survey data also showed that 67 percent of respondents have not made a motor insurance claim for quite a few years in the region which interprets that NCB (No claim bonus) is high in the region, meaning more discounts are given to the policyholder for making no claims in the preceding years, by the insurance providers, concluded the insurance aggregator.