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Non Residents Guide to Buying a Property in UAE

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Mortgage UAE

Are you a Non-resident searching for the best property to purchase in UAE? If so, this guide will let you know about the things you need to know before you explore the search.

The number of non- residents people across the world have started investing in buying villas and apartments in the UAE, some of the people prefer tax free capital gains, some others looking for lifestyle investments and few other needs tax free rental yields that can reach about 10% primarily on the smaller apartments.

UAE Market have seen both ups and downs in the real estates, there was a recent change occurred in the UAE regulations and this has made non-residents people to overseas purchasers and has brought a significant impact on their industry.

Banner Mortgage UAE

What places can Non-Residents Purchase in the UAE?

They can be classified into three regions namely Abu Dhabi, Dubai, and The Northern Emirates.

Abu Dhabi:

Non-GCC National people means the one who is not from Kuwait, Bahrain, UAE, Oman, Qatar and Kingdom of Saudi Arabia is capable of getting freehold and leasehold property in specific investment zones around the Abu Dhabi which includes Reem island, Yas Island, Al Reef Village, Raha Beach, Saadiyat Island and much more.

Dubai:

If you are a foreigner and not a person who currently lives in UAE, then Dubai law states that you are capable of purchasing a freehold property in any of the twenty-three freehold areas namely Emirates Hills, Al Barsha South, Dubai Marina, Sheikh Zayed Road, Palm Jebel Ali, Palm Jumeirah and much more. You can also get from any of the leasehold properties.

The Northern Emirates:

Non-residents can purchase both leasehold and freehold properties in Umm al Quwain, Sharjah, Ras Al Khaimah, and Ajman, and you can buy most of the property as the leasehold basis.

Is it possible to get a Mortgage to buy UAE Property as a UAE Non-Resident?

Yes but with restriction! Non-UAE residents are provided rights to buy a mortgage from the UAE lenders with few limits, the UAE Mortgage Cap law needs the Non-UAE people to have down payment cash of 25% of the property value added to the cost of purchase, this is 20% of UAE nationals.

The price may increase to 35% added to the property cost if it goes above AED 5 million, whereas it’s 30% for the nationals of UAE. In the case of getting a second or third property then you need 40% as a down payment cost added to the value of the property.

Related: How to Buy a Home in Dubai with a monthly salary of 10,000 Dirhams.

Down Payment Cost Requirements for Non-Resident and Expats (Non-UAE Nationals)

● If your purchase type is first property and the purchase price is below AED 5 million, then your minimum down payment is 20%, and maximum loan to value ratio (LTV) is 75%.

● If your purchase type is first property and the purchase price is over AED 5 million, then your minimum down payment is 35%, and maximum loan to value ratio (LTV) is 65%.

● If your purchase type is second or third property and the purchase price is any cost, then your minimum down payment is 40%, and maximum loan to value ratio (LTV) is 60%.

● If your purchase type is under construction or off plan and the purchase price is any cost, then your minimum down payment is 50%, and maximum loan to value ratio (LTV) is 50%.

Few steps Non-resident can follow while purchasing a Property in UAE.

Follow the below steps before you purchase a property in UAE as an expat or foreigner.

● Explore what property type you are going to purchase, apartment or villa, commercial space or land or a plot.

● Research in-depth for the available properties online.

● Contact a developer directly or real estate agent or familiar person to know the details of the properties thoroughly.

● Make sure whether nonresident people have the right to purchase the land, you need to have a steady salary as well as should be legal to live in the UAE.

● Choose the right property after checking every document wholly and then pay your deposit.

● You can purchase a home loan or mortgage from any famous, reputed or trustworthy financial institution.

● Transfer deeds and pay the land registry tax correctly.

Related: Compare and Apply for Mortgages in UAE

Fees and Taxes you need to pay

● Abu Dhabi Transfer Fee – 1% to 2%.
● Dubai Land Department Transfer Fee – 4% added to the 540 AED administrative fee.
● Registration Fees – 2000 AED added to the property below 500,000 AED.
● Mortgage Registration Fee- 0.25% of loan + AED 10 fee.
● Registration Fees Cont – AED 4,000 for property above AED 500,000.
● Mortgage Processing Fee- Up to 1% of loan amount.
● Valuation Fee – AED 2,500 to AED 3,500.
● Conveyancing fees (where appropriate) – AED 6,000 to AED 10000.
● Estate Agency Fee – 2% of purchase fee.
● Downpayment – 25% of property cost.
● Oqood fee, for off-plan properties – 4% of purchase price.

Documents needed for getting a Mortgage in the UAE

Most banks will ask for the credit reports from the resident country, liabilities details including loans, credit cards, one-year bank statements and an entire heap of documents.

You require a scanned copy of passport, last three months bank statements justifying that you are working in the present company. There are no requirements for credit check documentation, no liability letters or employment proof.

You also need to attend mortgage offer letter in Dubai at some specific stage of the process, and this cannot be neglected as its mandatory at the final step of purchasing at the DLD (Dubai Land Department).

It would be better if you also made sure about the additional cost included in the transaction of property such as the realtors commission, property valuation free, registering fees, the land department transfer fee and much more.

Are you interested in buying a property in UAE? To live yourself or whether as an investment or need any guidance on the UAE Mortgages? If so, you can request a free consultation with us.

You can use our contact form from our website and then submit your complete details, once we receive the request we will provide a team member from our side to give the consultation with you at some time and date.

Car Insurance Myths in UAE

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car insurance myths

Cars are highly preferred in UAE rather than any other vehicle, and therefore the car insurance market has a massive increasing activity at present.

The price of insurance varies depending on many factors along with the money cost used as the compensation during the period of unlikely issues or events.

Choosing the right car insurance in Dubai is strenuous substantially for the new insurance buyers, people believe in wrong myths from various people and result in wrong decisions, but this is one of the essential topics that shouldn’t be ignored when you are spending much money on the car insurance policies.

Related: Apply For Car Insurance from Compare4Benefit and Get VAT FREE Car Insurance.

List of Car Insurance Myths in UAE

Today we will check for a few myths regarding the car insurances that everyone should be aware of it.

Medicals bills are covered for a significant accident or other issues in the case of the applicant having a Personal Accident Cover.

Many First time buyers of car insurance in UAE has a belief that getting a Personal Accident Cover while purchasing car insurance will take care of their medical expenses occurred when they get injured in a road accident, and this is not true entirely! Moreover, here are few payouts which will be provided to the people in a lump sum once confirming after an in-depth diagnosis.

    • Personal Accident covers are provided in the case of any preconceived peculiar injuries or damages, and if you capitulate to any lesion or any other injuries in a road accident, then Personal Accident Cover will offer a total amount of money that you have insured to your family and the maximum sum is about AED 200,000.
    • If you have lost your eyes and gone blind due to the accident occurred in the road then personal accident cover will provide a maximum sum of about AED 100,000 for each eye lost in the road accident.
    • If you lose a limb during a road accident, then you will be provided with the maximum amount of AED 50,000 for each limb.

