Category: General Interest

Auto Insurance – What to look for while shopping?

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Some tips before buying an Auto-Insurance policy

According to the UAE RTA law, it is mandatory for all vehicle owners to get an auto insurance cover, which can serve as a helping hand for you in case of any calamities.

Everyone knows how to buy an insurance policy or renew one. But, before you end up buying one, ask these questions that will help you zero in on the best policy for your car and wallet.

Know your Insured Declared Value (IDV)

Abbreviated as IDV, it is the highest value that the insurer guarantees the customer in case of theft or complete damage to the vehicle that can’t be repaired.

Simply put IDV = Manufacturers listing price – Depreciation value.

The manufacturers listing price denotes the ex-showroom price of the automobile, which doesn’t include the registration and other add on costs, whereas the depreciation value refers to the loss of value of the vehicle with time.

Within six months of your purchase, the value depreciates by 5% which leaves you with 95% of the amount that can be claimed. The depreciation rate rises every year as the vehicle is subjected to wear and tear.

Look for a B2B cover and comprehensive cover:

Don’t forget to select the Bumper-to-Bumper add-on, as it adds zero depreciation value to your vehicle. This means that the insurer is liable to pay the total cost for your repairs. Even though it is a bumper-to-bumper policy, the engine and the gearbox do not fall in this bracket.

Another important fact we fail to note is that the B2B coverage is valid only for a period of 5 years, even if you renew it again. This is basically the strategy of insurance companies to minimize losses.

Comprehensive insurance would cover your vehicle if it is destroyed, stolen or even dented. It is an add-on as well.

Opting for this insurance keeps your car insured even when you drive to countries such as Oman, Bahrain, Saudi Arabia, Kuwait, and Qatar.

Understand about third party insurance and its coverage:

Third party insurance made mandatory by UAE is a plan that covers the damages caused to an anonymous person, vehicle or property which includes grievous injury, disability, and death.

Reduce your premium with No claim discount:

No-claim discount (NCD) is offered by insurance companies to the customers as a percentage of the own damage premium as a reward if they didn’t make a claim. 10-20% can be claimed while renewing and if they have a good driving record, the insurer can even offer a discount of up to 50%.

For instance, if you have made zero claims for your car and you’re planning to buy a new one. Then, the bonus that you have earned with the old car can be used to reduce the premium for the new car to a certain extent.

Personal accident covers:

Personal accident is usually an add-on cover with a car insurance policy which can be purchased by paying a certain premium. This provides you with adequate protection for physical loss or disability which can also help you out financially.

And finally,

Comparing premiums:

Having discussed other factors, the last part and most important factor is – price. Many insurers differ in cost and there could be policies that are sold cheap. Compare, keeping in mind the above factors before you pay.

Go for an Auto Insurance policy which meets all your requirements and benefits you the most.

Life Insurance – Why do you need one?

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Allow me to tell you this interesting fact. According to Friends Provident International (FPI) Survey conducted by YouGov in 2018, 51 percent of UAE residents do not have a Life Insurance!

Of this lot, 36 percent said it was too expensive while 30 percent of respondents were not familiar with the concept of life insurance. Another 39 percent said they were not familiar with critical illness insurance.

The future is undoubtedly unknown and anything might happen as we hear and read people die of sudden illness or a prolonged illness or even meeting with a fatal accident leaving their family financially unstable or in some cases in ruins.

So, what is the best way to safeguard them?

Taking a Life Insurance Policy is the answer for you.

Even though paying premiums for life insurance policies can be expensive, the support they provide at critical situations eases and make us realize that the monthly installments paid are never a waste.

Read this article to find out….

Securing your family and your hopes:

Opting for life insurance can your safety net in times of any financial emergency, be it paying for your child’s education or assisting your spouse financially even if you’re not there to help them out.

Essential Benefits Plan (EBP) is the most basic health insurance plan for the residents of UAE that offers coverage to any treatments, emergencies or even maternity. This has been now mandated by the government for every citizen in the country. It has an annual claim limit of AED 1,50,000.

