We are glad to update you with the recent changes to motor insurance approved by the insurance authority.
“Approving the new system represents a paradigm shift in the development of the organizational foundations and technical regulations of the UAE’s insurance market and vehicle insurance sector,” Al Mansouri said.
New Law brings more clarity into motor insurance sector with two separate insurance policies as follows
According to the new system, vehicle insurance has been categorized as per the insurance type through two separate documents.
The first is compulsory and related to third party liability in compliance with the traffic laws. The second is related to loss or written-off vehicles. It is an optional policy for motorists who want to insure their vehicle instead of getting comprehensive insurance in one policy document covering the two types of insurance.
The new system aims to achieve the highest standards of transparency in line with the demands of the local market and national economy, the authority said.
For any clarifications on the new insurance policies please contact our motor underwriting team.