Your Takeaways: If you got injured during an accident, you would not be able to get the medical coverage just showing your insurance policy documents at the hospital. You need to have a health insurance plan if you need to skip paying from your pocket.

Comprehensive Coverage is Offered in GCC Cover

Most of the gold and car insurance companies provide these universal feature GCC cover for their customers, but it has the capability of covering just the partial benefits.

You will not be eligible to drive to any other GCC Country if you have this GCC cover in your insurance policies. You need to face the drive only at your own risk as they don’t cover financial safety.

Your Takeaways: Every car owners should have to get the insurance for the vehicle they buy according to the UAE law, and therefore the insurance policies have become a mandatory one. GCC cover does not cover any third party liability, so you don’t have permission for driving off to any other GCC country.

Related : What does Comprehensive Auto Insurance Cover

You will be required to get a TP insurance on the border at a rate of AED 90 for five days.

Comprehensive Insurance plans do not cover mechanical Repairs:

The standard and most natural myth around any car insurance are that mechanical repair costs are not included in any comprehensive programs in the case of any injuries or during the car breakdowns.

Your Takeaways: The critical thing every car insurer need to have in mind is that you shouldn’t believe everything you hear from people saying regarding the insurance plans. Any of the car insurance agents will not cover mechanical tear & wear and depreciation in their plans. Automobile parts are included based on the depreciation rate when your vehicle is damaged in an accident or during your car break down in this comprehensive insurance plan.

Your car dealers will provide best Insurance Plan

When you are purchasing a new brand car, everyone thinks that they can get the best insurance plan from his or her car dealers, but this is never a good or best idea.

You will not be able to get the best deal if you are purchasing any insurance plans from any car dealers, insurance brokers or insurance agents offline.

They will change your mind and make you get the one as per their preference, the best thing you need to do before purchasing a car insurance plan is to research, compare and then get the best insurance plans for your vehicle.

The technology advancement has brought an enormous change in the digital insurance field too, and the best way is to get the insurance is online. You will be able to avail many benefits like more transparency, ease of buying, wide varieties of insurance, etc. and also save your time and money by getting online.

Related: Find Car Insurance Cost in UAE

Insurance for your vehicle is something you need to check out directly rather than purchasing from offline or other ways. If you are getting insurance from your car dealers, then you might need to pay a high commission for them.

If you are purchasing insurance online then you will be able to get multiple benefits as there are various plans available, you can compare and choose the best deal.

Related: Compare Car Insurance in UAE.

Your Takeaways: You will be able to enjoy maximum coverage for your insurance without paying from your pocket, the price you pay should be useful for you not for the dealers or brokers.

A Must have Feature- Agency Repair?

The critical specification included in the comprehensive insurance plan is the Agency Repair, this will cover maximum accident-related repairs from the official dealer at the authorized garages. The premium is high for the comprehensive coverages as per the enhanced support, and you can opt or not opt to agency repair as the decision belongs to you.

If you need any spare parts installed in your car or any other vehicle after any accidents in the case of a luxury car, then you can prefer agency repairs. If you have the spare parts available for your generic vehicle then paying for the agency repair is mere foolishness.

Your Takeaways: Before you go for any agency repairs you need to check whether you need them in your car insurance plans. More than the premium garages, the insurers’ network garages will be the best option.

Before opting for any UAE vehicle insurance, make sure you analyze the insurance needs and then check out the insurance plans fine print. If you have a detailed understanding of the plan, you never have to fall for these myths.

Knowing about the policy exclusion and inclusion declines the claim rejection risks.

Want to know more about Car Insurance, Read Our Complete Guide on Car Insurance in UAE

Any other myths regarding the Car Insurance Plans.

Let us know through the comment section below.

Best Mortgage rates in UAE 2018 | Money Clinic

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Mortgage rates

All of us have at some point dreamt of owning our own house; it could be a lavish two-storey bungalow or a simple 2-bedroom apartment.

The concept is the same, and it is a part of the ideal lifestyle that we have all be accustomed to. If you also want your own home and feel that right now is the perfect time to lay down your roots, it just might be.

Related: Mortgage Calculator in UAE

The United Arab Emirates is one of the most booming and developing places in the world. The bank rates in the country are significantly low, and the lifestyle is something that entices everyone.

You will find some of the best mortgage rates in UAE, and it is also a reason why it attracts many expats each year.

For the average person here in the UAE, owning a house is a legitimate reality. This is possible due to the availability of low mortgage rates. A mortgage is a legal agreement, which allows a bank to lend the debtor money in exchange for the deeds to the property.

Related: Compare Mortgages in UAE

The condition is that once the money has been given back the conveyance of the title becomes void. When looking for property, one need not necessarily pay the full thing via a mortgage. If you have some savings, you can use it as a down payment and take the rest out as a mortgage.

In the UAE, there is a multitude of banks that offer best mortgage rates to both expatriates and nationals. Here is a list of some of the most financially advantageous ones and how they will benefit you:

Bank Rate of Interest Minimum Income Loan Amount
 

Standard Chartered MortgageOne

 

3.49% (reducing)

 

10000 AED

 

18million AED

 

RAKBANK Home in One

 

3.24% (reducing)

 

15000 AED

 

No Limit

 

Emirates Islamic Manzili Home Finance

 

3.2% (reducing)

 

15000AED

 

20million AED

 

CBD Mortgage Loan for Expats

 

2.99% (reducing)

 

12000AED (Salaried people); 20000AED (Self-employed)

 

10million AED

 

United Arab Bank Home Finance for UAE National

 

2.99% (reducing)

 

15000AED (Salaried people); 50000AED (Self-employed)

 

10million AED

 

Standard Chartered Mortgage One:

SC is one of the most well-renowned banks in the world and comes with an assurance of the best available rates and features. Under their Mortgage One scheme, the reducing rate is around 3.49%, and the fixed rate is 2%.

The fixed rate is somewhat fluctuating over the course of around 25 years, which is the maximum term, but it will always hover around the 2% mark. The advantage of taking up this loan is that the tenure of the loan will be shorter as the majority of the payment goes towards the principal and not the interest.

There is, however, a minimum salary requirement of 10000 AED. The down payment can be around 20% of the property price, and the bank offers up to 18 million AED.

For those of you looking for property in and around Abu Dhabi, Dubai, and Ras Al Khaimah; this should be your first choice.

Click Here to Apply for Standard Chartered Mortgage one

RAKBANK Home in One:

This offering is a combination of a current account holding and a home finance. The interest on the loan is calculated on a daily basis, and you can withdraw your money at any time.

The reducing rate is 3.24%, and this can fluctuate over the course of the repayment period. The minimum salary requirement is 15000 AED, and there is virtually no cap on the amount you can take. The mortgage can be taken out for a maximum time period of 25 years, and you can purchase any property in Dubai, Abu Dhabi, and RAK.

