- July 23, 2019
- Posted by: admin
- Category: Car Insurance
Car owners all over UAE are faced with the question of how much are they supposed to be getting back as refund after they have cancelled their motor insurance policy mid policy year.
The below is the short rate schedule as per insurance authority , i.e the percentage of recoverable premiums.
|Policy Validity Period||Recoverable Premium|
|A period not exceeding one month||80%|
|A period exceeding one month and not exceeding four months||70%|
|A period exceeding four months and not exceeding six months||50%|
|A period exceeding six months and not exceeding ten months||30%|
|A period exceeding ten months||Nil|
The above is subject to the policy not incurring any major loss in general or total loss in particular.