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Car Insurance Health Insurance Travel Insurance

2 things you should avoid doing when buying insurance

When buying insurance, from covering your car to covering yourself abroad, it’s very important that we take the time to truly look into what we are purchasing. Many of us get into the habit of just trying to get it over and done with, especially when getting insurance is something we absolutely have to do.

However, insurance isn’t just something that we buy for peace of mind or because we have to. No, it’s something that we, unfortunately, might have to make a claim on and it’s vital that we choose correctly should that unwanted circumstance arrive.

So here are two things we should avoid doing when buying insurance:

1. Always going for the cheapest option

While this is very tempting, it can seriously backfire when making a claim. Many insurance companies offer similar cover at a fraction of the price to others and when this is the case, it’s only natural to go for the cheaper choice.

However, sometimes policies are much cheaper for a reason and it’s usually because they have a lot less to offer you. While going for the cheapest option may feel great when paying, if you do need to make a claim the chances are it’s going to cost you much more if you opted for a policy with a lot less cover.

2. Sticking to the same provider

Top 10 cheapest car insurance companies often give incentives to customers so that they renew any type of insurance cover with them rather than a competitor. This, coupled with the ease of renewing rather than switching, means that many of us choose to stay with the same provider when we could be much better off elsewhere.

From better cover to slightly cheaper rates, another company could offer you everything you’ve previously had and more. While it may be a hassle to set yourself up with a completely new company, this shouldn’t outweigh the potential benefits of doing so.

Buying insurance isn’t the most exciting thing in the world but in many cases, it is necessary and it’s because of this that we should take the time to really look into what it is we are buying. Avoiding the top two points can be a great start.

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Travel Insurance

Where can you buy travel insurance?

Travel insurance is a necessity if you want to have complete peace of mind on your travels – you never know what might happen, and it’s nice to know you have the insurance coverage to rely on if you need it. But where do you find it? We all want cheap travel insurance, but where can you actually get it?

Offline

One answer to the question “where can I buy travel insurance” is at a travel agent, if you have arranged your travels through them they will likely have an option to add insurance to your package. Or if you research some insurance companies, you can contact them directly via the telephone to get yourself a quote and arrange your coverage.

Online

Most insurance companies have an online presence, and you can request a quote online. Or you can use a travel insurance price comparison tool to get a range of quotes and pick and choose which suit you. It’s done very easily, by simply inputting your details and letting the comparison tool retrieve quotes from insurers based on the criteria and coverage you want.

Which is best?

There’s no right or wrong answer as to whether finding travel insurance online or offline is best. The truth is, however, that if you value convenience and saving money that finding it online is likely your best bet.

Online services are generally cheaper because they don’t incur the same admin or personnel costs as offline options do. Much of the process is automated, which is why it’s also so much quicker and efficient. Similarly, you won’t have to manually compare quotes, or just stick with one quote you’re given, you can easily compare and contrast to find the cheapest deal. If you’re willing to shop around you can save a lot of money on your travel insurance plan.

In conclusion

There are a variety of offline and online ways of arranging travel insurance – but if you want to make sure that you’re getting the best deal possible, use an online comparison tool like Compare Insurance to find yourself the cheapest possible deal.

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Car Insurance

Do car insurance premiums increase after an accident in UAE?

Accidents happen. Despite our best efforts, things don’t run smoothly all the time and we can’t control everything around us. Driving is one area where an accident can cause lasting problems, and one of the concerns is that car insurance premiums will go up. There are many drivers from different cultures in UAE, which increases the risk of accidents occurring. So just how much is your insurance premium likely to increase if you are unlucky enough to have an accident?

What will insurance companies consider?

Insurance premiums won’t always go up – there are several factors insurance companies will consider. The UAE insurance industry is quite accommodating and less likely to seize an opportunity to make more money than in many other countries. There is no mandatory premium loading in UAE, so a single accident won’t necessarily cause your premium to rise.

Loading insurance premiums is common amongst many insurers in other countries. It defines the amount that will be added to a car insurance premium to accommodate the perceived increase in risk with a driver who has recently had an accident. With some providers, an accident could lead to your premium increasing by 20-25%. But if you explore some other providers after having an accident you could find yourself a better rate. Bear in mind, however, that you will not get a protected no-claims discount.

What if the accident wasn’t my fault?

This is why you should get a police report immediately after an accident. If you have evidence that the accident wasn’t your fault, it could help with your car insurance premium. The insurance company of the person at fault usually covers the costs, but you may have to claim against your own insurance if the person at fault isn’t found (like in a hit-and-run).

So what factors affect insurance premiums after an accident?

The main factors that will have an impact are:

  • The severity of the accident
  • Who was at fault
  • Your overall driving history
  • Responsible driving

So if you have a minor accident that wasn’t your fault, and you have a clean driving history with no speeding offences, your insurance premium may not increase substantially. Nevertheless, it’s important to use a comparison website like Compare Insurance to look for the best car insurance. This will enable you to find the right deal for your lifestyle, your vehicle and your wallet.

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Categories
Health Insurance

What are the key factors which affect your health insurance premium?

One of the most common things for people around the UAE to take out is international health insurance. Having a comprehensive health plan in place not only gives you peace of mind that you are covered in the case of any emergencies but also that your family is too. Of course, the key thing is to shop around for the best health insurance package which gives the cover you need. The cost which any cover incurs will usually be decided on by insurance companies after finding out a few important details about you.

But what are the most important factors which could affect the price of cover?

Pre-existing conditions

Health conditions prior to opting for an insurance policy have a major impact on the health insurance premium. Some insurers provide 100% cover for the pre-existing conditions based on the severity of the health declaration and at a higher premium than standard policy whereas there are other insurers who cover pre-existing conditions only after a certain duration of waiting period, which is in most cases 6 months.

Hospital Network

Insurance companies operate a network of healthcare providers in the country of their operation. Network of hospitals and clinics have a major impact on the health insurance pricing as most insurers have a tiered network list. The different tiers of hospitals are separated by level of service, reputation & pricing. In order to avail direct billing services, the chosen hospital / clinic should be in the network list of the insurer against that health plan. For any treatment which is not in the network list of hospitals, the treatments are done on a cash reimbursement basis. It is therefore, highly advisable to choose an insurance company that covers major hospitals in their network to avail direct billing services.

Deductibles / Co-insurance

This is the amount that the insured person pays each time they avail the medical insurance benefits. The higher the contribution of the insured person, the lesser is the health insurance premium. It is usually either Nil, 10%, 20%, 20% max. AED 50 or AED 100.

Age & Gender

The health insurance premiums are rated on an age basis with elder people being quoted a higher premium amount. Older people also require more health care than younger people and so could cost insurance companies more.

Females usually having a slightly higher premium band owing to potential maternity claims.

Smoking

One thing that can really bump up health cover for UAE residents is whether you smoke or not. Those who do smoke cigarettes or use tobacco products will normally pay more for their cover. This is not only applicable if you currently smoke in many cases but if you have done so within the last 12 months. The reason for this is the greater chance people who smoke have of getting serious conditions like cancer which could then incur costly treatment.

How many people are covered

Many people with families will often take out a plan which covers everyone. This makes sense as you will often pay less than taking one out for each person individually. Putting more people on your health insurance though will bump up the monthly cost. This is because there are more people being protected on the plan which insurance companies may have to pay out against.

Compare health insurance in the UAE

Now you know what type of factors can influence how much you could pay for UAE health insurance, you need to find the best deals around. Rather than manually trawling the internet for hours though, why not let Compare Insurance help? We bring together all the most attractive health insurance plans around the UAE in one place for you to consider.

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