UAE car insurance premiums have already started to shoot up

UAE car insurance premiums have already started to shoot up

Dubai: UAE’s vehicle owners find they are having to pay more on their motor insurance premiums, as some of the leading insurers move to cut down on the steep losses they got hit with on motor claims in 2022. That motor premiums were to go up from 2023 had been signalled to vehicle owners in recent weeks, and there were also reports that nine of the leading insurance companies would start enforcing a higher premium. Now, the extent of the premium increases are coming into sight for UAE’s car owners. A Tesla comes with an annual average gross premium of Dh3,500, while a Nissan Patrol would be in the range of Dh1,800 plus and with the chance of going further up. A Toyota Land Cruiser owner could soon be paying well over the Dh1,600 average of 2022, while the Toyota Corolla is still under Dh1,000. And the insurance payout on a Mercedes S-Class? Cruising closer to Dh2,000 annually (but still way down on the Dh5,000 plus that was there in the first quarter of 2021). Clearly, insurers are trying to claw back motor premiums after the steep declines recorded in the first-half of 2022. Some insurance industry sources say the