Neither the company nor the insured may terminate this policy during its validity period as long as the vehicle license is valid.
However, the policy may be terminated before the expiry date of its validity due to:
In such a case, the insurance company must refund you after deducting the premium in which the policy was valid, according to the schedule of short periods attached below. In addition, the insurance company didn't pay you any compensation, and there is no claim pending for an accident caused by you.
The car insurance policy is also considered void in the event of total damage to the vehicle (total loss). The registration must be canceled by a decision issued by the Traffic and Licensing Department, confirming that the car is not fit for use and that both the company and the insured remain bound by its provisions before termination.
The table below shows you how much money you will get back when you cancel your car insurance:
Short-term schedule "indicating the percentages of refund from the insurance premium."
Duration for the validity of the policy
|Duration for the validity of the policy||Refund percentage of the premium|
|Less than a month||80%|
|A period of more than a month until the end of the fourth month||70%|
|A period of more than four months until the end of the sixth month||50%|
|A period of more than six months until the end of the eighth month||30%|
|A period of more than eight months Nothing||Nothing|
You may cancel your car insurance by sending the Company written notice or by e-mail, fax, hand, or registered letter, seven days before the date specified for termination.
The insurance company must refund you after deducting the premium in which the policy was valid, according to the schedule of short periods attached below. In addition, the insurance company didn't pay you any compensation, and there is no claim pending for an accident caused by you. Or that the accident is attributed to an unknown person.
All insurance companies located on the territory of the United Arab Emirates are subject to the decisions of the Insurance Authority. To cancel the car insurance policy, these insurance companies may require from the insured some documents, including but not limited to:
Canceling the insurance policy and changing the insurance company is not as complicated as some think. Follow these steps:
You can't replace your car insurance without notifying your current insurer. If you inform them of your intent to change their company with another company, they may discuss lowering your current premium to keep you. If their new offer suits you, you can continue with them, but if the quote is not tempting enough, find a new provider!
It is always better to go to car insurance comparison platforms. These websites or companies offer quotes and coverages provided by many insurance companies, and you will get a comprehensive idea of the insurance products and their prices.
You are now in a good position. In this stage, you can discuss the best price offers. Talk to your potential insurance provider, highlight your driving history and claims history, and try to get a price that works for you. You are likely to get a great deal when you talk to them.
Make sure you transfer the No Claims Bonus to your new insurance provider, as the No Claims Bonus is transferable and attached to you. It is your record as a low-risk investment and is not related to your insurance company or policy. The no-claims bonus is a great feature as it lowers the premium somewhat, depending on your insurance company.
Now you can be sure you can buy new insurance and cancel the old one. Make sure not to remain unsecured even for a minute during this process.
In BuyAnyInsurance - The car insurance comparison platform is a one-stop shop for all types of insurance you could need. That's why our family of satisfied customers continues to grow. Our insurance experts will guide you to get the best solutions to cancel your car insurance policy in the UAE.
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