For non-working dependents:

SANAD Health Insurance plan is only for non-working dependent individuals carrying a Dubai resident visa. It won’t be requiring any eligibility checks, declaration or medical history. You only need the proof for dependency for approval of the SANAD program which will be activated through the Emirates ID of the individual insured.

Critical illness, on the rise:

A study claims that the average age of critical illness in Dubai is 48 as of 2018 [Source: Gulf News]. Despite owning general health insurance, the need for residents to opt for an income protection plan is inevitable.

Critical illness cover is a living benefit to customers being diagnosed with a predefined illness such as cancer and bears an age limit of 59 to avail one. It helps them meet other requirements such as rent, cost of travel for any advanced treatment than the most expensive, treatment costs and medication which will be taken care by the general health insurance policy. You may not get the whole benefit from the insurance company if your critical illness is caused due to:

  • Any genetic disorder

  • Tobacco or drug abuse

  • HIV infection

  • Self-intentional injuries such as suicide

Flexible for your needs and saves taxes:

There are three major types of insurances offered:

  • Level term insurance provides protection for a specified period. It will expire and the coverage will end if you outlive your policy.

  • Whole of life term pays out a lump sum whenever you die. It is expensive when compared to level term, and it pays out premiums till the age of 95.

  • Decreasing term puts forth similar conditions as level term insurance, but the amount reduces as the policy matures which makes it the cheapest of the three.

The policy which we feel is more credible can be chosen.

Irrespective of what plan you buy, you can save taxes by enrolling in a policy.

Life is uncertain: 

You may be young and healthy now but if you suddenly fall ill, you may not be eligible for a Life Insurance policy. Therefore, it is important to buy one when you are young because it remains in force if your health deteriorates later on.

Riders, which are add-ons can be selected to personalize your policy. For instance, the accelerated death benefit rider allows the policy owner to avail a portion of the death benefit coverage for any treatment purposes on submission of medical bills to the insurance company.

Top-ups can be another option which covers all treatment costs other than riders which cover the same for only a few illnesses. They also carry a cheaper tag and needs to be bought separately other than the Essential Benefits Plan (EBP).

To sum it up, investing in a life insurance policy at an early age gives a host of benefits, reduced premium and tax savings too. Of course, the peace that your family gets knowing the earning member and others are insured is beyond compare.

Car Insurance – Know the jargon..

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The Insurance world is filled with special terms or expressions that only a few outside of it might truly comprehend. It might be difficult as a policy holder to understand what is really being communicated by the Insurers when they use these jargons that fly right over the top of your head. Thus, we bring to you a comprehensive decoded list of jargons used in the space of car insurance, which can aid you to better understand your Insurance policy and communicate effectively with your insurer.

Insured Value: This is the amount of money that your car is valuated at. Suppose you buy a car worth Dh 90,000. Your insurer might only offer you a cover of up to, let’s say, Dh 80,000. This means that even if your car is worth more, you would get only Dh 80,000 if you write your car off. Most people tend to under-insure their car to save some money on their insurance premiums. However, it is always advisable to Insure your car for as much as its true worth is.

Adverse Selection: Though this is a term that you would not encounter as much while applying for insurance, it is worthwhile knowing what it really stands for. Insurance companies keep a tab of the different kinds of people buying their insurance policies. To bring about an analogy, consider the case of health Insurance. A random 20-year old healthy person might think “Why should I pay Dh 200 every month towards Insurance when I am fit and fine. I don’t need a policy”. On the other hand a 70-year old ailing person might feel, “Wow. I pay just Dh 200 a month and all my bills would be taken care of. I am definitely buying the policy”. This kind of “adverse selection” by the population might put the Insurers at great risk of incurring huge losses as they must make frequent pay-outs towards claims. Thus Insurers carefully analyse the profile of a customer like driving history, traffic records and other factors while selling insurance policies.

Agency Repair: Authorized car dealers and service centres usually charge higher than others for spare parts and servicing of cars. So, if you want an Insurance cover that pays for such services, you would have to shell out a little more for your policy.

