BE SAFE & SAVE MONEY ON AUTO INSURANCE

Image source: drivearabia.com

Image source: drivearabia.com

Automobile Insurance – Know How To Prevent The Worst MaintenanceYou do not want to break down and be a target for an accident.

  • Read your manual and follow through on the manufacturers recommended maintenance and have your vehicle serviced regularly.
  • Always check your brakes. If they are squealing or if the vehicle is pulling in one direction, take it in to have the brakes repaired. If something doesn’t seem right, trust you intuition, it is always right.
  • If you are a woman out at night, have a few window signs that say POLICE or PLEASE CALL POLICE. Make them on a florescent cardboard and put them in the front, side and rear window. It will bring the attention to your car. It might sound a little strange, but it works, even during the day.
  •  Pull over as far to the side of the road as possible. Do not get out of you car where it is not safe.

Child Restraint Safety

Child’s car seats must be correctly installed. Not securing a seat properly could result in devastating injuries or worse, a fatality. The seat should be inspected and preferably replaced after an accident. The seat lock system could have been damaged or the whole integrity of the frame bent. Check with your local police. The replacement seat should be covered by your auto insurance policy.

Glass Replacement

If you have windscreen coverage that has an excess, check to see if your Company will reimburse you the cost of a windscreen package. You can fix it yourself, and keep your claim history down. They are relatively new and quite reasonable in price.

Rental Vehicles

In the case of an accident, you will be able to rent a vehicle until your vehicle is repaired. You usually will get it within 48 hours. What many people don’t know, is that as soon as your Insurance Company deems your vehicle a total loss, and offers you a settlement, the use, coverage and cost of the rental car ceases. After that date, you will be responsible for any rental charges.  This is good information to know. If you are pretty sure it is going to be written off, start looking while you still have the rental vehicle.

Prevention is being ready for the unexpected. An accident is an accident, if you are prepared, you have a better chance of avoiding them.

TheftDon’t give someone else the satisfaction of stealing your property

  • Always, always double check your car and make sure it is locked.
  • If possible, do not park on the street or somewhere that the vehicle is out of your sight.
  • All that shopping you did today, don’t leave it in view of a thief. You are giving them a reason to break into the car.
  • If you leave your vehicle unlocked with the keys in it, you are giving thieves an invitation to steal the goods in your car. In fact, what you are doing is setting  yourself up for a double whammy. You have given them the opportunity of  jumping in your car, and transporting the stuff they wanted to steal, right to their home.
  • Start up a neighborhood watch program. This type of program was originally set up so if a child felt they were in danger, the sign in the window indicated a safe house they could go to for help. Now it is used around the world to monitor any illegal activity in your neighborhood, such as stealing or breaking into a vehicle or house.

If you’re a safe driver and you have something as proof to support it (eg. a no claims letter), your personal shopper from insurancemarket.ae can get you up to 30% discount.

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Black Points on Your License in Dubai

Image source: sandierpastures.com

Image source: sandierpastures.com

You will see below, a partial list of black points that can be placed on your license for committing an illegal offense while driving. These black points have been put in place to control bad driving and to keep you safe. They include minor offenses, major offenses and illegal offenses such as alcohol or drugs, careless, reckless driving and the worst, causing a death on the road. The seriousness of erratic driving sinks in rather quickly when the police hands out a huge fine. You will also know how many points will be on your license. It is not only the new drivers; many are those who have had their licenses for years. They just don’t have respect for the rules of the road and continue to involve innocent people in accidents. Incidentally, many insurance companies can check on your unpaid black points through the RTA and can give you a higher rate on your auto insurance should you be someone who has a lot of fines, especially for speeding, as it makes you more likely tocause an accident.

On the other hand, your best defense against these type of drivers, is to be alert, obey the signs, and know the local laws of where you are driving. They are all different and that way you can avoid any problems.

Black Point System Rules

There is a limit on the amount of black points you can accumulate. The maximum is 24 points. If you actually reach this number, you will be banned from driving for a year. The government has set up different programs that you can attend to have your points reduced. Each course will allow you to get back 8 points. To get rid of them all, you must complete all three 

  • The General Programme is aimed towards many of the minor offenses such as, seat belt or using your cell phone to text or talk while driving.
  • The Special Programme was set for major offenses such as reckless driving, running  a red light jumping the red light signal and driving recklessly; and
  • The Heavy Programme which was created for truck drivers.

