Smartchoice.pk, Pakistan’s leading insurance marketplace, has launched Pakistan’s first ‘car insurance on easy monthly Installments‘ for all Faysal bank, Bank Alfalah, and Silk Bank credit card customers.
The one-of-a-kind insurance is offered at 0% markup for a six-month period without any down payment or any other hidden cost attached to it. Car owners can avail the installments easily by visiting Smartchoice.pk to get insurance quotes for their cars and sign up for the service using their credit cards.
The insurance industry in Pakistan, even after more than 60 years of existence, remains largely untapped, as its contribution to the GDP is 0.92 percent according to a recent Insurance Association of Pakistan (IAP) report.
The numbers are higher in comparable countries like India (3.76%) and Vietnam (2.24%), while globally it stands at 7.2% of GDP. Low insurance penetration (0.92 percent of GDP) indicates that there is a need for innovation in Pakistan’s insurance sector.
Car Insurance premium is paid on a monthly basis in developed countries like the UK, USA; UAE, etc as the premium size of car insurance is difficult to pay in one go. Therefore, the monthly payment feature has been a huge success for the insurance industry.
The average premium size for car insurance in Pakistan is around Rs 30,000 to Rs 50,000 which is difficult to pay in one go and with the EMI feature by Smartchoice more people can buy car insurance as the car insurance premium can be broken down to as low as PKR 5,000 per month.
“We introduced this service based on the feedback we received from our customers who found it difficult to pay the premium upfront therefore we partnered with multiple banks to enable this facility. We are on a mission to make insurance affordable, convenient, and simple,” said Sibtain Jiwani, Founder Smartchoice.pk.
Smartchoice is an insurance marketplace that facilitates people to buy insurance with confidence and transparency. It works with 15+ insurance partners including Adamjee, Jubilee, IGI, UIC, etc. helping individuals to compare and buy insurance products digitally.
Smartchoice has served more than 15,000+ customers to buy health, life, travel, and car insurance at the best rates.
Insurance companies should start insurance for motor bikes. My 2 motor bikes were theft, 1st bike qas honda 125 and thefted in lahore gulberg in october 2018, while second was thefted in February 2021 feom national hospital dha phase 1 Lahore parking. Police did nothing to recover bikes. Insurance is the only solution which is unavailable to people like me…
There is insurance for bikes as well