Excess: While making a claim, the entirety of the amount quoted by the service centre for repairing your car will not be settled by the Insurer. A small amount of money should come out of your own pocket, (called as ‘Excess’), before your Insurance kicks in. However, you can control this amount by choosing to pay a higher premium.

No claims discount: Suppose that you have not made a single Insurance claim in the past year. Your Insurer acknowledges this fact and provides you with a discount on your premiums for the next year. This is called as a ‘No-claims discount’.

Third Party – Liability Insurance: This is the minimal form of Insurance required for any vehicle. Through this Insurance, the provider pays only for damages to a third party caused by your car. Damages to your own car will not be covered. Every other form of insurance, such as comprehensive policy, comprehensive with add-ons, etc., builds on top of the Third party-liability insurance.

Depreciation: Your car’s insured value will not remain the same for the entirety of the period for which you wish to insure. Every year, the car will be devaluated by a fraction of an amount keeping in mind the age of the car and the associated increase in maintenance of the vehicle.

Black box: Although not fully implemented in the UAE, the Blackbox is a device that would be onboarded on your vehicle by the insurer to measure how you accelerate, brake and monitor other driving habits. This will in turn determine future aspects of your policy.

Foreign Extension: If you wish to keep your car insured even while you drive out of the country, you must purchase the foreign extension add-on of a policy for an extra-cost.

Totaled: If the estimated cost of repair costs exceeds the value of a car, then the car is considered to be ‘Totaled’ and the Insurer will pay out the market value of the car to you.

Indemnity: It is the basic principle by which an Insurance holder is put at the same financial position as before the accident had occurred.

Modification: You might have made modifications to your car such as to the suspension systems, wheels, exhausts, windows etc., and these will not be traditionally covered by the insurance company. The modifications will have to be declared to the company before you purchase the policy.

Annual mileage: This is the number of miles that your car is expected to cover in a year. This number in turn affects the costs of your policy.

This article covers only the major jargons used by Insurance companies. We advise you to read the policy document and refer other sources to fully understand all the terms and conditions of the policy. Happy Motoring!

Travel Insurance

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Get to the grips of what to expect when you buy a travel insurance policy.

Travel insurance covers both minor and major mishaps while travelling overseas for business or on holiday. Travelling without a suitable travel insurance cover can be risky and cause you financial distress in an unknown foreign location.

A travel insurance policy can cover you against any financial losses caused due to a wide range of events that can affect your trip. The policy covers you for whether they occur before, during or even after your trip.  Travel insurance should be a priority for all UAE residents, whether you travel regularly, occasionally or for that once-in-a-lifetime (YOLO) trip.

What is travel insurance and what does it cover? Here are the basics you need to know before you buy.

Types of travel insurance

  1. How often do you travel? Single trip and annual trip

Depending on the number of trips you are making in this year you can choose between a single trip and an annual multi-trip travel insurance cover. The rule of thumb is, if you are travelling overseas more than twice a year for more than 15 days, you can save valuable Dirhams by opting for an annual multi-trip cover.

  1. Where are you travelling? Europe or Worldwide

It is mandatory to have a travel insurance cover while travelling to Schengen (Austria, Denmark, Finland, France, Germany, Italy, Switzerland etc). Then, there is a worldwide cover which includes US and another one which excludes US. Make sure to check whether your chosen destination is covered under your insurance policy.

  1. Who are you travelling with? Individual or Family

If you are travelling with your family, you have the option of covering everyone under the same policy. It makes perfect sense to go for a family cover where the single sum assured floats amongst all the members of the family. It is cheaper as well. Just one caution, if you have a senior citizen or a family member with a special medical condition, discuss with your insurance agent before including them.

Benefits of Travel Insurance

Travel insurance policies offer a number of features that help cover you and your belongings while you’re on holiday or business.

  1. Emergency Medical Cover

Medical cover is the most crucial part of your travel insurance policy. The amount you need may sound huge but the cost of hospital treatment abroad could be many hundreds of thousands of dirhams. Without travel insurance, it will be scary to pay your own medical bills in a country like the US and this could be very expensive. Also, make sure to inform your insurer of any pre-existing medical conditions that affect you or a family member travelling with you, even if it seems minor or irrelevant.