At present, all fines and fees are charged to the vehicle, and the black points are usually issued to the vehicle owner. It is possible to have the black points transferred to the person who was actually driving the vehicle. You both must go the service center at the same time to have this done.

The chart below is only to give you an idea of how many points each offense will be given to you. It also shows the number of days your vehicle could be confiscated for any of the reasons below. You can read the additional types of offenses at the following site

http://www.guide2dubai.com/living/black-points-dubai.asp

Number Offence

Fine

Black Points

In Present In Absents

Confiscate

Vehicle

 

   1 Driving Dangerously

2000

12

Both

 30 days

2

Driving under the influence of alcohol, drugs or similar substances.

Decided by court

24

Both

60 days

3

Driving a vehicle without number plates.

1000

24

In presence

60

4

Causing death of others.

Decided by court

12

In presence

30

5

Not stopping after causing an accident that resulted in injuries.

Decided by court

24

Both

60

6

Reckless driving.

2000

12

Both

30

7

Exceeding maximum speed limit by more than 60km/hr.

1000

12

Both

30

8

Driving in a way that endanger civilians.

1000

12

Both

30

9

Jumping a red light.

800

8

Both

30

10

Running away from a traffic policeman.

800

12

Both

15

11

Dangerous overtaking by trucks.

800

24

Both

60

12

Causing a car to overturn.

Decided by court

8

Both

13

Causing serious injuries.

Decided by court

8

In presence

14

Exceeding maximum speed limit by not more than 60km/hr.

900

6

Both

15

Exceeding maximum speed limit by not more than 50km/hr.

800

Both

16

Overtaking on the hard shoulder.

600

6

In presence

17

Entering road dangerously.

600

6

Both

18

Causing moderate injury.

Decided by court

6

Both

19

Heavy vehicle lane discipline.

600

6

Both

20

Overtaking from a prohibited place.

600

6

In presence

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Introduction to liability insurance in the UAE

Image resource: thenational.ae

Image resource: thenational.ae

Insuring assets like motor, property and home are common and known to even the general public but apart from insuring assets, business and individuals can also insure liabilities and such insurance can save you from big troubles at times.

Businesses owe a duty of care to customers, employees, their physical neighbors and at times suppliers. What is duty of care? It is an obligation by law where one entity is liable to provide proper care to another entity such as not to cause any sort of harm/damage to another. This duty of care can be insured and this type of insurance refers to what is commonly known to us as liability insurance.

Duty of care may be breached by negligence or malpractice where the individual or business can be sued by third parties who can claim actual costs or pays. While damage due to negligence or malpractice is usually covered under liability insurance, intentional damage or damage due to breaching of contract (contractual liability) is often not covered.

The two types of losses that can be made under liability damage are pure financial losses and physical losses. Pure financial loss is one which is not tangible; the damage cannot be seen by the human eye but includes professional liability where a business or individual like an employee causes harm to a third party like a client. For example, they make give wrong professional advice and they can be sued for being non professional which is where liability insurance comes into play.

Other examples of pure financial liabilities include directors and officers liability where the COOs, CEOs or CFOs of a company are liable to the shareholders for any strategic decisions they make. Imagine you are a shareholder and the directors make decisions which damage your company’s reputation. If the decisions go against the law, the directors can be sued. In such cases, they can be held liable to pay for the loss they made. However, if insured by the directors and officers’ liability insurance, the directors and officers can protect themselves. Intentional acts which do not abide by the law are exempted from coverage. The claims can be made by shareholders if the directors and officers act against their interests, by customers if the product does not meet satisfactory standards (common in US in food beverage industry), by competing firms for trade malpractice and by some other entities.