The only condition is that the property needs to be ready, and you can only purchase under construction property in Dubai.

Click Here to Apply for RAKBANK Home in One

Emirates Islamic Manzili Home Finance:

This bank offers one of the lowest mortgage rates, with a fixed rate of just 1.81%, which is adjusted for 25 years.The reducing rate is around 3.2% per annum.

There is also a minimum salary requirement of just over 15000 AED. You also get a credit card when you take this mortgage option and a 2-month installment deferment. You also have to be a salaried employee for just over 6 months to choose this mortgage.

You can get up to 20 million AED in the mortgage, which will have to be paid over the course of 25 years. This offering also comes with a two month deferment period, which is good and can be availed every year.

Click Here to Apply for Emirates Islamic Manzili Home Finance

CBD Mortgage Loan for Expats:

If you are an expatriate looking for the best mortgage loans that will help you buy the house you have been dreaming for, this is it. The CBD offering is a very lucrative one.

The extremely low fixed rate of just 1.69% over 25 years and the reducing rate of 2.99% per annum are all good for any expatriate looking to put down their roots.

There is a requirement of 12000 AED minimum for salaried individuals and 20000 AED for self-employed people. You can take up to 10 million AED, which is enough to land you a fantastic place.

The only qualm is that this mortgage is available if the project is already complete. If you have been waiting this long to buy a house, this option is by far the most cost-effective.

Click Here to Apply for CBD Mortgage Loan for Expats

United Arab Bank Home Finance for UAE National:

If you are an Emirati national and are looking for the most effective mortgage, this home finance from UAB is the way to go.

With a lowly 1.69% fixed rate per 25 years and a 2.99% reducing rate; for any of you looking to get a brand new villa or put down a real estate investment, this option is the one. However, you need to have a minimum salary of 15000 AED, and those who are self-employed, the requirement is a steep 50000 AED.

You can get up to 10 million AED and purchase any property with a title deed in Emirates. Such flexibility allows you to invest in the widest range of options and where you feel is going to pay off big dividends. You also get a pre-approved credit card when you take upon the mortgage option.

Click Here to Apply for United Arab Bank Home Finance for UAE National

As you can see, the choices are endless. This gives you tremendous freedom in choosing the best option, one which will suit your long-term plans as well as your family’s plans.

The UAE is a thriving place where the standard of living seems to shoot up each year. If you have been in the country for a long time or you are a native, getting a house right now would be a very prudent investment.

Car Insurance Cost in UAE

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Car Insurance cost UAE

Deciding on the car for yourself is easier but determining the insurance type you need and the cost of the insurance covered is tedious. The car insurance cost in Dubai is low when compared to other countries, but let me ask you something how many of you know the reasons for your car insurance cost?

You need to know about the various factors that produced a significant impact on your car premium namely the car type, age, etc. Sort out different option you have when choosing a policy and calculate the car insurance cost as per your budget and other requirements reliably. Today we will check on the value of your car insurance and additional related information in depth.

Related: Get VAT Free Car Insurance in UAE

Car Insurance Cost – Getting Started:

There was a revision in the car insurance cost by the UAE Insurance Authorities in the name of Revised Insurance Rates, which indicated a considerable hike in the price.

Everyone might have known about the “ballpark” figure and their different types of caps (Minimum and maximum) number of car insurance caps. The real fact is that the overall rate of your premium car insurance is affected by certain other vital factors (can or cannot controlled ones).

We have listed down few details which will provide a quick look on the variables that affect your car insurance rates in UAE as well as the process of your premium calculation in a detailed way. Apart from the estimates and cost they also will help you in choosing the best price for your new brand cars.

Related: Apply for Auto Insurance in UAE

Proceed below to check out some essential factors that are being the main reasons for making your final premium car insurances.

Drivers driving experience and Age:

Everyone in Dubai knows the fact that Age plays an essential role in the calculation of premium car insurance rates. A new and expensive car need proper care and protection, and therefore it’s necessary you get Comprehensive coverage’s for your vehicle without fail.

A new car will be expensive to replace or repair when there are any damages to them. In this case getting a comprehensive coverage means you are not needed for paying anything from your pocket, this does not mean that you are asked for higher premium rates for a newly brought car as human beings tend to be more careful when they drive a new vehicle.

There is third party liability cover with minimal properties to protect your second hand or older cars, and therefore this makes your premium lighter.

Related: Car Insurance Rates by Age.

Your Car Feature and Type

Whether you have the older car or else adapted to the latest roadster, the car features and type you have chosen brings a significant role on the premium car insurance rates in UAE. Sports, Luxury or any other related expensive cars will lead to an inexorable price when you repair or replace them as they are found to be rare and have high rates for their spare parts.

The faster acceleration in new and higher performing cars can lead to severe accidents and provide a high-cost premium insurance rates. Apart from that insurance agents will take car ratings, safety features of the vehicles, models and other car specifications to calculate your premium car insurance rates.

Related: 21 Cool for buying and Maintaining your car

Deductible or Excess

The amount of money that you agree to spend from your pocket during any accidents that are caused by you is considered to be the deductible or excess part. If you are ready to pay the excess price, then your premium rates will be lower, in some cases excess means the fixed amount in whatever damage or situation.

Agency or Non-Agency Repairs

If your car dealership does the repairs then its derived as the Agency repairs whereas if an external garage mechanic does the repairs, then its referred to as the non agency repairs, this can be accredited by your insurance company. Agency repairs can be included in your existing policy or else can be added to your insurance policy, but you will be asked to pay the additional cost for them.

Other Optional Features

For other optional benefits or add-ons, you will have to add your existing policy, and you will be charged a certain fixed amount for each of the add-ons or features like the international cover, off-road cover, car hire, roadside existence, etc. You need to be very careful to consider all of the above features when picking your insurance policy from the insurers, and they may vary depending on your lifestyle.

How to Estimate your Car Insurance Costs?

Here are some of the basic formula to calculate your car insurance rates in UAE.

● Value of your car < AED 100,000 – Base starting rate is 3.25%.

● Value of your vehicle is less than AED 3000,000 and greater than AED 100,000 – Base starting rate is 3%.

● Value of your car > AED 300,000 and less than a million – Base starting rate is 2.75%

Now apply a few surcharges or discounts as indicated below.

● Age between 23 and 25 – add 25%

● Age between 25 and 30 – add 15%

● Age more than 30 and less than 60 – Subtract 10%

● Drivers License less than a year old – add 25%

● Your car is SUV or any 4 Wheel drive – Subtract 10%

● You have a new brand car – subtract 10%

● Your car is a sports or couple car – add 20%

● Your vehicle is registered in the Northern Emirates or Abu Dubai instead of Dubai – add 5%

● Do you need to get the cover for the personal accident for the driver – add AED 120

● Do you need to get the cover for the personal accident for the Passenger – add AED 30 per person

● Your car > 3 and five years old along with your wish to have an agency repair – add 30%

● For Rental Car Benefit – Add AED 150.

