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28 February 2024

UAE insurance firms raise car premiums: report

By Staff

Insurance companies in the UAE have raised premium on cars by up to 15 per cent and the increase affects mainly those owned by persons aged between 20 and 25 years as they account for most road accidents.

According to the Sharjah-based Arabic language daily Alkhaleej, vehicles priced at Dh50,000-75,000 are also targeted by the decision after studies showed that they account for a large number of accidents.

The paper quoted UAE insurance sources as saying most firms have decided to add 10 per cent to their endurance charges for drivers in that age group and five per cent for cars within that value category.

“The sources said the increase followed a market study which showed that certain age group drivers are to blame for many road mishaps while a large part of the accidents involve cars with a value of Dh50,000-75,000” the paper said.