All About Insurance
Insurance refers to contractual protection from monetary loss. It is a type of risk management used to safeguard against any unforeseen or misfortunate loss.
Provider of insurance is known as an insurer, insurance company, insurance carrier or underwriter. An individual or entity who purchases insurance is referred to as an insured or as a policyholder. Insurance involves the insured person paying to the insurer in exchange for the insurance provider's undertaking to reimburse the insured in the event of a loss. The loss doesn't always have to be financial, but it must be reducible to monetary terms, and includes something in which the insured person has interest recognized by ownership, possession, or previous relationship.
The contract known as insurance policy elaborates the conditions and settings under which the company is bound to reimburse the insured. The money charged by the agency for the coverage outlined in the insurance policy is referred to as the premium. In the event of a loss which is theoretically secured by the insurance policy, the insured can submit a claim to the agency for processing by a claims adjuster. The insurance provider may fence its own risk by reinsurance, whereby another insurance agency consents to cover a portion of the risk, particularly if the primary agency reckons the risk unreasonably huge for it to convey.
Types of insurance:
- Auto insurance
- Gap insurance
- Health insurance
- Income protection insurance
- Casualty insurance
- Travel Insurance
- Life insurance
- Burial insurance
- Property/Home insurance
- Liability insurance
- Credit insurance
- Closed community and governmental self-insurance
Adamjee
Adamjee Insurance Company Limited (AICL)
Al Buhaira
Al Buhaira National Insurance Company (ABNIC)
Al Wathba National Insurance
Al Wathba National Insurance Co P.S.J.C is a national insurance company of United Arab Emirates
Aman Insurance
Dubai Islamic Insurance & Reinsurance Company (AMAN)
Dar Al Takaful
Dar Al Takaful PJSC
Dubai Insurance
Dubai Insurance Company was the first local Insurance Company in the UAE
Dubai National Insurance
DNI was one of the first insurance companies to be listed in the Dubai
Insurance House
Offers a wide range of consumer and corporate insurance services
Methaq
Methaq Insurance Company
Salama Insurance
SALAMA - Islamic Arab Insurance Company
Union Insurance
Union Insurance Company
Watania
Watania, an initiative of Abu Dhabi National
Insurance Company
The 5 Types of Car Insurance in Dubai
The first step after buying a car in Dubai is to get it registered and insured as you cannot drive a car without insurance in Dubai. To make sure to get the best coverage for your vehicle, you should know the 5 types of insurance policies in Dubai.
1. The Third-Party Liability Insurance (TPL)
This is the most fundamental and usually the cheapest coverage. It provides coverage of the bodily injury or property damage to any the third party by the insured vehicle but it does not provide coverage of the damage to the owner's vehicle. Also, this insurance does not cover damage due to fire or car robbery so you have to pay for your repairs in the event of an accident.
2. Third-Party Liability Insurance with Theft and Fire Coverage
This policy provides TPL insurance but you can incorporate add-ons like robbery and fire coverage but that will increase the premium expense.
3. Basic Comprehensive Policy
A luxurious alternative to the required third-party liability and usually the best option for new and costly cars with higher repair expenses are Basic Comprehensive Policy. This policy provides coverage for both the third party damage and the policy holder's loss. The policy covers damage by almost all imaginable causes like accident, theft, fire, lightning, etc. Although it is expensive than third party liability it also offers better an incentive for your cash.
4. Comprehensive
This is a basic comprehensive policy with additional add-ons. These add-ons can include free insurance in GCC nations, manufacturer repair, windscreen damage coverage, and so on.
5. Premium Comprehensive Policy
This is the costliest insurance policy in Dubai but provides coverage for almost everything. Usually, insurance companies offer this policy to limited customers with expensive luxury cars. For individuals who need to spare more on premium and drive old autos with minimal effort repairs, third-party liability may suit them better. Then again, proprietors of new and luxurious cars with expensive repair costs can find comprehensive insurance policy as the most suitable alternative.