Anticipated Surge in Motor Insurance Premiums as Insurers Navigate Financial Challenges
Dubai, United Arab Emirates
Recent weather patterns in the UAE have underscored a critical gap in many car insurance policies, leaving drivers vulnerable to unforeseen risks and significant financial losses. Policybazaar.ae, a leading insurance marketplace in the UAE, requests residents to safeguard themselves with the right insurance policy.
While it may take time for insurers to assess the full situation, such events underscore the urgent need for car owners to reassess their insurance coverage and ensure they are adequately protected against water damage from increasing frequency of rains and localised floods – the need for comprehensive car insurance has never been more urgent. While third-party liability insurance may seem cost-effective, it offers little to no protection against the very real threats posed by water damage.
According to Neeraj Gupta, CEO, Policybazaar.ae, “As a responsible insurance marketplace, we urge all UAE residents to prioritise their safety and financial security by investing in the right and comprehensive car insurance. Don’t wait until an event such as this to happen – we request car owners to ensure they are adequately protected against unforeseen challenges.”
Gupta added that comprehensive car insurance acts as a vital financial shield against a wide range of perils, including water damage caused by heavy rain, floods, or burst water pipes. In today’s climate, where extreme weather events are becoming increasingly common, comprehensive coverage is not just a luxury but a necessity.
Unlike third-party liability insurance, comprehensive policies offer coverage for natural disasters such as hailstorm damage or damage caused by falling objects during a storm. This comprehensive coverage provides peace of mind in the face of unpredictable weather events.
Furthermore, following recent data, the company has requested drivers not to let expired policies leave them stranded. Expired car insurance leaves individuals completely vulnerable in the event of an accident or damage, emphasising the importance of maintaining up-to-date coverage.