Most of the insurers in UAE settle hospital bills directly all over the world. Also 24X7 call centre facility to help with emergency situations comes handy when you are stuck in an unknown location.

  1. Trip Delay, Cancellation or Curtailment Cover

If you are unable to travel due to an illness or bereavement, you can claim for the ticket or hotel expenses paid. You can claim reimbursement for the unused part of the travel and accommodation services you booked, based on a pro-rata proportion of these services.

It’s always important to check the terms and conditions of your policy to see exactly what is covered and what is excluded.

  1. Baggage and Personal Belongings Loss or Delay Cover

Travel insurance normally covers you up to a certain limit for lost or stolen baggage and personal belongings (Passport, Traveller’s Cheques, Cash, Mobile phone etc) and even delayed baggage arrival beyond a certain period. As well as an overall limit for lost and stolen belongings, most travel insurance policies will limit what you can claim for single items and all valuable items. Be sure to bear this in mind when packing for your holiday.

  1. Other features

Other policy features covered in most travel insurance policies include door- to- door personal accident, legal expenses in case of personal liability, cover for disasters or unexpected events.

Whether you’re skiing in the Alps, lounging in the Maldives or trekking across the Amazon, we advise you take travel insurance cover for all your overseas trips. The cost of travel insurance in UAE starts from AED20 per day. That’s too small a cost for a worry-free holiday. Bon Voyage.

What is a no-claim bonus?

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Car Insurance is as such a pricey affair. Month after month, you diligently pay your insurance premiums. Being the cautious driver that you are, let’s say you never get involved in any unprecedented events on the road and subsequently make no-claims. Does this fact go un-noticed by your insurer? Not quite. In fact, they reward you the next time you renew your policy with what is known as a ‘no-claim bonus’. Well, the term ‘bonus’ might be misleading, so to clarify, it is actually a discount on your future premiums. Interesting. Isn’t it?

However, until recent times, not all insurers adjusted premiums based on the no-claim factor. This anomaly was duly noted by the Insurance Authority of UAE and the Board of Directors issued an order mandating all insurers to provide no-claim bonus. Subsequently, drivers with a clean record for one year would receive a 10% reduction in premiums. Furthermore, drivers with a 2-year incident free period can avail up to 15% discounts and ones with 3-years, can receive a whopping 20% discount. So, it definitely pays to be a safe and cautious driver in UAE.

Previously, insurers had also been charging customers a nominal administration fee to purchase the no-claim certificate. This has also been done away with and insurers must provide the certificate free-of-cost. In fact, customers are encouraged to lodge a complaint through the UAE Insurance Authority’s website in case their insurers are not complying to these regulations.

So, what if you indeed made a claim or two in the past insurance period. Does it mean your no-claim bonus drops to zero? Not necessarily. Insurers sometimes use a step-back scale to reduce the discount rate for the renewed premiums. You can also protect your no-claims discount by purchasing an add-on. Through this, you will be eligible to make claims (up to a pre-specified amount) in the insurance period and still be eligible for a no-claim bonus the following insurance plan-year. Some insurers even offer you the benefit of transferring your no claim bonus to another insurer or car, subjected to applicable conditions. It is to be noted that the no claim bonus is associated with the driver and not the car.

The concept of a no-claim bonus creates a win-win situation for both the insurer and the insurance holder. On one hand, Insurers like to do business with customers who make minimal or no claims, as the chances of the company making a lump sum pay out in the event of an accident is reduced. While on the other hand, customers get rewarded with good discounts for maintaining a clean record.

There is no set formula to calculate the discount that you are eligible for. There are various factors other than a claim-free period, such as age, profession and customer record (among others) that determine how much discount you might get. Every Insurer has different terms and conditions and you have to be wary about them before you sign the dotted line. Lastly, if you would like to get a no-claim bonus, you have to maintain a clean slate in the first place, so drive safely and happy motoring!

What are the types of Car Insurances in UAE?

