Investing in an excellent car is essential, but making sure that the investment is secure is a decision to make. That is where auto insurance or car insurance comes in. Auto insurance or car insurance is a contract between the insured and the insuring company that the company in cases like car damage, theft, and accidents would cover you financially, as stated in the policy. Having car insurance is essential for unforeseen events.
Why do we need car insurance?
- Personal protection: The reason why one should purchase car insurance is for the sake of personal safety. In case of an accident, the company would cover your medical bills.
- Vehicle protection: Purchasing car insurance will help you cover for repairs and replacements when your car gets damaged in an accident or due to some other reasons.
- Passenger protection: Having car insurance is not only for personal and vehicle protection but also for the protection of the passengers involved in the car accident. Insurance helps in covering medical bills.
- Financial protection: In case of an accident, the cost associated with it can be a burden such as the legal fee, hospital bills, repairing charges, and property damage. Having insurance can relieve the burden and makes it easier to cover it all.
At times when you are buying a car from a bank or a dealer, the seller at times offers you an insurance policy, but is it wise to purchase it instantly? It’s advised to look for a good insurance company when it comes to choosing a policy. One rarely gets a customized insurance policy with a desired premium rate.
Type of Car Insurance:
- Third-Party Insurance: This type of Insurance policy covers the damage caused to the second party involved in the accident. This is cheaper than the comprehensive car insurance, and as per this policy, it does not cover for the damages to your car.
- Comprehensive car insurance: This type of car insurance is expensive as it covers for the damages due to fire or theft, and this also covers third party liability if you are involved in a car accident.
Top 10 Car Insurance Companies in the UAE
- Adamjee Insurance Company Limited
- Watania Insurance Company
- Oriental Insurance Company
- SALAMA Islamic Arab Insurance Company
- Union Insurance
- Dubai Insurance Company
- AXA Insurance
- Abu Dhabi National Insurance Company
- Emirates Insurance Company
- Earnest Insurance LLC
Finding a car insurance policy in UAE isn’t that difficult with all the best insurance companies located in the region. Now we shall discuss the top car insurance companies with their benefits.
1. Adamjee Insurance Company Limited
It is one of the largest publicly listed global insurance companies. Adamjee offers a variety of insurances like agricultural insurance, motor insurance, travel insurance, marine insurance, etc. The motor or car insurance offered by Adamjee offers a variety of benefits and coverage for the insured party.
Adamjee’s comprehensive auto insurance offers maximum compensation for theft, accidental damage, and third-party liability, providing benefits, innovative features, and hassle-free post-insurance processing. The main range of cover is as follows.
Claim process
• To report a complaint, contact the Auto Insurance Department-Adamjee Insurance Company Limited by email/fax/ letter or phone as soon as possible.
• The insured shall also report the event to local law enforcement, as well.
2. Watania Insurance Company
Watania is an initiative started by Abu Dhabi National Islamic Finance, Abu Dhabi National Insurance Company, Abu Dhabi National Energy Company. It is one of the leading Takaful Company in the United Arab Emirates, which caters to the demand for the Sharia-compliant product.
It offers two types of retail and commercial Takaful.
Retail Takaful: The retail Takaful includes, home Takaful, medical Takaful, personal Takaful, and Motor Takaful.
Commercial Takaful: The commercial Takaful includes marine Takaful, General Accident Takaful, property Takaful, etc.
The car insurance offered by Watania is a convenient and straightforward process. Watania offers two types of car insurance that fulfill the requirements and are budget-friendly.
- Comprehensive Car Insurance: In this policy, they offer coverage for the vehicle and its components, which may get damaged due to an accident, moreover they provide financial coverage for the third party, which may suffer a loss due to you or the driver of your car.
- Third-Party: Third-party Takaful protects you from liability to third-party, even for damage to vehicles, property, or personal injury/death.
3. Oriental Insurance Company
Established in 1960, Oriental Insurance Company Dubai operates through its head agency Arab Insurance Works. The company has been in the region for over 6 decades. Oriental Insurance Company offers two types of insurance;
- Individual: In this category, they offer motor, household, and personal accident insurance.
- Corporate: In this category, they offer motor, marine, health, property engineering, liability insurance, etc.
In their car insurance, they offer comprehensive car insurance and third-party liability. They cover for losses due to accidents, death/ injury, financial protection to the owner, and the vehicle. They provide towing assistance, the assistance of lockout service, refueling service, and car renting service as well.
4. SALAMA Islamic Arab Insurance Company
It’s a Takaful Insurance company in Dubai, UAE. The insurance company serves individual and corporate customers through a widespread global network. SALAMA offers solutions to customers in UAE, Saudi Arabia, Egypt, Senegal, Algeria, and Jordan, along with its subsidiaries and affiliates, further expanding the geographical coverage of all GCC states, Southeast Asia, and the Far East.
Salama has categorized its Takaful in categories like Auto Takaful, Family Takaful, Health Takaful, and General Takaful.
The company provides comprehensive car insurance in case of loss or damage to the car, its accessories caused by any of the following reasons;
- Due to theft or burglary
- Due to accident or any mechanical breakdown
- Due to fire, hail storm, self-ignition, etc.
