You can still save when insurance prices are skyrocketing

Dubai: With insurance premiums rising across the globe — driven by inflation, climate change and increasing healthcare expenses — many UAE residents are feeling the pinch.

Whether it’s car, health, or home insurance, renewals are hitting harder than expected. But while prices may be up, you still have control. Here’s how to protect your wallet without compromising your coverage.

1. Re-shop your policy every year
Loyalty doesn't always pay with insurance. What cost-effective options were available a year ago may no longer be the best fit today. Take the time to compare quotes from multiple insurers — there are UAE-based online marketplaces that make this easy. Life changes like moving, buying a new car, or even getting married can also affect your rate, so use these moments to review your policies.

2. Raise your deductible — if you can afford to
Your deductible is the amount you pay out of pocket before your insurer contributes. Raising it can reduce your monthly or annual premium, especially for car or home insurance. Just ensure you have an emergency fund to cover the cost if needed.

3. Update your coverage
Have you installed a security system at home, added storm-resistant features, or now drive less than you used to? These changes might entitle you to a lower premium — but your insurer won’t know unless you tell them. Also, reassess the value of older items or vehicles; if the insurance costs more than what it’s worth, it might be time to adjust your coverage.

4. Hunt for discounts
Bundling your car and home insurance can unlock savings, but don’t assume it’s the cheapest route — sometimes separate policies are more cost-effective. Also, many UAE insurers offer discounts for safe drivers, claim-free years, or even installing dash cams.

5. Mind your credit
In some markets, including the UAE, insurers may review your financial behaviour. Keeping a strong credit record could work in your favour when pricing is being assessed.

6. Budget for insurance early
When buying a new home or car, factor in insurance costs before committing. Premiums can vary widely depending on location, risk factors, and coverage limits.

The key? Be proactive. Insurance doesn’t have to be a financial drain — not if you treat it like any other major purchase: with research, regular review, and smart adjustments.