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Car insurance premiums have become dearer over the years. It is not just about insuring your car with a plan that is within your budget, but also finding one that best suits your needs. You should consider your driving history, preferences, lifestyle and experiences, among other factors to determine the type of coverage that befits your case. The types of car insurance available in UAE are given below:

  • Third Party Liability Insurance: As per the UAE Insurance Authority, a motorized vehicle (with specifications as per policy) must at least have a Third-Party Liability Insurance. The Third-Party Liability insurance is the cheapest kind of policy that you can purchase. As the name suggests, it covers only damages to property or bodily injuries to a third party caused by your car. As a result, you would have to pay out of your own pockets for any repair costs to your own car. In the case where the damage is caused to your car by a third-party, then you can only hope that their insurance covers damages done to you. Although it is not suggestable to opt for this kind of insurance as it offers only bare minimum cover, if cost is your sole concern, then you need not look further.

  • Third Party Liability Insurance with Fire and Theft coverage: This type of policy is pretty much the same as the above mentioned one, with the exception that it includes coverage against cases of fire or theft. This type of policy is also marginally expensive.

  • Comprehensive Insurance (basic): This is a complete package offered by an insurer and offers a wider protection. It not only covers damages to a third party but also the ones to your own car and other bodily injuries. It also includes cover for other unprecedented events such as fire, theft, lightning, natural calamities, damage from an animal, etc. A comprehensive package offers better value for money and it is usually charged at a maximum of 5% of the car value.

  • Comprehensive Insurance (with add-ons): Along with a basic comprehensive plan, there are many other unfortunate events that insurance companies offer coverage for. These are termed as add-ons and you may pick the ones that best meets your interests and subsequently pay a small additional price for it. With add-ons, the price of your insurance plan might be around 3-10% of your car’s value. Some of the add-ons are…

    • Off-road cover: If you frequently take off to the desert and are in an un-marked road, then this add-on is something you should definitely opt for. However, these are often only offered for cars that have a 4-wheel drive or an owner who possesses an off-road license.

    • Road assistance: While you are on-road, there are chances that your car may experience break-downs, fuel shortage, lockouts, flat-tires, etc. In such cases the Road-assistance add-on covers cost incurred for mechanic or towing services.

    • GCC -countries: If you frequently travel around the GCC-countries in your car, then this add-on is a must. In fact, you cannot enter Oman without an insurance coverage such as this one.

    • Agency-repair: Your local repair shop may fix up your car for a lower price, but if you prefer that the authorized dealership of your car (who usually quote higher prices for spare parts and repair work) fix your car, then this add-on would be apt.

    • Car rentals: During the period when your car is being repaired, if you wish to rent another car, then the insurer would pay for those expenses if you purchase the ‘car-rental’ add-on

    • Some of the other add-ons worth mentioning are Zero-depreciation, personal-belongings cover and multiple riders cover

  • Premium insurance: If your car is your prized-possession and you hold it really close to your heart, then you should most definitely choose the Premium insurance policy. Insurers typically provide this type of insurance for their premium customers who own swanky sports car of exclusive luxury cars. This is the most expensive type of policy and costs 1-2% more than other policies. It covers almost all possible cases of unexpected events discussed above.

Secure yourself, your car and your loved ones by purchasing a car insurance. Do keep in mind that Insurers are stringent against claims that involve driving under influence, deliberate accidents and false claims. Read our article factors impacting car insurance premiums to know how you can minimize the price you pay to insure.

credit score is now available digitally for consumers through AECB App

AECB credit score is now available digitally for consumers through AECB App

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Credit Score, the magic number that decides the fate of a loan or credit card application, had not been accessible to borrowers until recent times. The Al Etihad Credit Bureau (AECB), which began its operations 4 years back, has been filling this gap and started providing credit reports to customers. From serving 200 customers a month initially, the Bureau now fulfils 200 requests in just a day! Perplexed customers who face application rejections have turned to the AECB to know the reasons behind it. Acknowledging the ever-increasing demand for Credit Reports, the AECB has introduced its online services and mobile application since October 2018. Here are some highlights about the mobile application.