Pure financial liability also includes errors and omissions made by a business and the claim is usually made by the clients of the business on grounds of negligent acts by businesses or individuals. Such individuals or businesses can be protected from paying the entire loss by insuring themselves with the Errors and Omissions insurance. For example, if an employee, even a clerk, makes a mistake with figures and records 10,000 instead of 100,000 in a transaction then this additional zero can lead to loss for another party who can claim the loss he may suffer. So E&O insurance can protect companies from damage by providing compensation on behalf of the company.

In a situation where the employer suffers a financial loss due to dishonesty on the employee’s part, the fidelity guarantee insurance can be used to cover the loss. Frauds or making personal use of the company money are typical cases of wrongful acts by employees and they are usually covered as per the insurance contract. Likewise, if an employee suffers damage due to an employer not providing minimum wage or mandatory health benefits, then workers’ compensation can support the employees. However, fraudulent cases like faking an injury or off the job injuries are excluded.

Another major category, as mentioned previously, which falls under liability insurance is physical liability (casualty). This is rather easier to understand and witness since it includes insurance of damages that can be seen by the human eye. Physical liability insurance covers body injury to customers, employees or third parties as well as damage caused to the environment through pollution or even death of an individual. Liability insurance can cover such losses when they are accidental rather than intentional.

Liability related claims take a longer time since they are often referred to court and the defense costs (costs of defending a case) are usually high. If the cases go to trial, they can even last for many years. Therefore, it is advisable for the businesses opting for liability insurance to find an insurance policy which covers defense costs.

Come to http://insurancemarket.ae/businessmain.html to enquire for a simple ‘off the shelf’ public liability insurance (which is mandatory in most freezones) or a tailor-made liability policy that will cover all your ‘duty of care’ risks as a business.

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Introduction To Property Insurance in the UAE

Image source: arabianbusiness.com

Image source: arabianbusiness.com

Property insurance is as important as any other form of insurance like motor insurance even though it is not compulsory.  The latter might seem more vulnerable to theft or damage in accidents, but what many fail to understand is that property is worth much more and can be affected by many factors, some of which might be out of human control.

What if there is an earthquake? What if your property gets damaged due to another nearby property? What if there is a fire which ends up destroying most of the essential equipment and stocks? Imagine the big losses that you could face. Even spending fortunes may not be able to recover the entire loss. Incidences like there make you realize how important property insurance can be.

The main categories of items that fall under property insurance include machinery, warehouse/buildings, fixtures, fittings and furniture, electronic equipment, rent and profit.

Stock or warehouse catches fire? Machinery breaks down? You would not want these problems to aggravate into major obstacles in your production process, would you? Even a small delay in delivery could lead to empty shelves at outlets for your goods and big losses for your business. So property insurance is the best way to protect you from a bleak situation.

There are different levels of insurance and you can choose the one which suits you requirements and you feel is the best for you. Starting with the basic most, they different levels are:

  • Fire
  • Fire plus lightning
  • Fire , allied perils and burglary
  • Property All risks (Includes the above as well as covers accidental risks)

There are different types of coverage to insure your property. One is the replacement cost coverage which is often useful as it follows the principle of indemnity, where the client receives the amount at which the property originally cost and does not take into account appreciation or depreciation. The purpose is to return you to your original position prior to the time of loss. Other is the actual cost coverage which takes into account the depreciation charges such that the value of the property item into consideration is adjusted according to its age and usage.

As a client, it is often useful to know about the named peril policy and the open peril policy. Named perils, as the term suggests, includes coverage on only those losses which are explicitly mentioned in the policy itself. Open peril policy, on the other hand, provides protection against events not explicit in the policy and commonly includes losses from natural hazards.

Rent and profit:

If you are a landlord, you may suffer if an unforeseen hazard like a firm may deem a property unfit for occupation. Once insured, the loss of rent can be paid out to the landlord.

Loss of profit insurance or consequential insurance gives coverage to clients in the sense that if a business suffers a loss due to property damage, then the insurance company is liable to support the respective business by paying it the sum insured which, in this case, is the insured gross profit. The insurance company will continue to support the business till the agreed term (maximum indemnity period). As a business, you would surely want to benefit from such a policy since it protects your business at crucial times.

