Saudi Arabia – High motor deductibles
Thursday, 12 07 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Many insurance customers who bought comprehensive motor insurance expressed disappointment about the level of deductibles imposed when an accident takes place. Moreover, an insurance expert said it is excessive and it should be reviewed. However, the representatives of insurance companies said that it serves both parties i.e. the insurers and customers.
A number of motor comprehensive insurance policyholders said the deductible is high, indicating that insurance companies set the deductible at SAR 1000 to SAR 3000 provided that the cost of repairs does not exceed SAR 5000, so the insureds have often to bear the cost of losses.
Source: Al Yaum