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Money we pay to the insurance company is basically the cost of �risk� we want to avoid. By transferring the burden of that risk to the insurance company we become �covered�. The coverage you are buying will have different price in different companies and We can�t really match apple to apple! I will tell you why� This cost is calculated by the insurance company against the possibility and/ or probability of an event to occur, basically an unfortunate event. Calculating the risk for Car insurance for example depends on number of parameter and variables such as, the car make and model, how old is the car, is it a sport car or a family car? Is the driver a young person below 22? or an experienced person who has been driving for many years? Did the driver cause any accidents last year, last 2 years, or never did? etc... Based on such parameters the insurance company is able to assess the risk and accordingly calculate the cost of car insurance. Same for health insurance! different age, male or female, family history, different jobs, so again different parameters. And this is why the insurance company give a different price for different clients because everyone has different parameters, which is normal. But the bigger question is: Why different insurance companies give different prices for the same client? Though, this could be an advantage for the client to compare and chose the best price it is not clear for most people why this is happening 1- Because assessing the risk is a point of view, it is not the same person who is assessing the risk and every company has its own risk appetite and underwriting strategy. 2- Benefits are different! Yes it is not apple to apple. Read carefully your quotation and see what is covered and what is not covered, what is the car value, Agency or Garage, personal accident is offered or not? do you really need a rental car option!, are you covered against natural perils? etc.. it is not always apple to apple. Again, read carefully. 3- It is not you it is me: Insurance companies have different loss experiences every year. According to their portfolios, results, size of business and claims record. For example Sports car maybe a good business for one company but a high risk for another.. 4- Promotions and special arrangements: An agency can offer its clients or in some cases the clients of an insurance company special prices for fixing their cars at the agency and/ or more number of years. Only if you are buying your insurance with a specific insurance company Conclusion: - Shop around, take a look at the market and check prices. - READ the quotation carefully. - Compare not only the prices but also the benefits. - Make sure you are getting a good deal in terms of a) Coverage and b) Price. Careful from extremely cheap prices. Check if such company is actually paying their claims to their clients. A company that is offering an extremely cheap price is usually a company facing financial burdens and I would worry from that. Few dollars less will not help when you are chasing the insurance company to pay your claim. You are buying insurance to cover a risk, do not take a risk of not getting paid in case of claim
Any insurance is better than no insurance, but what you do want to have is an expensive insurance that is covering what you do not want to cover or maybe just overpriced. 1- Examples for insurance that is covering what you do not want to cover: - Medical insurance that has a high category network but it is located far from you and you always use the hospital near to your home, which is good enough for you and you are happy dealing with the doctors there and they know you very well and they keep your records. You actually have no intention to go somewhere far from your home, so why paying for the best hospital in town if you will not visit it. Save your money - Car insurance that covers Car rental in case of an accident: this is actually a good idea; but, do you have a second car? Do you go to work with bus and actually not depending on your car on daily basis? Do you have backup plans if your car broke? If your answer is yes.. Save your money 2- Cases of insurance that is overpriced Insurance companies have different risk appetite and every year they have different margins, revenues, and losses. Accordingly, every company will have different results and will make different decision about their reserves and profitability margins, therefore, some few companies might be a little expensive. The best way to avoid that is always: - Shopping around - READ the quotation carefully. - Compare not only the prices but also the benefits. - Make sure you are getting a good deal in terms of a) Coverage and b) Price.
The following cases are mandatory by law. You have to buy insurance for an employee who has salary less than AED 4,000. And you have to buy TPL insurance for your car before applying for registration renewal.
Third Part Administrator is a company that handles the Operations and Claims management of the health insurance on behalf of the insurance company. The name of the TPA is usually more familiar to client than the names of the insurance companies. TPA also contract with the hospitals and clinics, pharmacies, ect. And creates what is know as Network. Usually there are different networks for different programs.
There are different levels and different prices in hospitals and all the health services sector. This is why putting a network together can be shapes in many programs. Starting from a basic program that has basic services, limited number of medical centers and minimum standards up to an enhanced lever of service with huge number of medical centers and highest standards. Therefore, there are different prices and range of the cost payable for the service.
You can stop your insurance at a point of time and start a new one. Basically you will cancel your insurance and get refunded on the remaining period and then pay for the new insurance. This is mostly the case for the insurance services. Of course there are other cases where this is not applicable by law or in some other cases you can add riders to your insurance like personal accident insurance, etc..
Decide which insurance are you looking for! Health, Car, Travel, etc.. Enter your information to allow us to calculate your free Quotation. You will see one or more quotations. Select the one you prefer and pay online or use any other payment method you want. After few minuets you will receive your insurance policy on email. You are insured. You can learn more about insurance with us. We love insurance and we love to tell you more about it. Ask us anything