Are you a UAE-based business? If so you would certainly have some assets to insure – your office contents, fixtures, fittings, computers and other equipment, stock, rent, machinery and more. Your account manager from insurancemarket.ae can tailor the right solution for you. If you’re an SME you can probably have a comprehensive package that not only covers property but also other risks like premises liability, workmen’s compensation, employee dishonesty etc. And usually property insurance isn’t as expensive as one may think it’d be – get a quote now and see for yourself. 

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Buying a new Car – Make sure you check out that free Insurance that they offer

Image source: virtualtourist.com

Image source: virtualtourist.com

Over the past few years, it seems many residents are looking towards the decision to rent a vehicle rather than spending the money to purchase one. The perks of renting a vehicle include free maintenance, service packages and very low interest rates. When the contract is up, you take the vehicle back and trade it for another vehicle. Right now during Ramadan, buying a new vehicle looks to be quite affordable. The large automobile manufacturers are offering the same great perks if you buy a vehicle from them. These include special finance rates, services warranties and many more, that would normally only be available on a rented vehicle.

It is well known that during the holy month that many of the car dealerships offer you very attractive prices on their vehicles. Along with the excellent price to purchase a car, they are offering very low financial interest rates. Some with ‘No Interest’. A few of the additional perks are extended warranties, upgraded service packages, and roadside assistance. They are going all out this year and are offering T.V.’s, ipads, smart phones, cash backs, and one is offering absolute guaranteed replacement value of the car. These are fantastic gifts, but do not let the gifts make your the decision for you, when picking out a vehicle. You want to buy one that is solid, safe, and one that is not going to cost you a lot of money to insure. There is no doubt there are great sales out there, so bring out your best bargaining buddy to haggle the price. If you are shy about doing it, get your buddy to help with the haggling for a better deal.

Many of the manufacturers are also offering free insurance for a year. If they are setting up a brand new policy for you through their Automobile Insurance Company, find out which Insurance Company they are using. Here are a few things you should be asking them about the insurance coverage they are providing.

  • Do you have a choice of Insurance Company
  • Is the insurance really free? Often, when you ask them to remove the ‘free’ insurance, they’re able to give you a discount and you can then source your own insurance to save some money overall.
  • Don’t forget your home insurance. You need both home and auto with the same Company to enjoy a discount.
  • Are there any restrictions on the coverage of the vehicle.
  • Are their underwriting rules the same as the Automobile Insurance you have now.
  • Are there any restrictions on who drives the vehicle.
  • What is their claims process? Do they provide you with a proper service manager at the time of a claim?

Ramadan is a delightful time of year for giving. It seems that the retailers, vendors, auto dealers, everyone is offering up their best wares, to add to the celebration. Do your best to make it a little happier for you by making a great deal for yourself.

If you have any questions, or have a vehicle in mind, give us a call and we can give you an idea of what it is going to cost.

Enjoy your festivities. Ramadan Kareem!

Visit insurancemarket.ae to see if your dedicated personal shopper can better your ‘free’ insurance when buying your new car!. Additionally, our commitment to claims service and relationships with only the leading UAE insurance companies means that your new car is in safer hands with us. We’re the experts on insurance and the dealers are experts in car sales. Alfred suggests that you should leave each task to the respective experts!   

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Distractions while operating a vehicle in the UAE

Image source: http://gulfnews.com/

Image source: gulfnews.com

All drivers should have their eyes on the road, and be watching the traffic around them. There have always been distractions while driving, and you have probably had one of your own. It used to be things like fiddling with the radio, looking in the mirror to make sure the baby is ok in the back, looking and talking to a passenger who are in the car with you. There are also men shaving, women putting makeup on, and the list goes on.

These days you can add to that, talking or texting on your phone. Quite frankly, shaving and putting on makeup on while driving, shows nothing more than disrespect to other motorists. There are pedestrians as well that are getting hurt because of irresponsible driving. The drivers who continue to use their phones, on top of normal distractions are being referred to as the “the new killers” on the road.

In 2011, the World Health Organization issued a report that of the 1.3 million people who die in traffic accidents, one-third die due to the usage of a cell phone. The Dubai Police Traffic Department reports that 15,233 tickets were issued to motorists for using a mobile phone while driving in the first four months of 2012. In the UAE, the use of hand-held mobile phones is banned while driving. If you are caught, offenders will pay a fine of Dh200 and get four black points on their license.

