Saudi Arabia – Usage-based motor insurance soon
Thursday, 12 28 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Informed sources told “Almowaten” that a new form of motor insurance will be introduced.
Officials approved a new system of motor insurance known as “usage-based insurance” in addition to the installment of “telematics” at different prices.
Moreover, this initiative aims at reaching fair and accurate insurance prices and will help prevent risks proportionally. It will also motivate motor drivers to decrease motor accidents through financial incentives and will thus prevent injuries and deaths. Finally, it will help reach fair insurance prices for both parties and will improve road traffic safety to a large extent as well as the quality of life.