The wisest thing that anyone should do after purchasing a car is to purchase a car insurance for their vehicle. Insurance protects the car against all sorts of damage and ensures that you don’t spend a bomb if anything unfortunate like an accident should happen. Car insurance works like a regular insurance product where in the customer makes regular monthly payments for the term of the insurance and makes a claim when the need comes. But not everyone can avail a car insurance. Banks have a certain criteria that one needs to fulfil in order to be eligible to get the insurance.
Eligibility Criteria for the Car Insurance
Listed below is the eligibility criteria to avail car insurance in UAE
- Age: The applicant must be over the legal age for driving to be able to apply for car insurance in UAE.
- Driving licence: The applicant should own a valid driving license with a certain period of experience in driving.
- Registered vehicle: The vehicle to be insured should be registered in the applicant’s name.
- Residency: The applicant should be an UAE resident or an expat residing in UAE
- Vehicle: The vehicle should be used for personal use. Some banks have a restriction on what kind of vehicles can be insured.