  • The current version (1.1) of the application, which was last updated on November 1st , is available on App store for IOS devices and play store for Android devices (version 4.1 and up)

  • To avail the facilities of the App, you have to follow the steps as outlined below.

    • Choose the type of report you want to buy (Credit Score, Credit Report with Score or Credit Report)

    • Register – Fill in the application form with personal details. Emirates ID is mandatory.

    • Answer security and Authentication questions.

    • Complete payment using credit or debit card.

    • You will receive the report/score within 30 minutes.

  • The application provides 3 types of services:

    • Credit Score: It is a 3-digit number (ranging from 300 to 900) that predicts the likelihood of you making your credit card or loan payments on time. A low score indicates high risk while a high score indicates low risk. It is calculated based on information from various sources such as Banks, Finance companies and Telecom Companies. The credit score is dynamic and varies according to your payment behaviour. Missing or delaying payment beyond due date, frequent usage of all limits on your credit card, carrying multiple credit cards, all of these would result in a low credit score.

    • Credit Report with Credit Score: The credit report is a detailed list that contains section-wise information as given below:

      • Section 1: Personal Information, such as personal identity info, address, employment details, income (if available) and credit score.

      • Section 2: No. of credit facilities availed, total exposure, percentage of credit limit utilization, worst payment delay, oldest contract start date, Summary of active credit facilities, total monthly instalments and total outstanding balance.

      • Section 3: Loan number, type of contract, provider number, start date, date last updated, Credit Bureau contract ID, A chronological table that shows payment history with colour codes (Green – Good, Yellow – delayed payment upto 90 days, red – payment delayed by more than 90 days). For credit cards, information such as credit card contract id, provider number, credit limit, maximum overdue amount and maximum days of payment delay will be displayed.

      • Section 4: Status of new applications for credit cards, application id, type of facility, total amount, no. of instalments. Etc.

    • Credit Report without score: This facility provides you with the same information as above, excluding the credit score.

  • Charges: The 3 facilities offered by the AECB app is considerably cheaper compared to the charges for the same when approached through one of the two customer happiness centres in UAE (Abu Dhabi and Dubai) . The charges are as given below.

    • Credit Report with score: AED 126

    • Credit Report only: AED 84

    • Credit Score: AED 52.50

The same services would have cost you AED 150, 100 and 60 respectively, if you had visited the AECB offices.

  • Data Correction: You can submit in-app requests to make corrections to any of the wrongly reported information from the reports. You can do this by sending a message that contains a subject, data provider and corrected information.

Armed with the Credit report or scores from the AECB app, you can approach suitable Personal/Home loan or credit card providers. Make timely payments and reduce your number of obligations to avoid loan/credit card application rejections. In the future, the AECB aims to include information from utilities, government agencies, courts and real estate, to gauge your repayment abilities more precisely. Make wise financial decisions for the future with the all new AECB app.

Factors impacting car insurance premiums?

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Ever wondered why your friend who owns the same car as you does not pay a similar car insurance premium? It is because Insurance providers consider a whole lot of factors before zeroing in on an insurance plan apt for your car. A list of major factors contributing to your insurance premiums is listed below.

  • Age/Marital status: Unfortunately for young and single people, statistical observations show that there is a high correlation between age and marital status of the driver to the frequency of probable accidents. Mature men and women drivers have an established experience of driving safely, as opposed to young inexperienced drivers often driving frivolously. It has been often observed that the young adults under the age of 25 tend to pay 15-20 % more car insurance premium than their older counterparts.

  • Driving history: If a person’s driving record is peppered with traffic violations, parking tickets or accidents, then in those cases insurance providers take due note of these happenings and quote a higher insurance premium. On the contrary if a driver maintains a spotless record, then he/she might be eligible for a lower premium. Furthermore, elongated periods of un-eventful driving might even earn the driver a no-claim bonus, whereby a driver gets a discount in future premiums for not having made any insurance claims.

