Insurance is an arrangement through which a company undertakes to provide a guarantee of compensation for specified loss, damage or death in lieu of payment of a specified sum. Car insurance is a motor vehicle insurance, which aims to insure the vehicle and its occupants and to provide assistance in case of any accident.
Importance of Car Insurance
UAE has seen tremendous growth in the last few decades, which has made it one of the most prosperous countries in the world. This prosperity has resulted in more vehicles on the road and more insurance agencies setting up base in UAE. Vehicle manufacturers from across the globe have found love in UAE, with car sales going through the roof. Cities like Abu Dhabi have seen a 700% growth in the number of vehicles in the last five years. UAE is home to the fastest and most expensive cars in the world and it becomes a necessity to insure these expensive machines. The addition of cars on the roads increases the chance of accidents, which can put lives at risk. A good car insurance policy can act as a safety net in case of any untoward incidence. Local laws make car insurance mandatory for owners and not insuring it could lead to severe punishment.
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