It also covers third-party liability in which the insurance company pays for the damages done by the insured party car to the third party, but it has its limitations.
5. Union Insurance
Established in 1998, Union Insurance is listed on the Abu Dhabi Stock Exchange, authorized by the UAE Insurance Authority and is headquartered in Dubai. Union Insurance offers comprehensive retail and commercial insurance products to clients in the UAE and the Middle East. With Union Insurance, one can expect hassle-free commute from agents and garage networks with discounted exchanges, roadside restoration, airport pick up and drop service, concierge service, and quick repair service. They offered several offers, such as changing locks, damaged windshields, and parking theft. Apart from all this, one can also use a high-value personal accident policy that targets not only the insured person but also the passengers.
It offers insurance policies for corporations and individuals.
The car insurance offered by Union Insurance Company offers the following benefits:
- Superior Auto Assist: In this, the company offers roadside recovery, concierge services, and airport pickup and drop services.
- Free medical emergency expenses personal belongings coverage and other things like locks replacement, windshield damage, etc.
- Personal accident coverage up to AED 1 million.
- Replacement vehicle for a hassle-free commute.
- High-quality garages and agencies for repairs.
- Option to choose from a variety of host options to make the policy fit as per the needs of the customer.
The claim process is easy and convenient in which the customer has to go on to their website and submit the claim documents.
6. Dubai Insurance Company
Dubai Insurance Company is the first local insurance company established in Dubai. The company was established in 1970. Dubai Insurance remains among the top performers in terms of underwriting profitability. Dubai Insurance has major international reinsurers as partners to provide solutions for all traditional and non-traditional risk management needs. Dubai Insurance covers all types of insurance, backed by global reinsurance leaders such as SCOR in France, Hannover Reinsurance, and CCR in Germany and Partner Reinsurance.
DIC offers car insurance for personally owned vehicles. Dubai Insurance offers comprehensive coverage of car insurance to protect personally owned vehicles from loss or damage from car accidents. DIC also provides policyholder compensation for legal costs to third parties for injuries and property damage from using insurance vehicles.
The car insurance policy protects policyholders from damage or loss of an insured vehicle under the following circumstances:
- Accidental collision
- Capsize
- External explosion, self-ignition
- Theft
- Malicious behavior.
The insurance covers for third party losses as well.
7. AXA Insurance
AXA Insurance is one of the leading names in auto companies in Dubai. AXA Dubai offers a wide variety of items and management to help clients live a better life. AXA offers support and recommendations so that customers can find protection that best suits them and their business needs.
AXA offers the following products:
- Car insurance
- Home insurance
- Landlords insurance
- Business Insurance
- Health Insurance
- Van insurance
The features of the car insurance offered by AXA are:
- Repair car
- Coverage for uninsured driver
- Lifetime repair guarantee
- Foreign use
- Lifetime guarantee on car repairs and much more.
8. Abu Dhabi National Insurance Company
ADNIC is a leading multi-line protection supplier with an extensive branch system. Besides, trading and management are focused nationwide. With a devoted group of over 400 protection professionals, ADNIC focuses on arranging complete protection and providing comfort to customers.
The company’s car insurance is categorized in standard, gold, and platinum. In which the company offers different benefits for each category.
· Standard
In this, the customer gets In-house repair for 1 year, External engine repair for 8 years, Third-party liability damage for up to 2,000,000 AED, Off-road assistance and Car replacement benefits
Gold
In this, the customer gets inside agency repair for 2 years, Outside Agency Repair for 8 years, Third Party Liability Property Damages for up to AED 3,500,000, Off-Road Assistance, Car replacement benefit, and natural perils cover.
Platinum
In this, the customer gets inside Agency Repair for 3 years, Outside Agency Repair for 8 years, Third Party Liability Property Damages for up to AED 5,000,000, Off-Road Assistance, Car replacement benefit, and natural perils cover.
9. Emirates Insurance Company
Established in 1982 by Sheikh Zayed bin Sultan Al Nahyan by law no.6 is one of the leading insurance companies in UAE. It started with a small number of employees and is now known as the best insurance company in the entire Gulf Cooperation Council region. The company offers the best premiums and is the 4th largest insurance company as per gross written premium.
Comprehensive policy:
This provides compensation for accidental damage to insurance vehicles and third party vehicles or property, injury to third parties, and liability of policyholders to vehicle passengers. Agency repair is provided according to the requirements.
Third-party liability
This covers accidental damage to third party vehicles, third party injuries, liability for property damage, and warranty for policyholder car passengers.
Motor fleet policy
It is the annual coverage of all vehicles owned by the insured under a single policy. Vehicles can be added and deleted at any time during the policy period.
10. Earnest Insurance LLC
Established in 2004, Earnest Insurance is among the top 15 leading insurance companies in UAE. The company provides a wide range of insurance services and products.
A third-party policy is a minimum requirement. However, because vehicle protection is essential, comprehensive vehicle insurance is the recommended option.
Comprehensive vehicle insurance combines both
- Damage to the vehicle (self-damage)
- Liability to third parties for property damage (e.g., vehicle damage to other vehicles involved, or damage to private or government property) and liability to third parties for personal injury.
Apart from this, they offer their customers to choose from a full option of other benefits to fulfill their needs.