 You are claims free and if you need to prove it then subtract

● One year no claims certificate – 5%

● Two years no claims certificate – 10%

● Three years no claims certificate – 15%

● Four years no claims certificate – 20%

● Five years no claims certificate – 25%

Related: A Complete Guide to Car Insurance in UAE

Mortgage Calculator in UAE

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Mortgage Calculator

The number of options from local and international lenders on choosing the proper mortgage in UAE is tedious and will leave you confusing when you refinance an existing loan option or when purchasing a new home property, this can be made easier if you have a Mortgage Calculator.

The price of the property in UAE is reliably increasing, and therefore in-depth research will help you in picking the right competitive products, and this also helps to know whether the monthly payments fall within your estimated budget.

Related : Compare Mortgages in UAE

How is Mortgage Calculated?

Compare 4 Benefit’s Mortgage calculator helps in finding your actual monthly payments and also the fees you need to pay if you are planned to get a home or property in Dubai.

You need to fill the property price, loan payment options(how long you are going to pay your monthly payments), the deposit you are going to put down. Your nationality, the profile or interest rate, the property type (Under construction or completed), etc. to receive the final pieces of information on the home loan options available and also the eligibility ones as per your requirements.


Mortgage Calculator
works by gathering some of your personal details namely your Email address, the monthly salary you receive, contact number for finding the right competitive product in Dubai as per your needs.

Benefits of Mortgage Calculator

Mortgage Calculator can figure out the exact amount to be paid if you enter a few pieces of information like Property value, loan term, Interest rate, down payment amount, depreciation value, etc. There are many advantages of using the Mortgage calculators namely.

Budget Planning:

The tool helps to know whether the budget you have planned is enough to get home and this can assist you in taking some firm decisions during searching for a property or while hunting for a house.

Saves Money

Mortgage calculator helps you to calculate variables like amortization, interest rates, down payments, etc. and this will determine which will be the right option for the value you choose.

Learn more things using one

You will be able to experiment with various scenarios so that you will get a detailed understanding of the working mechanism of Mortgages and the calculation basis depending on the bank etc. reliably. You will also be able to make the decisions on the repayment period and the maximum interest rate you can afford.

Time Savers

You need not consult with my broker or banker to calculate the interest or the amount for you as yourself can do the calculations easily. Mortgage calculators help in deciding on the side by side comparisons when analyzing various scenarios.

Essential Factors you need to know about Mortgage in UAE

Proceed below to find some of the essential things you need to know regarding the Dubai Mortgages.

UAE Maximum Mortgages

There are many differences for the Expatriates and UAE Nationals, here you go.

For UAE Nationals

The price of purchasing your first mortgage with 80% LTV – AED 5,000,000.
The price of purchasing your subsequent and second mortgage with 65% LTV is irrespective of the property or home purchase amount.
There is about 50% LTV available without the irrespective of value for the under construction home or properties.

For Expatriates:

The price of purchasing your first mortgage with 75% LTV – AED 5,000,000.
The price of purchasing your subsequent and second mortgage with 60% LTV is irrespective of the property or home purchase amount.
There is about 50% LTV available without the irrespective of value for the under construction home or properties.

How long one has to wait for obtaining the Mortgage Pre-Approval?

It would take about three to five working days approximately for the applications which are employed, and this will be provided once the bank is satisfied with all the documents you have submitted.

In the case of Self Employed applicants, the bank will take at least 10 to 15 working days approximately and approve them once they get satisfied with the documents.

For Home Matters, the approval can be received within the shorter period for some clients, and it would take real time periods for other applicants, you can calculate the correct value for any applicants using Mortgage Calculator.

Related : Apply for Mortgages in UAE

What is the valid time for the Mortgage Pre-Approval?

The pre-approval valid time will vary between the periods of thirty to ninety days based on the bank you have chosen. Depending on the updated documents and product availability the expired pre-approvals will be revalidated.

Whether Mortgage Pre-Approvals can be a Finance Guaranteed application?

Yeah, it depends on the bank you have chosen, their terms and conditions of the circumstance or profile of the applicant, they should change as per the mortgage disbursal and you can also make use of the Mortgage calculator.

The finance amount will depend on the applicant chosen loan providers and their property valuation along with the value limit.

The next immediate step you need to perform after pre-approval is to find out the home or property from any primary or secondary market. So what is the difference between getting primary and secondary market property?

Primary Market Purchase: In this type of purchasing, you get the property directly from the developer, and this can also be done with the help of real estate agents who have the perfect dealing with the developers so that they can sell the inventory without any support.

Secondary Market Purchase: They are mostly the real estate properties that are purchased through a real estate agent.

How to Purchase the Secondary Market Property using a Real Estate Agent?

Once you have chosen and clear of the property, you are going to purchase you need to negotiate the amount and get them from Real Estate Regulatory Authority (RERA) registered Real Estate Agent.

Once the parties get agreed for your sale and price, the agent will draft an agreement of purchasing the property, and this will be reviewed, accepted and signed by all three sellers, buyer, and the real estate agent.

The agents will get 10% of security deposit from the Buyer, and they also hold the security cheques and then will return once all transactions are made successfully.

Some of the real estate agents will also request for the encashment of the property buyers security cheque for the safety purpose, in this case, buyers should deal this with at their risks, and they should note that the real estate agent is having a correct ESCROW account to safeguard their money from the agents.

Can you apply for the Mortgage in your sole name in the case of purchasing the joints property?

Most of the bank does not have this options, and mortgages are always provided between the property and spouses, the home will be registered as per the names of the mortgages. You can check for the mortgages from Mortgage calculator.

What if the seller has a Mortgage?

Based on the outstanding balance, the bank you have chosen will provide the amount of the seller’s mortgage, and the buyer should pay the amount if it comes above in case of this situations. If the agreed price for purchasing by the buyer is less than the outstanding seller mortgage, then the difference of the exceptional seller and purchase price mortgage need to be paid by the seller. You can ask your mortgage consultant if you have any doubts regarding the questions, they can explain to you in a detailed way.

Tips to avoid Common Auto Insurance Claims

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Auto-insurance

Accidents can happen anytime, and therefore they have the right name derived. Auto Insurance is mandatory for every vehicle owner to protect their vehicle and their well beings, the rates of these auto insurance depends on various factors namely the driving experience, the age of the driver and much more.

Related :Buy Car Insurance from Compare4Benefit and Save up to 1200 AED on Car Insurance.

We have seen all these information in previous articles, today we will know few tips for avoiding the most common problems occurring with the Auto Insurance claims.

Rear End Crash

The Rear End crash type of accidents are caused mostly when the drivers lack concentration in their driving, this can be easily avoided if the driver is focussed only on driving rather than some other disturbances like using a mobile phone, changing songs during driving, speaking to someone without checking out the vehicles forward or backward, etc.

CDC Statistics has proved that more than 1160 people are getting injured and eight-plus persons are killed every day due to the distractions occurred when driving.

