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Extra money for less driving with new car insurance

Drivers who spend less time on the roads in the United Arab Emirates will get a cashback reward if they have signed up to join a new car insurance project.

The online car insurance company that was created via a partnership with Axa and the Enoc Next accelerator programme, Beema, is to offer drivers in the UAE cashback of as much as 25% if they limit the number of kilometres they actually drive.

Motorists in the UAE who drive no more than 20,000 kilometres will be given a percentage out of their end-of-year payment.

For instance, customers who drive 4,000 kilometres would receive cashback of 25%, while those who drive 8,000 kilometres will only get 8% cashback, and the figure will fall even further to just 7% for those who drive as much as 16,000 kilometres.

Last year, BCG Digital Ventures and Enoc Next tried to identify disruptive digital companies, the result of which was Beema, which is now being rolled out all across the UAE following a series of soft launches and pilot schemes that began back in May and concluded last month.

Enoc’s group chief executive Saif Humaid Al Falasi says that in line with the innovation agenda being pursued by the UAE, his company wanted to be able to provide a service that appeals to a broad spectrum of drivers and ultimately revolutionises the entire insurance market.

Customers can go online to get a quote from Beema in a matter of minutes just by entering details about them and their vehicles, with prices depending on the type of vehicle that they own and the customer’s own driving history, while Axa is underwriting the insurance in addition to also handling the claims.

The kilometre reading will be read from the odometer of the customer’s vehicle at the beginning of the insurance policy coverage and will then be read again at year’s end, either via a scheduled visit or with the uploading of a Tasjeel certificate, and the amount of cashback the customer is due will then be calculated based on the result.

The insurance is fully comprehensive and includes 24/7 coverage for accidents and breakdowns as well as Oman cover, personal injury cover and hire car benefit.

The insurance is also being touted for its convenience for car owners in the UAE who clock up only low mileage on their vehicles or who own and operate more than one car.

Beema is all about convenience as well as value, according to the company’s chief executive Paolo Gagliardi. He adds that being underwritten by the worldwide insurance provider that is Axa will also provide customers with peace of mind.

In the Beema pilot phase, the National was told by Axa Gulf’s chief executive CédricCharpentier that the concept of linking insurance to the number of kilometres travelled by drivers has been successfully used elsewhere in the world but that Beema differs by genuinely rewarding customers if they have driven less.