Tokio Marine & Nichido Fire Insurance – Review
As the name suggests, we will be reviewing another car insurance company that is based in the UAE. One reason that we are examining different UAE insurance companies is to give our readers a better idea about the pros and cons of various car insurance providers. After all, all that glitters is not gold. The automobile insurance industry is characterized by high competition. Insurance companies try different methods to attract customers.
Sometimes the policies are not at all user-friendly. The policy-holders are paying excess premiums when they could have gotten a better offer from another provider. Apart from this, certain insurance providers entangle customers in different loopholes to avoid paying their lawful claims. Therefore, to help our readers avoid such pitfalls, we review car insurance companies. In this post, we will be reviewing the Tokio Marine & Nichido Fire Insurance Co. Ltd.
About the Company
We are sure that you can guess where the company was incorporated from its name? Well, the company was first incorporated in Japan back in 1879. It is Japan’s one of the oldest non-life insurance companies. Contrary to popular belief, the company is not a new entrant in the UAE market. It has been operating here since 1976.
Standard and Poor’s has given it an A+ rating, while Moody’s has assigned an Aa3 rating. Both ratings mean that the company has stable profitability and financial outlook. One of the standout points about Tokio is its sponsorship by Al Futtaim Development Services Co. LLC, one of the most widely recognized names in the Gulf area.
Standout Features
Here are some of the standout features that make Tokio a more than worthwhile car insurance provider in the UAE.
Pricing
Unlike many other insurance companies worldwide, Tokio has a transparent pricing mechanism with no hidden charges. The phrase 'what you see is what you get' has never been more accurate in Tokio's case. The potential policyholder is provided with a comprehensive payment plan by the company representative. Any changes in the pricing are communicated beforehand to the customer to avoid problems.
Personal Valuables Cover
Tokio believes that a person's personal belongings are just as important as the car, car owner, and passengers. Therefore, personal belongings that are placed within the glove compartment or boot are covered under the policy. So, if you damage your laptop, phone, or any other valuable in a collision, you are covered.
Speed
Policyholders and regulators have lamented the speed at which insurance companies work. Usually, the insurance providers take months to process a complaint, only to reject the claim later. On the other hand, Tokio is nothing like other insurance companies. Their complaint processing system is quite efficient. The customers are kept informed throughout the complaint process to avoid tiring out the claimant.
Agency Repair
Tokio offers agency repair. The advantage of agency repair is simple and straightforward. You will get the satisfaction of knowing that your vehicle was repaired with genuine spare parts and not alternative parts. Apart from this, there is little need to worry about the quality of the work. Workers in the agency know precisely what they need to do to get the vehicle back to top condition. It is better to mention here that if you opt for agency repair, the premium can go high as agency repairs are quite expensive.
Free Roadside Assistance
It is quite common for a vehicle to break down. If you ever find yourself stranded anywhere in the UAE, you can avail Tokio's free roadside assistance. Just call the insurer and inform them about your situation. Depending on your location and status, the insurance provider will arrange the necessary resources for your assistance.
Family Cover
The best thing about Tokio's car insurance policies is that they automatically extend to the family of the car owner. It means that you do not need to take out separate insurance for your wife and kids as they are automatically covered. If you need further cover, Tokio also offers Personal Accident Benefit.
Online Payment
Like many other insurance providers, Tokio also offers online payments. Once the payment is processed and cleared, Tokio will send a digital certificate informing that their car insurance policy now covers you.
No Claims Discount
Drivers that haven't filed a claim within 1 year are entitled to a No Claims Discount for up to 20%. You can also get further discounts through effective negotiation. Most insurance providers also offer a wide array of other discounts. Make sure to read through all types of discounts.
Off-road Cover
Tokio also offers off-road cover for enthusiasts looking to explore the UAE’s deserts. The only requirement is that you must own a 4x4 capable vehicle.
Rent a Car Cover & More
If the car requires extensive repairs or is damaged beyond repair, you can avail the rent a car option for up to 15 days. You can also get the vehicle repaired at a workshop of your choice for minor damages.
Wrap Up
This concludes our blog post. If you are looking to get car insurance in the UAE, we seriously recommend checking out Tokio. The company is currently offering a lot of discounts and low premium rates. Avail the opportunity right away and drive with the peace of mind knowing that your vehicle is insured.