NHTSA (National Highway Traffic Safety Administration) has shared a pivotal point in 2015 that to avoid this type of crash, the top-most auto manufacturer has come up with an automatic braking technology, which will help the driver to focus on the road and driving without being distracted from any other activities.

Windshield Damages

Windshield cracks and chips claims are also considered to be the most common problem in the list, and many drivers think that this damage cannot be avoided, but you can do it with simple steps.

I agree that you can’t make any pebbles or rocks to be idle on the road or ground, but you can take specific steps to avoid these damage to take place. Most of the cracks and chips are developed from the Snow renewal equipment, rocks thrown due to air by trucks and other debris from the ground.

You can make sure that you are maintaining the distance between these trucks so that your wallet and windshield will remain safe from the damage. For example when you are passing by a road with much debris, and other kinds of stuff make sure you keep a distance when the trucks turn in an unpaved road.

In the case of ice and snow, you can keep a distance between any trucks for avoiding the hit as well make sure you maintain extra mile in the case of place with plows.


Parked Vehicle Damages

This is one of the common problems every driver’s face, you park your car, and people easily hit your car and fly like an airplane without evening turning back.

Research in 2016 has found that 15% of drivers have experienced hitting a parked car and 1.7 million drivers have been admitted to run after they hit a parked car.

To avoid people hitting your car make sure you leave your car in any garage or in the place where there are no turns. Do not park your vehicles too close to other vehicles when you are out from home, make sure you are avoiding parking of your vehicles in turns, tight corners, driveways, etc.

Backup Accident

NHTSA has identified in research that there are about 500,000 backover and backup accidents are happening every year, among them, 15,000 accidents lead people to injuries, and 210 accidents lead to death and other life-threatening problems.

The backup accidents can be easily avoided, but still, they are occurring in high numbers, but at present in 2018 the NHTSA has put a rule that all new cars need to be developed with a backup camera.

So be careful to get a camera-equipped vehicle if you are in the plan of getting a new car, in the case of existing cars you can get a backup camera kit which would cost in the range of 250 AED to 1500 AED, and this cost varies based on the feature you need.

Related : Here are 21 cool tips for buying and maintaining your car.

Single Car Crush

According to the National Transportation System Center of John A. Volpe, one out of five accidents are caused due to the reason of leaving your car in the road, and there are more than 8,000 deaths happening per year, these damages can also be controlled easily and can be avoided.

Most of the Single Car crashes are caused due to the drowsy driving, what if the drivers fall asleep when they are driving on the road? Undoubtedly the car will result in damage with an accident. Similarly, Usage of drugs, alcohol, tiredness during driving is some of the causes of single-car crashes.

A survey result of research in 2005 has explained that 40% of the drivers fall asleep, the young drivers’ numbers are higher when compared to the older persons. There are many innovations developed to keep your car idle in the right lane, but still, you need to be more careful that you are not falling asleep during your drive for avoiding this problem.

Hail Damage:

If you are located in the area that is prone to higher hailstorms then you need to park your car under cover so that your car doesn’t get more damages, you can allocate extra space for your garage and safeguard with new safety apparatus for keeping yours from lousy weather hits.

Break-ins and theft

Every area will differ, and there is a high chance for your car to have a car break in some cases. You can avoid these issues if you stop keeping any valuable items in your car parking, also make sure you park the car in a safe and secure place to prevent the car break and theft.

Personal Injuries

Neck, back, and other related injuries are typical during a car accident, and even a fender bender will result in severe whiplash, neck, back and other injuries. These get more severe when you are driving in the higher speed, the best way to avoid this type of problems is to obey the traffic rules like wearing your seat belt, following the right signal board, etc.

There are many newer technologies incorporated at present which helps in saving you from these type of injuries.

Intersection Crashes

Confusing and BUsy Intersections will lead you to crashes, but this may happen at any time. You cannot assure that other drivers will follow the traffic rules as you do so its essential when you are approaching an intersection.

When you stop at the red signal make sure other drivers are not speeding up through the yellow light, in this case, you need to hit brakes immediately to safeguard you from hitting the car.

The Federal Highway Administration is working with states, cities, insurance companies and other concerned people about making this intersection more safe so that drivers can make up with the right decision to reach their destination safely.

Related: Complete Guide on Car Insurance in UAE

Personal Loan in UAE without Salary Transfer

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Personal Loan in UAE no salary transfer

Personal loans are useful when you need to spend more money than you have available in your savings or credit card. After you have negotiated the loan with your lender, it is suitable to add it to your budget.

It is possible to take out a personal loan in UAE without a salary transfer. This implies that you can take a personal loan from a bank without needing to transfer your salary flow to the same bank. Such loans are quite common in the UAE.

You can easily locate loans without salary transfer by online research. There are many UAE websites, like Compare4Benefit, which can do the job for you within minutes. They also provide online calculators to determine your monthly payments.

No salary transfer personal loan

Features of Personal Loans:

Have a fixed amount

The maximum amount of personal loans ranges from AED 1,000,000 to AED 3,000,000. It is based on your credit rating, your other debts, your income, and the lender. The higher your income and better your credit score, you can borrow more money.

Some banks have a cap on the quantum of personal loan. As opposed to credit cards, personal loans are a one-time loan. You cannot borrow like using a revolving credit card. Once you pay off the loan, there is the closing of your account. You will have to re-apply in case you need to borrow again.

Mostly fixed interest rate:

In case of personal loans, the interest rate is locked and does not change for the life of the loan. Just like the loan, interest rates on personal loans are dependent on credit rating. Usually, you will be charged a lower interest rate if your credit score is good. But there are also personal loans with variable interest rates. The disadvantages with these are that monthly payments fluctuate and cannot be factored in easily in your budget.

Fixed period of repayment

Your personal loan must be paid up in a fixed period. Loan payments are stipulated in months: 60, 48, 36, 24, and 12, etc. Longer repayments may reduce your monthly payment but implies that you pay more interest in the long run. Also, in case, you pay back loans earlier than agreed on, you may have to cough up extra money in terms of early repayment penalty.

             Related : Easy Payable Personal Loans in Dubai

Impact credit score

The details of all loans will be communicated by banks to credit bureaus, and thus, impact credit scores. All aspects like the amount of loan and the timeliness of your repayment will be recorded. For a good score, it is better to be punctual with your repayments.

Beware of imposers

Steer clear of scams, especially if a lender approves your loan easily in spite of your poor credit score. Avoid those who charge for loan information. Always apply for a loan with a reputed bank.

Tips for Taking Personal Loans in UAE

Do research on interest rate:

The interest rates charged by different banks differ, so do complete market research. Other banks may offer loans at a higher rate compared to Islamic banks, but their terms of repayment may be more flexible. Do research on different banks to arrive at a decision. You can even consult financial advisers.

           Related: How Do Personal Loans in UAE Work ?

