Motor and health insurance costs are on the rise in the UAE, and residents are feeling the pinch. According to industry experts, car insurance premiums were up by as much as 20 per cent by the end of the second quarter when compared with last year while Business Monitor International’s UAE Insurance Report Q2 2016 predicts a “surge” in health insurance premiums during 2016 and 2017.
In response to this news, leading finance comparison site compareit4me.com, has amended their site to include the option of paying in monthly instalments, thereby easing the pressure of hefty annual renewal payments for motor and health insurance policies.
Jon Richards, CEO at compareit4me.com, says, “From talking to our customers and surveys on our site, we know that it’s not always easy for people to come up with a large amount of cash in one go. In response to this, we have changed our website to incorporate an instalment payment option, whereby customers can choose how many months they want to pay the amount over. We are hoping this will ease the financial stress of paying out for annual insurance packages for individuals and families.”
This customer-centric addition to the site comes shortly after the introduction of a cash-on-delivery (COD) option, whereby customers can pay for their insurance in cash directly to a compareit4me.com representative who will come to their preferred location, or address.
Richards says, “We have already seen a good take-up of the COD option on our site – we may be living in a technological age but, for some people, cash is still the easiest payment method. We didn’t want to ostracise anyone from being able to compare between insurance plans and choose the one that is right for them – and the public has responded positively. Similarly, with the opportunity to pay in monthly instalments, we hope to see many people who wanted insurance but were unable to come up with a lump sum, being able to purchase the type of insurance they want.”
For those who are already able to afford their insurance premiums, the instalment payment option could enable them to upgrade their policy to a more comprehensive coverage. Consumers are also aware that a slightly higher budget for your insurance could spell better finances in the long run.
“People are becoming more financial savvy and are asking questions about what they are paying for – sites like ours, where customers can compare and contrast the different policies mean that people know exactly what coverage they are paying for. As with most things in life, when it comes to insurance, you get what you pay for. Whether it’s to cover your holiday, or your health, or your car, if you can upgrade your plan to a better coverage, you could end up thanking yourself in the long run. We are hoping our instalment payment option will allow our customers to do that.”