  • Type of Policy: The terms of an insurance policy can also greatly affect the premiums to be paid. For instance, if you already have another policy in place for personal accident insurance, then you might skip the share of car insurance premium designated for personal insurance cover. Another term influencing insurance premium is ‘deductible’, which is a certain share of amount an insurance holder should pay out of his own pocket before he/she can claim the rest of the expenses for repair from the insurer. If the deductible you agreed upon is ‘nil’, then you might end up paying higher premiums. On the other hand, the premiums might be lower if you agree to allocate a certain amount for deductibles. Some policy might also have add-ons like international coverage. If you do not plan to drive out of the country, then you might give this add-on a miss, thereby incurring lesser premium charges.

  • Car model/make: The model and make of a car definitely influences the charges for insurance. A swanky speedster or a luxury car would have higher premiums as opposed to a family SUV. The spare parts for the former might be difficult in procuring, thereby increasing repair costs. Studies show that high-performance muscle cars are at higher risk of being involved in an accident, thus resulting in costlier premiums. Very old cars also attract higher premium charges as they are prone to improper functioning and might result in accidents. The in-built safety features, engine type, fuel type, tra​_nsmission and other such features are also considered while establishing a score for your car.

  • Frequent insurance claims: If you make frequent claims, you will not only miss out on the ‘no-claim’ bonus, but also end up paying increased premium charges upon insurance renewal. Therefore, it is wise to pay yourself for small repairs and fixes, and keep insurance-claims only to major expenses.

  • Credit scores and reports: Although in its nascent stage, authorities are pushing for Credit scores to have some bearing on your car insurance premium. You can read the article How to improve my credit rating to manage your ratings well and thus avoid circumstances for increased premium charges.

  • Multiple quotes for insurance: You might end up choosing the first insurance provider without consulting others. As a result, you’ll miss out on great plans and ones that offer best value for money. Therefore, it is best to have multiple quotes and compare policy features before selecting one.

Consider all the above factors while making a decision on your car insurance. Choose wisely and travel safely.

Dubai Shopping Festival: A Sneak Peek

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It’s that time of the year again! The latest edition of the world-renowned Dubai Shopping Festival, more popularly known as DSF is just around the corner. The month-long shopping and entertainment extravaganza is all set to kick-off on the 26th of December. Dubai will come to life with pop-up fashion shows, glittering fireworks, incredible mega sales, concerts and much more. Here’s a sneak peek into what you can expect as part of the festivities.

  • Sale Season: The five-week sale would feature over 700 brands showcasing their goods across over 3,200 outlets. The highly anticipated 12-hour long sale in Majid Al Futtaim malls will commence on the 26th of December at noon. With shops open till midnight, you will still have plenty of time after work to catch up with what’s on display. Top brands will be offering discounts ranging from 25 to 90 percent, exclusive offers and much more at their retail outlets. Keep your eyes and ears wide open as every weekend of the festival will get even more exciting with ‘Weekend Deals’ that will be announced by retailers just 24 hours prior to its commencement.

  • Market OTB: This edition of the DSF marks the fifth appearance of the “Market Outside the box” element. If you’re not a fan of ‘big’ brands and you’d rather admire the work of lesser known artisans and emerging brands, then the Market OTB which will be held at Burj Park is a place you should most definitely visit. You can drop-by not just for a bit of shopping but also to entertain yourself with some live performances in music, drama, dance, magic and so on. You can also catch up with some of the latest cinema and creative documentaries in pop-up cinemas. And don’t forget to bring your kids along too – there will be joy-rides, games and other activities that the tiny-tots in your family would find most enjoyable. Any shopping outing would be incomplete without some delicious food. Market OTB will be dotted with food trucks and eateries to serve your taste buds.

  • Prize contests: A wide array of exciting raffles are coming your way this DSF. Participate in mega raffles organized by noted brands such as the one by Infiniti. Buy one ticket worth AED 200 and if “luck” favours you, you might have a chance of winning the weekly prize of AED 20,000! Weekly winners then compete for a mega prize of, hold your breath, AED 500,000! There is also a contest organized by Nissan where you get a chance to drive away one of 7 Nissan flagship cars by making a non-fuel purchase of AED 20 at ENOC or EPPCO stations. Exciting, isn’t it?