Keep track of credit history

In case you have borrowed in the past; your banks will have a record of your credit history. With your credit history, you will know how you will qualify for a new personal loan. In case, you have defaulted on repayments; it will reduce your credit score and banks may charge higher interest rates.

Find other options

A bank may not be the only solution. If you have a solid state of finances, you will be eligible for credit cards like HSBC Platinum Card or Citibank Card, which will charge as low as 0% interest for the first year. You can even borrow from a trade guild. But banks are the most popular source of personal loans.

Determine exact need

There are two kinds of loans – secured and unsecured and the difference is that a secured loan is secured against a collateral asset while unsecured is not.
Determine your exact need based on whether you are okay with placing a mortgage asset as collateral or pay high-interest rates associated with unsecured loans.

Avoid borrowing more than required

Many times, banks will offer big loan amounts based on factors like your good credit score. Avoid going in for such attractions because it will only increase your debt burden. So, steer clear of any unusually attractive offers.

Determine complete charges

Securing a loan involves more than paperwork and getting money in hand. Several banks charge registration fees, processing fees, at a percentage of your total loan amount. Ascertain which bank provides the best deal after factoring in all charges.

Check capacity for EMI

You can pay back your loan amount in a fixed tenure. Banks offer 1 to 5 years for returning the money with a differing rate of interest.

Get realistic about how much you can pay in EMIs (Equated Monthly Installments). Don’t plan EMIs based on future projections, which may or may not manifest.

Compare prices

When you take a loan, keep aside some time to shop around and compare loan packages. Don’t be taken in by published or advertised rates. Interest charges vary based on a lot of factors such as the size of your salary. The 4% rate advertised by the bank may not apply to you if you earn below a threshold.

                      Related : Compare Personal Loans

Review terms and conditions

If you get a good deal, consider the total cost of the offer. The terms and conditions of a loan are just as vital as the rate of interest. Some of these include hidden penalties and fees. It is crucial to note the terms for early repayment of loans.

In case, you don’t read the fine print; the loan may cost you much more than you imagined. Getting all terms and conditions in writing is good.

Consider added products

Several banks register you automatically for payment or credit insurance when you become a borrower. You must review the terms of insurance to help decide whether to use such cover or go in for an extra personal cover.

Keep credit score in check

The eligibility for a personal loan is based on your credit history. Ensure you don’t go in for a loan unless absolutely essential. The reason is every time you opt for a loan; it is recorded in your credit history, damaging future chances of loan approval.

Increase credit score

For enhancing credit score, ensure you steer clear of negative points like late payment of bills. Al- Etihad Credit Bureau (AECB) has launched a credit report system. The best thing is to pay your bills and repayments on time. You can always request your credit report to check for any errors which might hinder your loan application.

Debt- Income Ratio

When you buy a loan in the UAE, make sure you can pay back EMI. One of the major factors for getting a personal loan is how much debt you already have. If you are drowning in debt, banks will be wary of providing loans.
As per the rules of the UAE Central Bank, the DBR (Debt Burden Ratio) cannot cross 50%.

This implies that your entire monthly payments with existing debt can’t exceed 50% of your income. For instance, if you earn a monthly income of AED 10,000, the monthly repayments of debt for you cannot cross AED 5000.

Be a listed company

Even if you don’t have income transfer to the same bank at which you apply for loans, it is good to be employed by a company listed for approval by the bank. Banks are more inclined to provide you with a loan, if your company is listed.
Otherwise, you may be denied a loan or charged a higher rate of interest. If your current company is not listed, get into action by offering the bank to get in touch with the HR department of your company.

Consider co-applicant

If all your attempts for a personal loan fail, you can use a co-applicant. This would be typically a close relative or spouse who will agree to pay back the loan in case you default. This applicant will be evaluated just the way you are (good credit score/ less debt, etc.).

Avoid borrowing more for less interest

Interest rates may depend on the amount of money you borrow. The higher the debt is, lesser will be the rate of interest. Keeping this in mind, several individuals choose to raise their loan amount to make use of a good rate. But this is not a wise decision, and it will be bad for your wallet. You must borrow only what you need.

Negotiate

For getting a low rate, try to put pressure on your bank for the same. Thus, you can negotiate with the lender- they will cut interest rate, and you will pay less.

Honour existing payments

It may not be enough to have a low debt burden ratio. In case, you are paying late consistently; this will be recorded in your credit report. Prospective lenders can extract this information from the AECB. The good part is that if you have been timely with your repayments, you have a good chance for getting a fresh loan.

Do thorough comparison

Do not just finalize your loan as soon as you get approval from a bank. Use a website for financial comparison for personal loans for details like fees, features, and rates. You may be surprised by the different offers. After comparing loans, you will know which the best fit is for you.

No salary transfer personal loan

Personal Loans in UAE Without Salary Transfer

1. City Bank Personal Installment Loanpersonal loan no transfer citi

Getting a personal loan from Citi is fast, easy, and hassle-free, with no salary transfer required.

It offers personal finance to the tune of AED 175,000.

Features and benefits

• Get Finance up to 8 times of your salary.

• Zero Processing Fees (Exclusive Limited Period Offer).

• Approvals in 1 day.

• Competitive Interest rates.

• Minimum salary required is AED 8000.

                Apply for Citi Bank Personal Installment Loan

2. United Arab Bank Personal LoanUAB No salary transfer personal loan

It is one of the leading UAE banks. It offers personal finance to the tune of AED 2.5 Million.

This is the best personal loan if you are looking for repayment of rent or education fees.

Features and benefits

• No Minimum Length of service required.

• Repayment period is 1 year only.

• No processing fee for new customers.

• Interest rate is 3.99 % only.

• Minimum salary of AED 10,000.

                 Apply for United Arab Bank Personal Loan

3. Emirates NBD Personal LoanENBD personal transfer

Offer packages for both salaried and self employed.

Benefits and features:

• Long period of repayment.

• Free life insurance for credit.

• 7 days loan return option.

• Interest rate from 4.99% to 14% ( per annum).

• Minimum income of AED 15000.

      Apply For Emirates NBD personal loan without salary transfer

 

Emirates NBD Debt Consolidated Loan for Expats

It provides an array of personal finance products.

Benefits:

• Manageable payment plan for all your existing debts.

• Free Premium Credit card for 1st Year.

• Free Bank Account and Debit card.

• Deferment option to skip two non-consecutive installments per year.

• Minimum salary required is 10,000.

          Apply for Emirates NBD Personal Loan for Expats
Conclusion

These are all some facts about taking a personal loan in the UAE. You must do research online or offline and some serious number crunching to get the best deal.

13 Essential Checklist for First-time Car Buyers

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Car Insurance checklist

Purchasing a car involves a tedious process, and you consider every prospect from ‘Insurance to Finance’ to ‘Research to test driver’. One can’t just choose the car once it gets released, the car lovers spend months or years to select their preferred car and get it after many struggles.

