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M.S.Madhumitha
M.S.Madhumitha

Ranjith

Results of the past two years, which has eroded the capital of some insurers as well, said Mr Mustafa Vazayil, Managing Director of Gargash Insurance Services.


New advanced regulatory system to strengthen motor insurance in UAE
The UAE Insurance Authority (IA) has approved resolutions amending the provisions relating to the Motor Vehicle Insurance Price Definition System and the Unified Motor Vehicle Insurance Document System. The new amendments have been approved on the basis of studies conducted by the Authority on the impact of adopting both systems in the local market in 2017. The move is aimed at strengthening the motor insurance in the UAE. A statement issued after the resolutions were passed mentions that it aims to protect the rights of both the insurance policyholders as well as insurance companies from future risk. This will contribute to the development of the required technical framework and laws, to ...

Agency and non-agency repairs
One of the few points you should bear in mind while buying a motor insurance policy to avoid disputes in the event of a claim is to check whether the vehicle would be repaired in the Agency or will undergo repairs in one of the panel workshops of the Insurance Company, also known as Non-Agency Repairs. Agency Repairs: If you opt for agency repairs, you can get your damaged car repaired at a car dealership from where you bought your car. An insurance policy with ‘agency repair’ guarantees that the insurance company will have your car repaired at the manufacturer’s official dealer, importer or agency. Agency repairs guarantee quality service by ...

Deductible in motor insurance policy
Insurance policy documents are usually laden with confusing technical jargons and clauses for laymen. In Motor insurance policy document, you will come across a condition “deductible” or “excess”. In some policy documents, it is mentioned under Special Conditions saying: “The Insured or his representative shall bear AED --- out of the indemnity due in accordance with the terms and conditions.” A car deductible is an amount of money a customer has to pay in the event his vehicle meets with an accident due to his ‘own fault’ or an ‘unknown fault’ where recovery is not possible. Thus, it is part of the claim which is paid by the policyholder before ...

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