car insurance payment in Egypt Blog Image

car insurance payment in Egypt

1 March 2023

If you own a car, you already have insurance or you are looking for your car insurance and how it can be applied, in this case, Brokerage Insurance provides you with all the details about paying car insurance, whether it can be paid in installments and many more details that we list below.

As usual, Brokerage Insurance always strives to provide the best services at competitive prices that increase its ability to attract customers, in addition to that, it is characterized by a wide list of offers that suit all car owners.

Is it possible to pay car insurance in installments?

Of course, car insurance can be paid in installments of up to 12 months without interest, car insurance installments and installments are available through many of the following methods:

  • Direct debit from bank accounts ·

  • Direct debit from credit cards.

In addition to the installment of car insurance, the license expenses can also be installed, as well as repair, maintenance, and other expenses, all of which are added to the entire insurance amount to become one appropriate premium for each case.

Can car insurance be paid annually In Egypt?

Of course, car insurance can be paid annually all at once a year, so is it cheaper and easier to do so, because it avoids you thinking or worrying about paying any other interest throughout the year, and it also means that you won't have to think about it again for another 12 months.

Car owners always seek savings in car insurance because it is considered attractive since the average cost of comprehensive car insurance reaches about 4% of the price of the car, and some people such as young drivers will increase that percentage during their insurance.

However, the annual car insurance payment plan is not suitable for everyone, as not everyone is in a position to pay a car insurance policy annually.

If you are not able to pay all at once, most insurance providers will allow you to do so in monthly installments. This has the advantage of splitting payments into more manageable parts. But the downside is that the monthly installments come with additional interest.

But before you choose your plan, whether it is annual or in installments over 12 months, you should look at the following:

  • Compare annual and monthly car insurance payment plans.

  • Learn about car insurance surplus.

  • Choose a comprehensive car insurance plan.

What are the benefits of paying car insurance monthly In Egypt?

Although some don't prefer monthly payment plans because of the excess interest on the security deposit and that they are more expensive in the long run, they enable you to take control of your monthly and future payments.

How is the monthly car insurance payment calculated In Egypt?

If you choose to pay your car insurance monthly, you will likely be asked to pay an initial deposit, usually around 20% of the total insurance amount.

The insured will then pay the rest of the insurance amount over the next 10 or 11 months, where the insurance company divides the total into equal premiums including interest, ultimately resulting in the amount you will pay each month.

How much interest you pay depends on your insurance provider, so if you plan to pay monthly, it's worth shopping.

What are the prices of transport car insurance In Egypt?

Many transport car owners are looking for the cost related to transport car insurance, it is not possible to say with certainty the actual number suitable for insurance due to the variation in the shape, types and years of production of cars, but the insurance rate ranges between 3.75% to 4% of the value of the car excluding stamps and without bearing.

Do insurance companies conduct a credit check if I want to pay the security deposit in installments per month?

Yes, the insurance company will conduct a thorough search on the insurer's credit status if he applies to pay the car insurance costs monthly, and if it finds that there is a bad or irregular credit history, the company may reject the idea of paying car insurance monthly or the required interest may increase.

Can car insurance be paid by credit card In Egypt?

Some, or probably all, insurance companies allow car insurers to pay the premium monthly or annually through a credit card.

Paying car insurance annually through a credit card may be a good way to pay the amount in one payment, avoiding paying more money as an interest to the insurance company, but this only makes financial sense if the credit card charges a lower interest rate than the insurance company.

If your credit card offers an interest-free installment feature – 0% interest – which enables you to pay the full amount within that timeframe without paying any interest at all, then the best example would be to pay car insurance.

However, if the security deposit is not paid during the interest-free period, or the insured has exceeded the grace period from delay, the accumulation of bank interest will deduct a larger part than expected.

How can I reduce my car insurance amount In Egypt?

While resorting to reducing the amount of insurance, car owners will always strive to reach the best and lowest price for the highest quality and possibility, but there are some factors that can reduce the amount of car insurance such as:

  • The car must be insured in previous years "in the case of non-modern cars"

  • The driver's history must be accident-free.

  • Claims submitted during previous years should be few.

  • Car insurance fees can be paid every six months.

Does the payment of car insurance increase in case of an accident?

If the accident is during the validity of your insurance policy, the premium will not increase either monthly or annually, but at the stage of renewing the insurance policy; the insurance company's employees will re-examine the car as well as the accident history during the insurance year and the premium may increase according to the result of the study approved by the insurance company's team.