According to Souqalmal.com Founder & CEO Ambareen Musa, “The Covid-19 pandemic has left people dealing with tight finances, and so it’s understandable that most of us are trying to manage our cash-flow as much as we can. Our customers have been finding it hard to pay for their insurance upfront and seeing this trend has forced us to be innovative and adapt to a new reality. Car insurance is an unavoidable expense if you own a car in the UAE, so having the option to turn that lump-sum annual commitment into affordable monthly instalments without blocking the premium amount on your credit card will go a long way in easing the financial burden on car owners.”
The instalment payment option that’s seamlessly tied into Souqalmal’s online car insurance purchase journey, gives users the option to choose from multiple instalment tenures – three, six or twelve months. It is available on both Comprehensive and TPL (Third-Party Liability) insurance policies.
One of the most noteworthy features of the Souqalmal solution is that, unlike regular credit card instalment facilities, it does not block the total premium amount on the customer’s credit card. This means the credit limit is not affected and the customer is able to use this limit for other important expenses required during this challenging time.
Musa explains, “If you’re a car owner who’s been financially impacted by the crisis, you may be inclined to downgrade your coverage at this time, either by dropping crucial add-on benefits from your comprehensive car insurance, or by simply swapping your comprehensive cover for a TPL one. But having the opportunity to convert your car insurance purchase into monthly installments will allow you to retain the same or even higher insurance coverage, without having to pay for all of it up front.”
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