Policybazaar.ae survey reveals 74% customers buy Motor Insurance Online
UAE residents consider claim settlement ratio as the biggest pull for them to choose their motor insurance provider.
UAE – July 6, 2021: Policybazaar UAE, a preferred online insurance aggregator conducted a survey uncovering the consumer attitudes and behavior towards buying motor insurance. The survey covered more than 10,000 participating from the region to help Policybazaae.ae undertake a comprehensive analysis of the motor insurance industry in UAE. The overall survey findings revealed that 74% of people preferred buying motor insurance online. Buying motor insurance online offers customers a great deal of flexibility as well as convenience to choose from plethora of options.
According to the UAE RTA law, it is mandatory for all vehicle owners to get motor insurance cover. The survey deep dived into understanding customers’ preferences on various parameters. Apart from the choice of platform they 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. 96% respondents were those who preferred reviewing insurance quotes online before making a purchase decision.Additionally, it was also seen that 93% respondents prefer online mode of payment and only 7% chose offline mode of payments while buying motor insurance.
When one compares motor insurance between providers, customers can find different features and benefits that can be availed. Policy seekers can pick the best add-ons like zero depreciation, 24×7 roadside assistance, agency repair or replacement car benefit as desired by them. Comparing polices online can help one choose a specific policy that offers the best value for their money after knowing all the inclusions and exclusions.
Interestingly, it was witnessed that 68% of respondents in the region bought Comprehensive motor insurance while only 32% 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 TPL 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% of the surveyed respondents consider claim settlement ratio as the biggest pull for them to choose a motor insurance provider, followed by other factors like reputation of the insurer, add-on covers provided, and lastly, the policy premium. This translates that 68% 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. Interestingly, the survey data also showed that 67% 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.
Neeraj Gupta, CEO Policybazaar UAE said, “The consumer awareness and buying behavior trends w.r.t the motor insurance survey conducted indicates that consumers in the region don’t leave their precious four-wheeler vulnerable to risks. While they are entitled to the ease of buying/renewing and comparing the policies at a few clicks, these factors act as a paramount support for them to shield their vehicle against any uncertainty.”
He added, having the right motor insurance is part of road safety, as everyone in UAE must protect themselves, their vehicle, and any third party by possessing the right level of cover. In case one happens to witness an unfortunate victim of car theft, or damage due to natural calamity, their car insurance ensures they do not have to suffer any financial loss.
Policybazaar.ae started in 2018 is Policybazaar Group’s first overseas venture and is an online financial products marketplace aimed to educate people on the importance of insurance as a protection tool and becoming a platform for consumers’ personal finance needs in the UAE market. Policybazaar.ae currently partners with more than 35+ insurance and banking partners with 400+ products on offer ranging from new-age life insurance, health insurance, motor insurance, personal loans, car loans, home loans to credit cards, and more. The purpose is to educate more and more people on insurance products.