Related: Buy Car Insurance from Compare4Benefit and save up to 1200 AED on Car Insurance

Essential Checklist for First Time Car-Buyers

However, choosing the car can be simple if you make a checklist based on your requirements, so here are some of the essential list for the first time car buyers.

1. Know your requirements

Once you have the idea of purchasing a car, you need to know what your requirements are, and you should know the right type of car you are going to choose from the various models and manufacturers out there.

Decide which car will choose your needs, budgets and other vital factors, know about their price, colour, trims, cost, safety features available, cupholder size, reviews, etc.

Once you have decided on the car models, compare them with different manufacturers and then choose the that will suit you best.

2. Decide what type of features you need.

After deciding the car make sure you have all the required features that car should include

● Know the use of a car, for what purpose you are going to use them, what features you need in the vehicle for making your trip easier and comfortable.

● Determine the nonnegotiable factors like safety, whether the car will provide the needed gas mileages and know the things like a moon roof, swivel seats, etc. indulged in the car model.

● You cant stick with the same car that you prefer for your work to the purpose of business activities like realtor as city roads vary entirely when compared with the rural country roads.

● To know the best out of best car manufacturer and vehicle research for the awards they received and other evaluations like ranking, accolades of the vehicle from the industry so that you can get to know about the detailed picture of the car you choose.

3. Determine your car budget

Before you search for the different models knows the budget you are having for the car. There are many vehicle cost calculators available online so that you can determine the cost of the car you are going to purchase along with the loans and taxes.

In the list, you should also determine the factors like repair cost, maintenance, insurance, gas and much more. If you are on a limited budget then you can ask your vehicle manufacturer regarding the ideas, they will help for the maximum benefits to avail.

4. What type of car are you going to Purchase? New or Used vehicle

Once you determine your budget, you can decide if you are going to prefer the new one or the used car. If your budget is limited, you can make use of some of the best used vehicles on the market.

You can find the deals on used cars from the vehicle manufacturer or even online, and you can choose a rental car and try it out before getting the car you prefer to choose.

5. Are you going to purchase as Buy, Finance or for Lease?

● If you have enough cash in your hand, then you can prefer the Buy option for getting your chosen car.

● In the case of making a low down payment and are looking for the affordable cost to pay monthly, you can choose the Finance option. This is best for the one who always drives and causes a tear and wears quickly.

● If you are in a plan of driving the car for three to five years, want to keep your vehicle under the vehicle manufacturer warranty by traveling less than 12,000 miles per year then Lease option would be the best choice in this circumstance.

Related: Compare and apply for Car loan in UAE

6. Decide whether you are going to purchase from a Dealership or a private company?

The above choice is considered to be necessary as the rules for both vary entirely, you can look out the rules and conditions from your dealership persons or online to determine which would be the best option for your needs, Know the value and then go for the right decision.

7. Know the Values before opting for a car

Before purchasing the car, you need to you need to look out some of the value like

● Domestic or Foreign?
● Gas powered or another similar energy vehicle?
● Minivan or anti-minivan family cars?

8. Adapting to the newest and trendier technologies

Always prefer the car with all the necessary safety features and based on the present trends and models to experience a newer level of experience.

There is a vast improvement in the active and passive features of the vehicle at present when compared to the old modelled cars.

You can consider some critical safety technological development like bicycle detection, lane departure warning, hill descent assist, etc. in the car you are purchasing.
Check whether the car you purchase includes all the latest luxuries and gadgets like automatic messages, steering tablets, etc.

9. Window Shopping will work out.

You should decide the picks of the car by doing a window shopping rather than knowing them online. Look for the dealerships available in your area online, confirm them through a call and then reach store for reviewing the car you are going to buy. By doing so, you can bargain and go for the flexible budget once you have decided to get them for sure.

10. Figuring out the Fair Market Price of the car you choose

You can try out some online tools for finding the market price of the car you are going to choose.

11. Insurance

Make sure you choose the right insurances for your car and pick the one with lesser premium rates with maximum advantages.

Related: Apply for Car Insurance in UAE

12. Finance

Look for the private financing once you have decided the car to purchase, know the cheap rates that banks offer and prefer to choose the bank that provides the best offer for you.
There is an option for choosing your quotes if you are selecting the dealer for financing, so this has to be decided from your side.

Related: Apply for Car Finance in UAE

13. Shopping

Different offers are available for a specified period, so when you are going to purchase a car, you should know the right time you will have the availability of best offers from the company.

● The best time for shopping your car falls on the July and December.
● Purchase the cars at the end of the month to get the most benefits with offers.
● Buying car during holiday sales is best to save your money.

If you have decided to buy the car from the dealership, then make sure you at least three to four different dealers to choose the right one.

Hope the above simple checklist will help you in choosing the right vehicle for you with all included benefits.

Any other Checklists to be added above? You can leave it in the comment section below so that we can add them to our list for the customers to get benefited from them.

UAE Police provide amazing tips on car’s cruise control failure

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Abu Dhabi police have gone through a number of cases involving car cruise control fails and rescuing affected in the recent months and they have come up with a set of guidelines for motorists to help them control the car’s cruise fails.

A few days earlier in Abu Dhabi, police officials risked their life in saving a driver preventing him from a deadly road accident. It was reported that the brakes of the driver’s four wheeler stopped working at 130kmph on a highway.

In an another accident that was reported two months ago, a woman’s car cruise failed and was stuck in the car in Umm Al Quwain. Her car had gone out-of-control but was fortunately rescued.

Related: Buy Car Insurance from Compare4Benefit and save up to 1200 AED on Car Insurance

The police have posted on their Instagram official account on how the motorists should react in case their car went out-of-control. Police say that motorists shouldn’t panic and make sure their seat-belt is on. Switching on the hazard lights is important, and call 999 for help.

Here is the set of guidelines for motorists provided by Abu Dhabi Police on their Instagram account:

1. Put the neutral gear on and switch off the engine.

2. For old model cars, motorists should use the ignition keys to switch off the engine. For advanced car models, motorists should push and suppress the start button for a long time until the engine turns off.

3. If that fails, motorists should put the neutral gear on and push on the brakes firmly and steadily until the car eventually stops.

4. If the previous method fails, motorist can use the handbrake and pull up while firmly holding the steering wheel.

5. If all methods fail, motorists must change the gear setting between (N) and (D) repeatedly.

6. If any of the previous methods work before a patrol car reaches, the motorist should stop the car off the road and make sure they are safe and wait for the arrival of the concerned units.

Related: Compare Car Insurance in UAE

Top 6 Auto Insurance Questions Answered

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insurance questions uae

Everyone spends much time picking the suitable car they need based on their budget and other requirements.

Similarly one should know about all type of auto insurance and other importance before grabbing it by their side.

Top 6 crucial answers you need to know about the Auto Insurance.

What would you do if your car has been caught in an accident or other life-threatening problems? What if you have the wrong type of insurance for the issues? So it’s essential to check out the insurance before you get them, to ensure this you should have known about the auto insurance types.