There was a study done in the University of Kansas that shows that drunk driving increases the risk of accidents by 400 per cent. Talking on a

Image source: 7daysindubai.com

Image source: 7daysindubai.com

hands-free device increases the risk by 500 per cent. When sending a text message while driving, it increases the risk of an accident by an incredible 2,400 per cent. These statistics are astounding and only to get worse with increasing technology.

Picture this scenario. A woman is having guests at her home one tonight, and she is already frazzled because she left work late. There is so much to do before her guests arrive. She is speeds up a little and is now over speed limit. She grabs her phone, calls her husband to pick up something at the grocers, calls her daughter to make sure she has tidied the house. She calls her husband back to pick up some wine. She fiddles around for change for a coffee. She goes through the drive thru, still talking and gets her coffee. She is doing all of this, while driving her vehicle. This seems to be the meaning of multi-tasking these days.

She is no different than millions of people all looking for an accident. Everyone should put the phone away while driving. We are all busy each and every day. It is definitely the right decision for the law to ban cell phones in cars. Everyone needs to abide by this rule and the decision not to use the phone in the car. We all survived before the smart and cell phones came into the picture, and we will survive without them.

Visit insurancemarket.ae for the best car insurance deals in the UAE!

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Why Do Insurance Companies Increase their Rates?

Image resource: emirates247.com

Image resource: emirates247.com

After insuring your vehicle for many years in the UAE, you take pride knowing you have always been a safe driver. No tickets, no accidents, no claims, you are the ideal customer for any Insurance Company. Being aware of your excellent driving record, you must wonder and get frustrated, because your rates seem to increase each year. Unfortunately, there are others out there that do not have respect for the road nor any Insurance Company.

So, why are your rates going up? The bottom line, it is the increasing cost of claims.  There are many factors taken into consideration before they release their new rates for the year.

While there are many variables that go into setting rates, the following gives you an idea of why the rates increase over and above what you would expect each year.

  • Fraud – This is mainly for injuries. Insurance Companies receive thousands of calls from their customers every year reporting accidents. They claim they have been injured with back and neck injuries. It turns out to be a bogus injury claim. If you think about the cost of rehabilitation, physio, and loss wages, it can add up pretty quick.
  • Stolen Vehicles. Take a look at the price of a new Mercedes these days. What these criminals are doing is taking their own vehicle that they don’t want anymore, hiding it somewhere and setting it on fire. They report it stolen, and even if the police find the vehicle, it’s totally destroyed. Now the Insurance Company reimburses him for the value of the vehicle.
  • One of the more recent types of automobile fraud is the VIN -(Vehicle Identification Number) theft. A person goes into one of the automobile junk yards pretending to be looking for a part. He is actually looking to steal a few VIN plates. These plates are usually in the corner of the windshield or inside the door. They make up a fake ownership with that VIN and call the insurance broker to add the car to their policy.  A week or two later, they call to report the vehicle was stolen.
  • The manufacturing of new vehicles on the road these days are more expensive to repair than the older models. The bumpers will crack just leaning on some of them. They are not made like they used to be. Airbags are a great safety measure however, if you are in an accident, one or more will deploy. They cost a small fortune to be replace them.
  • Weather has become a huge problem. The environment is changing day by day. It is hard to pin down where the bad weather is going to hit. Some provinces, cities and states are receiving totally unpredictable weather which in some cases, can cost an Insurance Company millions of dollars.
  • The cost of purchasing a new vehicle. All the car manufacturers try to out do the competition or at least be competitive of what they are turning out. That means installing all the new electronic toys.

It is a new generation of fast vehicles, which are loaded with high tech equipment. It would not be surprising to see the rates continue to rise this year.

As a side note, if you are that ideal driver and your rates go up this year 10%, try to remember that the worse drivers have probably seen an increase of 30-40%

Come to insurancemarket.ae to find a solution if your renewal quote has a higher rate than last year. Maybe it’s time to switch insurers!

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine