Month: September 2019

Buying your first car insurance? Keep this in mind…

If you’re buying your first car insurance, you’re bound to be confused. With so many options available, picking the right coverage at the right price can be daunting. But not anymore – Our team is here to simplify your search, here’s how!

Just as you wouldn’t buy the first car you come across, it also makes sense to take your time when choosing a car insurance policy. Car insurance is a year-long financial commitment and no ones wants to get stuck with a policy that’s not right for their needs. 

For new car owners especially, the idea of buying their first car insurance can be quite confusing. After all, there is no shortage of car insurance providers and insurance products in Bahrain. So how can you find a well-rounded policy for yourself then?

The Souqalmal.com team has rounded up six of the most important factors to keep in mind when you’re choosing your first car insurance policy…

Understand your requirements

There are two broad categories of car insurance coverage plans available here in Bahrain, which you can choose based on your budget and requirements. The first is ‘third party liability’ insurance. This is pretty basic and offers protection against third party claims in case your car damages a third party car, property or injures another person. Under this coverage option, the insurer is only obliged to reimburse the damages caused to a third party affected in the collision. This means that you don’t get damages to your own car covered. The second option, comprehensive coverage, offers broader and more robust protection. Thus, damages to your vehicle caused in cases of collision, burglary, vandalism, and natural disasters are all covered under this type of a policy. 

Go through the policy features carefully

It is important to understand the coverage being offered under specific car insurance plans before you choose one. Not only does it make sense to find out what categories are included in the coverage, but you should also check the maximum coverage amount offered under each category. Reading through all the benefits, limitations and exclusions within a policy ensures that you are fully aware of what you’re signing up for.

Educate yourself about ‘add-on’ features

Most car insurance plans come with a long list of standard features. However there are additional coverage features that you can use to boost the overall coverage. These smaller optional add-on features or ‘add-ons’, as they’re called, are almost always available with most insurance plans these days. Examples of such add-ons include replacement car hire, personal accident benefit, renewal premium protection and others.

Get acquainted with the terminology

Car insurance policies are filled with complicated terminology and jargon that most car owners may find difficult to understand. Terms such as ‘deductible’, ‘total loss’, ‘insured declared value’ and others make up important parts of your overall coverage. So be sure to get acquainted with these and all others to truly understand the benefits offered under your policy.

Souqalmal.com aims to simplify the fine print within your car insurance policy. Visit our blog regularly to find out more! 

Understand deductibles

A deductible is a fixed amount that you are required to pay whenever you raise a claim against your car insurance policy. The amount payable towards the deductible could vary, depending on the policy you have chosen. Usually, you can opt to pay a higher premium if you want the compulsory deductive to be lower or not applicable at all. 

Compare before buying

When making your first vehicle purchase, did you just dive in and buy the very first car you saw? Probably not, right? In the very same regard, insurance schemes are also quite pivotal to your driving experience and investing the right amount of time in doing your homework and comparing the available schemes is important. 

Souqalmal.com helps you with this comparison, allowing you to choose a car insurance policy that suits your requirements. You can compare multiple quotes within minutes, pay for your chosen policy securely online and have your policy delivered straight to your inbox.

Five Things to Consider Before You Buy a New Car

Are you thinking of buying a brand new car, but don’t know where to start? The Souqalmal.com team equips you with the tips and tricks that will guide you through your purchase.

Technology has made getting a new car an easy and effortless process – You can hop onto the Internet to compare models, and read about car specifications, performance, design elements and everything in between.

However, for most people, buying a brand new car is quite a daunting prospect given the financial risk involved, along with the added burden of making the right choice. As you read this right now, many of you might be getting ready to shell out some money on a new set of wheels. 

The Souqalmal.com team has shortlisted some important things to keep in mind before you choose which car to buy…

Choose the car model carefully

Before you head to the car dealership with a cheque in hand, make sure you do some research. It is a good idea to shortlist a car based on your requirements and budget. While choosing a specific car may boil down to individual preferences, you can still figure out ways to save on your chosen car model. Find out when the car dealership runs their biggest annual discounts – This could be during the Holy month of Ramadan, or even when an existing model is about to be replaced with a newer one. Eventually, you can also bargain with the car dealership by throwing light on better deals being offered by their competitors in the market.

Figure out how you’ll pay for the new car

As a potential car owner you have the option to pay for the car with your own savings or through a car loan. Most people end up taking a loan to facilitate the purchase, considering that buying a car is a big financial commitment. If you’re going down the bank finance route, make sure you first check if you’re eligible to apply for the loan amount you have in mind. 

Although most banks in Bahrain do not have a down payment requirement, you can choose to pay a portion of the car price up-front and finance the rest through a car loan. This will reduce the size of your car loan and ultimately, your interest cost too. If you want to arrange a down payment, make sure you have the funds ready by the time you go looking for a new car. 

Compare car loans before choosing one

If you decide to take a loan, you have the option of getting one from a bank, or through the car dealership. When applying for a car loan, it is important to compare different loan products before diving in. You must take into account the interest rates, processing fees and terms of repayment being offered by different banks.

Invest in the right car insurance

You would obviously compare car makes and models before choosing the right car, so why not invest a bit of time in comparing your car insurance options too. After all, comparing various car insurance plans is the most reliable way of getting the best coverage at the most affordable premium. 

Souqalmal.com has brought its flagship car insurance comparison platform to Bahrain to simplify your search for the right car insurance policy. On this platform, you can compare multiple quotes from Bahrain’s leading car insurance providers, read about the features and benefits offered under each product and choose a policy that works for you. You can also pay for your car insurance securely online and have your policy delivered straight to your email inbox.

Looking for car insurance in Bahrain? You can now compare multiple car insurance quotes and save your precious time, money and effort, only with Souqalmal.com.

Don’t end up with the wrong Car Insurance

No car owner wants to shell out hundreds of dinars on car insurance and still end up getting stuck with the wrong policy. We list some of the most crucial factors to consider when choosing a car insurance plan that meets all your requirements.

If you own a vehicle here in Bahrain, chances are that you’ve just bought an insurance to serve the legal demands, and have buried it without too much thought. Most people don’t consider the impact of making a haphazard and reckless choice when buying car insurance. If you want to have a good night’s sleep, it’s important to invest in a robust and comprehensive insurance package tailored for your needs. 

In this article, the Souqalmal.com team discusses how you can avoid getting stuck with the wrong car insurance plan.

Going with the cheapest option you come across

Yes, we understand that under the legal guidelines applicable in Bahrain, all you need is a very basic insurance coverage – a stripped down, third party insurance. However, would this alleviate financial distress for you when there’s major damage to your car or serious injuries to and other passengers if you’re involved in a road accident? Third party insurance only covers the damage your car causes to another person, their vehicle or property. However, when damages hit your car, you’re going to be thrown under the bus with this policy.

The cheapest option could also be a low value-for-money comprehensive plan that you’ve bought in a jiffy without comparing with other available options. This may help you cut expenses up front, but you may just get stuck with inadequate coverage for the entire year. Therefore, make sure you compare the benefits, coverage and costs in a detailed manner before picking a policy.

Going with the most expensive option

And here, we have the other extreme. Expensive is not always better. In other words, shelling out more money may not mandatorily bring you extra benefits. You need to clearly define your car insurance needs with respect to what sort of coverage and features you need. If you don’t drive frequently and your car isn’t under any grave risk, you could opt for a no-frills inexpensive car insurance plan. When picking an insurance policy, make sure you customize the overall policy by adding the specific elements you need and discarding the ones you don’t.  

Failing to compare all your options

With a wide variety of insurers and car insurance plans in the market, there is an ocean of deals to choose from. So why not spend a bit of time doing some research to pick out the best deal? Compare policy features, coverage, exclusions and add-ons beforehand. And why pay extra when you can avail a handsome discount? Make sure you search the market for limited-period deals and discounts before settling on the right plan. 

For example, here on Souqalmal.com, you can compare multiple car insurance quotes within minutes and review policy benefits all in one place. 

Your deductible margin is too low or too high

This deductible or excess is the amount of money you’re required to pay to the insurance company when making a claim. Essentially, it is the percentage or portion of the claimed expenses to be borne by the policyholder.

In general, when you choose a lower deductible percentage, you would have to pay a higher premium. And with a higher deductible, you get to pay a lower premium. Given the option, make sure you choose a deductible that you’re most comfortable with – neither too high, nor too low. 

Your vehicle’s value is set too high or too low

Before settling on an insurance plan, you’re required to submit the closest estimation of your vehicle’s value. Getting this question answered wrong would mean ending up with the wrong coverage that is either too high or simply inadequate. The value of your vehicle is also one of the parameters that determine the premium you would be charged. 

Buying insurance from the car dealership

When you walk into a dealership to buy a new car, chances are that you could walk out not just with the car, but also with a car insurance plan pitched by the dealership and its insurance partner. However, this seemingly convenient option may not be the best one. It’s always better to take a step back and make a more detailed evaluation of the insurance market and the different deals available rather than going with the first option you’re given. 

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.

How to renew your Car Insurance in Bahrain

Is your car insurance about to expire soon? Many car owners don’t put too much thought into renewing their car insurance, but this can prove to be a costly mistake. We list all the important aspects and steps to consider when buying your next car insurance.

Is your car insurance policy about to expire? Car insurance renewal might seem like a chore. Chances are that you would end up renewing the policy with your existing motor insurance provider or choose the first motor insurance plan that you come across.

Unfortunately, many car owners often overlook the importance of renewing car insurance, and going about it the right way.

The Souqalmal.com team explains the ideal process you can follow when your car insurance policy in Bahrain is up for renewal.

When do you need to renew your insurance?

Here in Bahrain, motor insurance policies are valid for a period of one year. So when’s the best time to renew your car insurance? It is a good idea to renew your policy about one month in advance. This helps you keep some buffer between the expiry of your existing insurance policy and the activation of the new one, which in turn helps you avoid any delays and inconveniences.

Look out for a reminder from your existing car insurance provider. Your insurance provider will most likely notify you of the upcoming expiry date in advance.

What are the documents required to be submitted?

You need to submit copies of your valid CPR (for both Bahraini Nationals and expats), driving license and vehicle registration card. If you’re switching your car insurance provider and want to avail the ‘No Claims Discount’ benefit, you will also have to obtain a No Claims Certificate from the current insurance company and submit it to the one you’re applying to.

What is a No Claims Discount?

If your policy has been claim-free for a year, i.e., if you haven’t made a claim against your existing car insurance policy in the last one year, then you are eligible for a ‘No Claims Discount’. This discount helps you save on the cost of insuring your car by lowering the premium chargeable on your next car insurance policy. 

It is essentially a reward for being a safe driver, and saving the insurance company money as a result of zero claim pay outs during the policy tenure.

How will your new premium be calculated?

Your annual car insurance premium will not stay the same upon renewal. Factors like your driving record, your age, age of the car and resulting depreciation in value, frequency of claims etc. all play a role in determining your new premium value.

Additionally, your policy coverage and optional add-on benefits may change when you renew with a new insurance company, which would be factored into the new premium calculation.

How can you get a good deal on car insurance?

Comparing your car insurance options and weighing the benefits against the cost, is the ideal way to find a car insurance that isn’t just suitable for you, but lighter on your wallet too.

If don’t want to spend countless hours approaching different insurance companies, Souqalmal.com has just the solution for you. The UAE’s leading car insurance comparison website has now landed in Bahrain, bringing with it the easiest, fastest and most transparent way to buy or renew your car insurance in Bahrain. Compare and choose from multiple car insurance quotes, find the most suitable coverage, and pay for your policy securely online.

Looking for car insurance in Bahrain? You can now compare multiple car insurance quotes and save your precious time, money and effort, only with Souqalmal.com.

Comprehensive vs. Third Party Motor Insurance

Confused between comprehensive and third party car insurance? You’re not alone! Many car owners skip understanding the basics of these two car insurance categories before choosing a policy for themselves. We explain the difference and help you figure out which one’s right for you needs.

If you’re new to the car insurance market in Bahrain, one of the first questions you’d ask is – What’s the difference between comprehensive and third party insurance? In fact, not just new car owners, many seasoned ones don’t understand the concept behind these two types of car insurance policies either.

Knowing how both comprehensive and third party car insurance work, is the first step in helping you decide which option is right for you. 

The Souqalmal.com explains the difference between the two…

Comprehensive insurance

Comprehensive car insurance, as the name suggests, provides a comprehensive cover to car owners. To start with, this type of insurance covers third party liability i.e., protects the insured against legal liability towards a third party. But that isn’t all. It also covers the insured vehicle against accidental damage, loss due to theft, and other damages. Additionally, it also covers the insured driver and passengers in the car by offering compensation in case they suffer accidental bodily injury, along with paying for medical expenses related to such an injury.

This type of holistic car insurance covers a wide range of benefits. Apart from accidental damage, your coverage may include damage to the insured vehicle due to fire, theft, vandalism, natural perils, riots and strikes. The driver is also covered against personal injury sustained while driving, and any emergency medical expenses arising as a result of that are covered too. Apart from standard coverage, car owners can also choose and pay for optional benefits like off-road cover, agency repair, GCC cover, personal accident cover etc. Please note that while some policies may offer these features as part of standard coverage, others may need you to opt in separately.

What does it exclude?

Comprehensive polices come with multiple benefits, but these benefits are subject to multiple exclusions and limitations too. Standard exclusions include losses due to general wear and tear, electrical or mechanical malfunctions, breakdowns etc. Damage to car tires is also excluded from coverage. Unless otherwise specified, damage to / or loss of personal belongings within the car is usually excluded by most insurers too.

Not all comprehensive car insurance policies are created equal. The policy’s overall benefits, specific coverage under different categories, add-on features selected by the policyholder – All play a role in determining your final insurance premium. Many insurers even offer different grades of comprehensive cover at varying price points. 

Souqalmal.com recommends that you carefully review the policy fine print before committing.

Third party insurance

This is a far more stripped down, basic form of motor insurance available to car owners in Bahrain. Third party car insurance, as the name suggests, protects you against your legal liability towards a third party. Essentially, it protects you financially in case your car results in the death/bodily injury of a third party individual, as well as damage caused to a third party vehicle or property. 

It is important to mention here – This car insurance coverage is mandatory by law in Bahrain. 

Considering the limited scope and coverage offered under third party insurance, this type of policy is also significantly cheaper than its comprehensive counterpart. 

It is also a good idea to check if the insurance company you’re applying to covers related expenses like court fees and legal defense fees.

What does it exclude?

If you’re opting for third party insurance for your car, it is important to understand that you will receive no compensation for damages sustained by your car. Neither you (the one driving the car) nor your car’s passengers will be covered financially against accidental death or bodily injury under this basic car insurance policy. 

Eventually, knowing how both comprehensive and third party car insurance work, is the first step in helping you decide which option is right for you. 

Comprehensive or Third party cover – Which one should you choose?

Besides your budget, there are a number of factors that help you decide which car insurance variant is right for you. For example, if you have a brand new car it would make sense to opt for a comprehensive cover to avoid paying through the nose for any damages to the car. Alternatively, if you have a much older car that doesn’t cost much to repair, you could go for a third party policy alone.

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.