Month: July 2019

There are several things that can affect the amount of money you shell out on your car insurance. A basic knowledge of the types of discounts offered by insurers and an insight into their pricing strategies can be helpful in bringing down your car insurance premium. 

Want to save on your next car insurance purchase in Bahrain? 

Here’s a list of ways you can reduce your car insurance premium and save some extra cash.

No claims discount

No claims discount is a discount offered by the car insurer at the time of policy renewal as a reward for maintaining a claim-free tenure. If you are planning to switch your car insurance provider, you can apply for a no-claims letter/certificate (procured from your existing insurance company). Producing this no-claims proof can allow you to save on your next insurance premium.

Look out for deals and discounts

Is your current car insurance provider charging you a hefty insurance premium? Be sure to keep an eye out for introductory discounts, deals and limited-time offers that can help you save on the cost of obtaining your car insurance policy.

Increasing your deductible

A deductible is a predefined amount that you are obliged to pay at the time of making a claim against your policy. If you have an accident-free history, you may want to select a policy with a higher deductible and get a significant reduction on your premium. 

Doing your research 

Doing your homework goes a long way in zeroing in on an insurance firm that meets all your needs. So don’t just make up your mind after talking to just one firm. It’s best to get multiple quotes, look out for good deals, and compare your options before you pick a policy. That’s where Souqalmal.com comes in – We aggregate multiple policies and make your research faster and more effective.

Looking for car insurance in Bahrain? You can now compare multiple car insurance quotes and save significantly on your next car insurance purchase with Souqalmal.com.

Choosing add-ons wisely

Car insurance firms usually offer a variety of add-ons that you may not even need. While add-ons can be helpful in some cases, you must use your judgment while selecting them. If you think you would not require a particular benefit on your policy, strike it off to make your total premium lighter.

Avoiding car modifications

Modifying your vehicle in any way that puts it in the high-risk category, is sure to drive up your premium.

Car owners should also be aware of the fact that making modifications without the approval of your insurance provider can lead to cancellation of the policy and rejection of any future claims.

Have you ever wondered how a car insurance company calculates your insurance premium? In this article, we will share all the components that make up the final quote of your car insurance. 

You may not know this but there are a number of factors that influence the rate of your car insurance in Bahrain, or for that matter, in any other part of the world. While some of these factors may not be in your control, there are others that definitely are. Knowing these factors in detail will not only reveal how your premium is calculated, but also what you can do to keep it low.

Here are some of the primary factors that make up your car insurance premium. 

Driver’s age and driving experience

One of the factors that influence your car insurance premium is your age. If you are someone below the age of 25 years with a driver’s license that is less than one-year-old, then your premium could be at least 15-20% higher than average. This calculation is based on a statistical correlation stating that the frequency of accidents and mishaps are higher amongst people who have lack of driving experience and fall within this age group. 

History of accidents and fines

Drivers who have been in accidents or have received a number of fines in violation of traffic rules will find themselves paying a higher premium. Insurance companies consider all your previous claims while calculating your final quote. Your insurance company will charge you a higher premium if you have made claims in the past. At the same time, claiming no insurance makes you eligible for a no-claims bonus that is deducted off your premium.  

Age and coverage of the vehicle

Another important factor that determines your insurance premium is the age of your vehicle. Needless to say, since a new car is more expensive to replace or repair, you would need a more comprehensive coverage to protect it against damage. An increased coverage means that you will have to shell out more to pay for the higher premium on a new car. However, older cars can be secured with a more affordable third-party cover. 

Car type and features 

A luxury car or pricier cars cost more in terms of repair or replacement, especially if they have expensive spare parts. However, insurers reduce premium if the car comes with sophisticated safety features. Since such a car is safer to drive, they charge a lower premium in the final quote. At the same time, vehicles with large engines attract higher premiums. 

Repairs done by agencies or non-agencies

Repairs are an important point that is factored into your insurance premium calculation. Your car can either be repaired by your car’s official dealer (also known as agency repair) or by a non-agency that is approved by your insurance provider. The option of agency repairs can be included in your insurance cost by paying an additional cost. However, be sure to check if it is already included in your policy. 

Amount payable by the insurer

Also known as deductible or excess, this is the amount that you agree to pay yourself in case of an accident caused by you. You can reduce the monthly premium by agreeing to pay a higher excess amount or vice versa. 

Additional features

You can pay a fixed extra amount for any other additional or optional benefits, such as broader geographical cover, roadside assistance etc., that you would like to add to your existing policy. 

Looking for the right car insurance policy that fits within your budget, without skimping on the benefits? Head on over to Souqalmal.com’s insurance comparison platform right away.