1. Types of Auto Insurance

Find below the four important Auto Insurance Types explained.

Auto Insurance Types CTP Third Party Insurance Third Party, Fire, and Theft Comprehensive
Death/Injuries to People Yes No No No
Destruction for other’s Vehicle No Yes Yes Yes
Loss of car(fire or theft) or destruction to your car No No Yes Yes
Destruction for the car due to an accident in traffic. No No No Yes

 

The above table is the summary of the policies covered by the various auto Insurance.

Related: Buy Car Insurance from Compare4Benefit and save up to 1200 AED on Car Insurance

CTP (Compulsory Third Party) Insurance

The insurance will help if you have done some damages to someone’s car or the opposite person, the condition differs from one state to another, make sure to check for the details whether they work in your place before making it yours.

Third Party Property Damage

The insurance is considered to be the primary optimal auto insurance and offers the best financial cover in the case of any damage you have caused to the vehicle and not the person.

Third Party Fire and Theft Insurance

The insurance will help you in case if your car is stolen by thieves or when damaged due to fire accidents or any other issues.

Comprehensive Car Insurance

The top level and most expensive insurance which covers all things that all the above three insurance provides, apart from that this insurance also offers a vast range of options like replacement of windscreen, replacement vehicles and much more.

2. What are the Documents you need for getting a Car Insurance Policy in UAE?

Have the following documents in your hand when you go for applying for car insurance.

The name of the applicant: National should provide their Emirates ID whereas expats should keep their passport copy ready along with the visa page.

Date of Birth: The Documents you have submitted for ensuring your name is enough.

Confirmation Letter: You will require this to ensure whether the car falls under the GCC Specifications Compliant.

Details of the Vehicle: Have the needed documents that were provided during the registration, some insurance agents will ask for the RTA Certification for the purpose of transferring.

No Claims Discount Certificate: The document is most needed for renewing your auto insurance, you will get a reasonable discount as this certificate will prove the owner of the car has not recorded a claim.

You will be able to upload all these documents online as per your comfort.

3. What are things required to get an auto insurance quote?

Most of the car insurer ask for the essential details like model of the car, making of the vehicle, manufactured year, vehicle registered date, car value at purchasing, car registration place in the US etc., based on this the insurer will offer the value of the car as per the current market rate, this is essential for determining the price of the insurance cover.

While considering non-personal pieces of information, when you visit a website the browser you are using, IP address, version of your OS (Operating System), the web page visited etc. get recorded. The personal details asked from the insurer includes contact details, Date of Birth, Applicant Name, License details, Nationality, claiming insurance details, Driver License UAE etc.

4. What are the Additional Covers offered by Car Insurance Companies?

In UAE, Third Party Insurance is must, and apart from that, there are also some extra insurance covers and features offered by an auto insurance company. The final price of the insurance is calculated only after choosing all the add-ons, some of the additional covers are as follows.

Agency Repair: You can extend the coverage of agency repair up to five years through this add-on.

Emergency Medical Expenses: The cover will provide the medical expense for the passengers or other persons in the car but within one day of the accident, there are few other limits too, and this can be clearly claimed as per the car insurance company you choose.

Personal Accident Cover: The cover offers up to AED 200,000 per people if the passenger or people gets injured or dies in the accident.

Off Road Cover: When your car is damaged during the off-road then you can make use of the covers to rectify it, people who prefer going long drives can go with this add-on.

Personal Belongings Cover: The loss of any of your personal things can be claimed with this cover, you will be paid for the lost belongings.

Roadside Assistance: To jump smart, part replacement and for vehicle towing you can make use of this on roadside assistance cover.

Oman Extension: You need to check for the terms and conditions of the car insurance companies as few offers territorial coverages.

GCC Cover: The cover deals with any theft or loss when traveling to Saudi Arabia, Bahrain or Oman and this is based on the precise terms and conditions.

Natural Calamities Cover: The cover can be useful when there is damage caused due to the natural calamities like earthquake, flood, storm etc.

New Car replacement: You can go for this add-on as they offer replacement of your car within six months of purchase.

Windscreen Cover: If there is any damage to your windscreen or other parts then this cover will be much useful.

Theft and Fire Cover: If your vehicle is damaged due to theft or fire then this cover will offer the losses.

Locks Replacement: You will be provided with the money for changing a new lock if your old lock has been stolen or damaged with this add-on.

Dent Repair: The cover offers the cost for dent removal.

5. How can you make a claim when your vehicle is damaged?

There are some rules you have to follow when you claim for the damaged vehicle or passengers.

● Make sure you have the driver license copy, vehicle registration copy, and the original policy ready for claiming.

● Before claiming, make sure you have read the papers and document thoroughly so that you can be careful in getting the right covers.

● If there is another vehicle in the accident, then you need to share the information with them so that you will get your insurance claimed easily. Make sure you have the replacement vehicle, Personal Accident Cover, and Legal Cover so that claims can be processed in a shorter period.

● Many people do not understand the meaning of the policy excess, and this is something one needs to pay when claiming the insurance, the conditions may differ from each car insurance companies.

6. What are the Do’s and Don’t when you are buying an Auto Insurance in Dubai?

When you create an account for claiming the insurance you will be required to provide your name, DOB, Phone number and other some of the personal information, if you feel that they would be unsafe then you have the rights to neglect it but there is a chance of not getting the complete feature of the website.

● Make sure you go for the best coverage rather than sticking with the cheapest premiums.

● The proverb Honesty is the best policy will suit best when claiming car insurance too, unsure whether you are sharing the right information with the insurance company to avail the right benefits.

● Check for both comprehensive policies and third party liability when claiming for the auto insurance, decide which one will be the best based on your situation.

● If you need for some extra add-ons, then you can check with the insurer whether they have the extra covers included in their policy.

● In the case of getting an old car, you need to check for the features that are included in the insurance so that you can understand what are the things covered, in some cases, the policy will not be transferable, and therefore you will have to face some difficulties in the future.

● Make sure you are not underinsuring the car as they will extend the claim date of your vehicle as well as last in dispute.

● Do not extend the plan of insurance renewing, make sure you are doing this on time without any breaks.

● Before claiming read out the terms and conditions correctly, in case of any doubts or confusion ask them immediately to the car insurers.

● Save the number of policy and roadside assistance for easy accessing.

Auto Insurances are made accessible, and you will be able to save your money through these car insurances. Below are some of the simple steps you need to do when claiming for car insurance.

Provide your personal, non-personal and other requirements needed for the better result, and you might need to fill a form online which take a couple of minutes to complete them.
The second step is to choose the right policy and make the payment without any confusion.
Once you have made the payment, your insurance policy will be processed, and they will ask for other relevant documents and papers listed before for completing the insurance claim.

Hope you have the received the answers for all the essential Auto Insurance Question you should be aware of from this blog.

Related : Complete guide on Car Insurance in UAE

Are there any other important things you need to know when claiming your auto insurance? Ping us in the comments, we’ll be right back with an answer.