Saudi Arabia – Motor insurance prices to decrease to SAR 950
Saturday, 11 12 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Motor insurance prices decreased to SAR 950 during the current year noting that they previously reached in year 2015 the level of SAR 1500 for small cars in the Third Party line. Moreover, prices range between SAR 950 and SAR 1100 at most of insurance companies. However, some companies decided to resist the market and maintain their high prices. In the meantime, the insurance committee is fighting against price decreases indicating that decreases are related to a limited number of companies and does not represent the market.
“Al Watan” identified practically motor insurance prices according to different models whether for small or large vehicles. The latest models witnessed a 30% decrease after the stabilized at SAR 950, which is considered the lowest price among different companies. Most companies preferred not to charge prices below SAR 1000 and offer insurance against SAR 1050 and SAR 1100. However, old vehicles will have insurance for a premium ranging between SAR 1200 and SAR 1300.
Source: Al Watan Online