Saudi Arabia – Insurance discounts start for prudent cars
Tuesday, 03 28 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Further to the instructions of the Saudi Arabian Monetary Authority, insurance companies will have to offer discounts for drivers who buy compulsory motor insurance in case they have a claims-free record. The discount will have to apply on the basic price. This follows instructions of the Authority issued last December to Saudi insurance companies, which were published on their on the SAMA website noting that the implementation date is next Saturday.
The offered discount relies on the number of years for which the insured had no claims. The discount can go up to 15% of the price of insurance for one year and it can go up to 30% if the number of claims-free years increases to three years.
Source: Al Riyadh