Introduction to RAKBANK Car Insurances in UAE
RAKBANK, or National Bank of Ras Al-Khaimah, offers a wide range of products and services across the banking segment. The bank offers both conventional and Islamic banking options in their various services. RAKBANK car insurance is available in five varieties, each with its own unique benefits. Out of the 5 motor insurance schemes, 4 fall under conventional banking category while a Takaful motor insurance is also provided under Islamic banking.
UIC Motor Insurance
This plan is provided by RAKBANK in collaboration with the Union Insurance Company, one of the major insurance providers in the UAE. The UIC motor insurance policy provides cover against physical damage/loss of the insured vehicle. Customers can opt for Silver, Gold, Platinum, or Third-party covers as per their needs. The Silver, Gold, and Platinum covers provide protection in UAE, Qatar and Oman, and offer third party property damage cover of AED 1 million, AED 3.5 million and AED 5 million respectively for the sub-plans. The covers also include derby auto assistance for general issues related to the insured vehicle.
You can also opt for personal accident benefit, courtesy car cash benefit and replacement of car benefit on top of the base insurance plan by paying a nominal premium.
AXA Motor Insurance
RAKBANK, in collaboration with AXA Insurance Company, has brought out this car insurance plan for all customers. The plan is available in 5 different varieties – Prestige, Perfect, Perfect Safe Driver, Select and Third-party. The plans offer cover against third party property damage of AED 5 million for the Prestige cover and AED 3.5 million for the remaining types of cover. A host of benefits are applicable as per the type of cover selected.
The plans are available for RAKBANK customers above 25 years of age who have had a valid UAE license for at least a year or transferable countries’ license at least 2 years old. For the Perfect Safe Driver cover, minimum two years of no-claims certificates are required along with additional premium payment.
OIC Motor Insurance
Offered in collaboration with Oman Insurance Company, one of the leading insurance providers in the UAE, this plan offers AED 500,000 cover against third party property damage and unlimited cover against bodily damage and natural calamities. New vehicle owners can receive additional 1 month of cover by paying for 12 months’ cover.
RAK insurance is a car insurance scheme from RAKBANK that offers wide ranging covers related to car, property or bodily damages. The plan is available in 4 varieties – Motor Prime, Motor Power, Motor Premier and Motor Prestige. Third-party damage is covered up to AED 1 million, AED 2 million, AED 3 million and AED 4 million for Prime, Power, Premier and Prestige varieties respectively. Derby auto assist feature is available with this plan. Applicants between 18 to 65 years can opt for RAK insurance.
Aman Motor Takaful Plan
This is a Shari’ah compliant motor insurance that provides comprehensive protection for own registered vehicles, company registered vehicles and commercial company registered vehicles. This plan is offered in collaboration with the Dubai Islamic Insurance & Reinsurance Company, a public sector company. Cover is available up to AED 1 million for commercial company vehicles and AED 3.5 million for the remaining category of vehicles.
Personal accident cover of AED 200,000 can be availed by paying a nominal premium. Derby auto assistance is also available with this plan.
Other products offered by RAKBANK in UAE are:
Frequently Asked Questions - FAQs
Can I apply for a motor insurance plan without having any account with RAKBANK?
Can I transfer the insurance policy on buying/selling a vehicle?
Why am I paying a different premium for the same model than my friend?
What is the claims process for insurance coverage?
No, only RAKBANK customers are eligible for the different motor insurance plans offered in collaboration with leading general insurance providers such as OIC, AXA and UIC, apart from RAKBANK’s own motor insurance and Takaful plans.
No, insurance policy transfers are not possible as policies are made in the name of the vehicle-owner. As such, and new purchase should come with a new insurance coverage in your name.
Premium calculations are done after taking into consideration a number of factors such as age of driver, length of driving experience, vehicle type, location, claims history etc.
In general, you have to bring the following documents to the respective provider’s office (OIC, UIC, AXA) for claims:
- Original police report or court documents
- Registration copy
- Driving license
- Passport (if asked for age verification)
- Vehicle under question (if in driving condition)
How is the money transferred in case of claims?
The money will be transferred to the respective repair/dealer shop for the pre-decided percentage of damage. The excess amount as notified by the insurer has to be paid by you.