After launching its ‘Insure Now, Pay Monthly’ service just short of two months ago, the Souqalmal team is now ramping up efforts to make the installment option even more accessible and affordable for car owners in the UAE.
According to Souqalmal.com Founder & CEO Ambareen Musa:
“In times of financial crisis, the option to convert a big lump-sum payment into smaller monthly payments can bring huge financial relief to customers. We realized that offering this option to all car insurance buyers, especially those whose finances were most severely impacted by the pandemic, would help them free up cash for more crucial expenses.”
“We have seen a fantastic take up of the option and based on the results of the launch we wanted to extend the service to many more customers. For the next three months, we have decided to make the monthly payment service completely free-of-charge, without the processing fees. We are hoping this will allow more customers access to the service and help them in these very difficult and unprecedented times.”
The monthly payment plans are currently available in three tenure options – Three, six and twelve months. And starting today, the aggregator has removed the processing fees on its three-month installment plan, making it 100 per cent free for all applicants. The service is being offered in collaboration with tabby, a Dubai-based FinTech company and new-age pioneer of ‘Buy Now, Pay Later’ services in the region.
Hosam Arab, co-Founder and CEO of tabby says:
“Our partnership with Souqalmal over the past few months has shown the value of offering customers the choice of how and when to pay for their car insurance. Customer convenience is at the core of our offering and we believe that offering this as a free service for customers is essential under the current environment.”
Here’s how the free monthly payment works – You compare car insurance quotes on Souqalmal’s online platform, select the one that meets your requirements, arrive at the payment page and choose the three-month installment plan. This section clearly states that your total amount payable over the three-month tenure is exactly equal to your original premium inclusive of VAT – No hidden fees, no catch. Once you confirm your selection, you’re redirected to the payment page powered by tabby, which shows you the schedule of your future payments in black and white. You can then use any debit or credit card to proceed with the transaction.
Souqalmal and tabby hope that by removing the fees and allowing more customers to benefit from the service, we as a team can show our support for UAE residents who are grappling with their new financial realities. While this first-of-its-kind initiative will help customers preserve cash during this period of uncertainty, the benefits go beyond that too. The free monthly payment service also aims to allow car owners to retain comprehensive insurance benefits, without compromising on coverage for the sake of cutting costs.