  • Fireworks: The skies of Dubai are all set to be gloriously lit up again during this DSF. Every weekend during the month-long festival, there will be firework displays at various places such as The Global Village, The Beach at JBR and Dubai Creek. As this year’s DSF runs through the New Year’s eve, the occasion would be made all the more special. Come witness an explosion of bright colours against the beautiful night sky of Dubai!

  • Global Village Attractions: Global Village, the world’s leading multicultural festival park and a major entertainment & shopping hub will be playing host to over 3,500 shops through its 27 pavilions this December. The village will also provide a rich cultural experience as 75 unique cultures will be represented. Super-loop stunt shows, live concerts, cultural shows, circuses, themed food kiosks, thrill rides – the list is endless.

So make the most of the 24th edition of the Dubai Shopping Festival that features a wide array of family friendly events and retail bonanzas. Indulge yourself and ring in the New Year with happiness and joy.

Digital Banks – The Future is here!

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The digital revolution has given a face-lift to all types of industries around us. So, it’s not really surprising that the Banking and Financial Sector has also risen to the occasion and revamped the way it operates. Banks across the UAE have been moving towards offering almost all of their services online. They have been investing heavily in technology to provide a better customer experience and to also reduce costs. As a result, in the near future, most of the brick and mortar offices of banks will be replaced by virtual ones in the digital space. This is a win-win situation for both customers and the banks. Read on to find out how banking of the future will benefit one and all.

  • Ease of Onboarding: You can now open an online account instantly in a completely paper-free environment. There is no need whatsoever for you to visit a branch. All you have to do is scan your Emirates ID and upload it to the app. Upon verification, within 24 hours your account will be opened and you will receive your debit card, chequebook and credit card by post, based on real-time credit bureau information. Accounts can be opened 24/7 from even the remotest part of the country.

  • Accessibility: Start banking with Digital banks that provide seamless, convenient, secured and cost-effective banking services. You can now pay bills, receive funds, check balances and perform other activities instantly through your smartphone anywhere and everywhere – on the go, instead of going to the bank every time you wish to do so. In case of your card being lost, you can secure it by simply toggling between the “off” and “on” mode for the card from your app.

  • Transfer funds: Easily scan details on your debit card from other banks and transfer funds into your digital account linked with the app at low charges. You can also make international transfers from your banking app for as low as AED 4 (ENBD liv).

  • Bill Splits: As a consumer, we rarely carry the correct change or physical cash to pay one another. With Digital Banking, you can split bills with your friends with ease. Pay from your app after which you can send automated notifications to your friends through social channels (such as Facebook and Whatsapp). An open list of people who owe you money will be maintained and once they’ve repaid you, their names will be crossed off. No more awkward conversations on how much you’re owed!

  • Exclusive services, products and offers: With certain digital banking services, doors will be opened to investment opportunities such as international stocks, gold and foreign currencies. Banks have also been promoting their digital platforms through incredible offers which you can cash in on. For instance, ADCB bank offers 17,000 touchpoints when you open your online account. Rewards with a cashback of up to AED 350 on your first credit card statement are also up for grabs. ENBD liv has recently offered a contest where maximum engagement with the app could win you a TESLA car!

  • Enhanced customer service: No more waiting in queues to meet your branch manager or a bank teller. Digital banks assist you with video interactions through a virtual relationship officer. You could also engage in an AI-enabled live chat session and get resolutions to your queries.

  • Smart Kiosks: Malls and shopping complexes across UAE are also being installed with Smart Kiosks, through which you can engage physically with automated devices of your bank. You could print cheques (limited to 6 a month), deposit cash into your account, replace debit cards, print account statements (albeit without a stamp) and much more.

  • Perspective: You can get personal insights into where you spend and how frequently. Easily track and compare your expenses over months, merchants or categories. The apps provide you with real time analytics with insights on transactional history and spending patterns.

By now you might have a fair idea as to how much digitisation of banks would help you as a customer. Prepare to empower yourself with an enriched and sophisticated banking experience like never before. Bid adieu to long waiting hours in bank offices and embrace smart digital banking options. Welcome to the new age of ‘digital’ banking!