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Dear Graham, I have my car, home and medical insurance all with the same insurance company, having bought from them directly. Is there any way I can get a discount on the payments?
Yes, there is - but you have to ask for it. The broker I use told me that discounts are available when you hold multiple polices with insurance companies but they are not going to volunteer the information because they are in the business of making money. They're also not going to make it easy if you need to make a claim.
A good broker, on the other hand, will arrange discounts for you which you are entitled to but may not be aware are available. If you hold multiple policies with the same company, including your life insurance, further price adjustments can be made. The benefit of using a broker is that they can give you
the best rates across a platform of different insurance companies, making sure you get the best deal on all of your insurance products. It is a fact that you will not get the best deal on all of your insurance products from the same insurance company.
What may look good in
payment terms for the policy may not be so good if your level of protection is poor. Furthermore, as the broker is keen to keep your business in future years and get paid again when you renew your policies, it will want to make sure that any claims you submit are actually paid out. Obviously, if you make a claim that is turned down, you are not likely to renew the policy. The broker should have enough experience to be able to tell you if you have an eligible claim under the policy. The one I use does.
I've been working in the UAE for the last 14 years and am regretting not investing in the Dubai property market.
I have got a large amount in savings that I am considering using as a deposit to buy property but I am wondering if this is the right time and place to invest.
By my calculations, the loan would cost me dhs6,000 per month in order to buy a one-bedroom apartment with a swimming pool and gym facilities in one of the new upcoming developments. Does that sound like it's worthwhile to you?
You are obviously not rushing into this, which is a good start. The question I ask you is: Would you pay dhs6,000 a month in rent to live in the same apartment?
It seems like a reasonable deal to me. As for whether it is the right time or place to buy, I've not heard of anyone losing money when they sold their property in Dubai. Also, the closer to the developer you get on purchase, the better the returns. I have heard about plenty of people who have lost their deposits because they couldn't complete on the purchase. A contract to purchase here will include an irrevocable agreement whereby if you fail to complete the purchase, you will lose your deposit. One good developer is reasonable enough to allow you to transfer the deposit to another property if done within 12 months of failing to complete on the initial property. Failing to complete on the purchase can be down to a number of reasons. You must make sure you can get the mortgage before you part with your deposit, irrespective of what the seller is telling you.
Lenders are not willing to put their money at risk on some developers, so you need to be very careful.
You can email Graham at
graham.wolverson@7days.ae
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