June 18, 2024

Policybazaar.ae, Salama Insurance partnership unveils Non-GCC specific car insurance in UAE

From L to R - Neeraj Gupta, CEO, Policybazaar.ae and Fahim Al Shehhi, CEO, SALAMA

Policybazaar.ae and Islamic Arab Insurance Company (“SALAMA”), have teamed up to unveil an online comprehensive insurance plan for non-GCC specification cars.

This strategic alliance between the UAE’s online insurance and finance marketplace and the UAE’s largest Shari’ah compliant Takaful solutions provider will exclusively offer a fast and convenient comprehensive motor insurance for imported cars with a wide range of benefits. With the unveiling of this unique product, customers can insure even their luxury cars online from the comfort of their homes or offices.

Policybazaar.ae added that insuring non-GCC spec cars used to pose a greater risk to auto insurers because they were not designed for Gulf conditions. The only available option was to purchase third-party liability insurance, which resulted in a long waiting period to obtain a quote.

Industry sources added that with the exclusive launch of this product only on Policybazaar.ae, buyers of imported cars can now get an instant quote and drive their luxury cars hassle-free. With a minimum premium starting from AED 910 for a sedan and AED 1400 for an SUV/coupe/pickup, (exclusive of VAT) owners/buyers can now get comprehensive car insurance coverage. This insurance coverage includes a variety of additional benefits such as free roadside assistance, claims settlement by a reliable Takaful insurer, garage repairs and rental car insurance.

Neeraj Gupta, CEO, Policybazaar.ae

Neeraj Gupta, CEO, Policybazaar.ae stated, “We are pleased to launch this first-of-its-kind product in partnership with SALAMA. Customers in the region can get an instant quote for fully comprehensive insurance for their non-GCC-spec vehicles at policybazaar.ae. Non-GCC vehicles do not have the same specs in terms of engine cooling/radiator, air conditioning /rust protection and are most likely to have problems in the UAE climate. Therefore, purchasing comprehensive insurance protects the vehicle owner from financial losses caused by accidental/mechanical damage to the insured vehicle.”

He added, “Around 10% of searches on Policybazaar.ae are about cars with Non-GCC specs and we are thankful to SALAMA for being able to build this product and bring it to launch quickly with us. For reinsurance, Munich Re, the leading global provider of reinsurance, would help non-GCC spec car owners renew their comprehensive car insurance. ”

From L to R – Neeraj Gupta, CEO, Policybazaar.ae and Fahim Al Shehhi, CEO, SALAMA

Fahim Al Shehhi, CEO, SALAMA stated, “Partnering with Policybazaar.ae is in line with our commitment to provide a seamless and fast online insurance experience for all our customers, especially for owners of non-GCC specs vehicles who have not had the access to comprehensive auto insurance coverage in the past. This is a great example of how we are working together to solve an existing challenge and ensure that reliable Takaful solutions are accessible to all consumers.”

Press Release received on Mail



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