Bahrain - Motors Comprehensive insurance policy in force
Thursday, 01 30 2020, Category: Insurance and Reinsurance, Country: Bahrain
Starting from Thursday, Bahraini insurance companies started implementing the new unified insurance policy (Motor Comprehensive insurance), in a move that will boost the Kingdom's insurance market.
The new unified insurance policy issued by the Central Bank of Bahrain and commits insurance companies to impose fees for a number of services provided by insurance companies in a step that would enhance transparency and give greater protection to consumers.
According to the published document, a number of fees that the insurance companies collect from the insured people on their cars have been fully regulated, including the excessive fees that the customer pays to the insurance companies when causing a traffic accident, as the is determined on the value of the insurance and the age of the person who caused the accident.
Likewise, regarding recorded incidents "against an unknown", the excessive amount will be 100 dinars from the repair costs for each accident.
Also, the value of the vehicle insurance will be determined for the first year of its life according to the value of the vehicle at the date of purchase, provided that the amount of vehicle insurance for the following two years is reduced by no more than 15% annually, but after the third year it is determined by a company with the consent of the insured based on an expert report Technical.
The policy constitutes the minimum agreement upon between the insured and the company for the insurance protection of the insured.
Source: Al Bilad