Have you ever suspected that your car insurance premium is much higher than what it ideally should be? Perhaps your suspicions are right! Inflated insurance premiums are a common complaint among car owners since they are unaware of the factors that can drive up the price.

Wondering if you have overpaid for your current car insurance policy in Bahrain?

Here’s why your car insurance premium may be a lot more expensive than you originally expected.

Past record

Unsafe drivers are never in the good books of insurance companies and are invariably slotted in the high-risk category due to their poor records. Traffic violations and fines can blemish your driving record and significantly push up the premium amount.

Demographics

The amount of money you fork out on your insurance is heavily driven by factors such as your age. Insurance companies are risk averse and rely on past records of accidents to determine which group is statistically more likely to make a claim. Typically, young/unmarried male drivers have to shell out more on their premium compared to female/middle-aged drivers.

Type of insurance policy 

Have you checked the contents of your present car insurance policy for unwanted add-ons or coverage? If not, then it is time you revisit your policy document. Sometimes, car owners opt in for additional benefits which may not prove useful in the long run. Dropping them now is the right way to go.

Moreover, your premium is also decided by the deductible amount, which is your portion of the liability in the event of making a claim. Safe drivers can decide to pay a higher deductible to bring down the premium costs.

Car make and model

Insurance companies are wary of high-end vehicles that are at a higher risk of damage, theft, or crashes and often quote higher premium to insure such cars. Same is the case with modified vehicles, that are usually listed in the high-risk category. Before buying a new car or making modifications, it’s best to do a quick research on safety ratings and how they can affect the premium.

Claims history

Your claim history is one of the primary factors driving the price of renewal. An accident-free record makes you eligible for a no claims discount which can take as much as 20% off your annual premium. Hence, it is advisable to maintain a clean driving record by managing the cost of minor and inexpensive damages on your won. 

Ignoring the importance of quote comparison

A lack of research can lead to regrets in the future. Buying a policy on the spur of the moment or renewing without comparing might turn out to be a costly mistake. Take your time to evaluate the policies offered by different insurance companies and carry out a cost-benefit analysis before arriving at a sound decision.

You can simply visit Souqalmal.com to compare multiple quotes from leading car insurance providers in Bahrain. Not only can you pick a policy that fits your budget, but also choose between a range of optional features to find a car insurance plan that truly meets all your requirements. 

When you buy a car, you obviously compare different brands and models before you select the one that’s just right for you. Why should car insurance be any different?

At Souqalmal.com, we have brought together all the benefits of comparison-shopping on one convenient platform. With an aim to simplify the way you buy car insurance, our insurance comparison platform helps you find the most affordable cover without compromising on value. We get you instant quotes with a wide variety of coverage options that can be customized based on your needs. As an added bonus, you can also take advantage of ongoing deals and discounts on car insurance policies.

How it works

The application process is easy and straightforward.

1. Get a quote– Complete an online form providing your car and personal details. You will be asked to provide the make, model, value and year of manufacture of your car in addition to your contact and personal details like age, nationality, number of years of holding a driver’s license and number of years driven without an insurance claim. We will then search for the best rates and deals in the market most fitting for you.
2. Compare your options – At this step, you can compare all plans, choose the level of coverage you need, any optional add-ons required and the price that works for you. 
3. Pick the best deal– Once you are satisfied with the policy you have selected, you can make the purchase safely and securely online through our website or over the phone with a trusted agent. Scan and upload required documents to finish the application. The policy will be delivered directly into your inbox within an hour.

Advantages of buying online

Digitization has changed the face of the insurance industry. It offers ease, convenience and versatility in policy acquisition while saving you precious time, energy and money. Instead of approaching individual insurers or navigating the web looking for suitable insurance options, you get exhaustive information in the same place listed side-by-side for easy comparison. Online application and document submission also eliminates paperwork.

Moreover, buying car insurance online offers a great deal of flexibility in terms of coverage and optional add-ons.

The most valuable feature, however, is the cost-effective nature of online purchase. Since there are no middlemen, infrastructure and overheads involved, the savings are also transferred over to buyers in the form of discounts.

Buying car insurance will never be the same

Souqalmal is the leading and most trusted insurance aggregator serving customers in the UAE since 2012. Based on the success of our online car insurance comparison and purchase business in the UAE, we are now introducing the concept to the residents of Bahrain.  

You can now benefit from our wealth of experience, unmatched deals, best-in-class customer service, quick processing times, as well as ease of use.

We don’t just promise great value for your money, but are also striving to bring an unmatched level of transparency to the Bahrain car insurance market. Our regularly updated blog and extensively researched guides can help you understand the finer details about car insurance. Our ultimate aim is to equip you and every car insurance buyer in Bahrain with the right tools and information to make informed decisions about your car insurance purchase.