Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Le Pen vows to appeal political ban, calls verdict a 'denial of democracy'    Death toll from Myanmar earthquake rises to 2,719 as rescue efforts continue    Russia, Ukraine trade blame over new energy strikes    Putin orders Russia's largest military call-up in over a decade    Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Discount for policyholders with clean traffic records
Published in The Saudi Gazette on 28 - 03 - 2017

Riyadh — Motorists who have clean traffic records will get a discount in mandatory motor insurance policies as per the Saudi Arabian Monetary Authority (SAMA) instructions.
The new SAMA instructions are applicable from Saturday (April 1, 2017).
The discount is calculated based on the number of years a policyholder has not made a claim. The discount could go up to 15% for one year and up to 30% for three years if no claim has been made.
According to the instructions, insurance companies may also offer a no-claims discount for individuals' comprehensive motor insurance.
Insurance companies may provide a further loyalty discount of up to 10% to their clients.
However, the loyalty discount should only be provided upon renewal of a motor insurance policy with the same company.
In its circular issued on Dec. 26, 2016, SAMA said that these instructions form part of its role to protect policyholders and promote fair competition in the insurance sector to ensure better insurance service at competitive rates.
In the case of pricing of motor insurance policies, the insurance sector in general has not been giving any benefit to policyholders who have claim-free record.
This means that policyholders who are less likely to make claims incur a part of insurance costs for policyholders who are more likely to make claims.
Basem Odeh, Chairman of the Insurance Executive Committee, said the insurance sector is looking forward to implementing these important instructions, which support the principle of fair pricing and rewarding policyholders who comply with traffic laws and safe driving rules.
He also expressed hope that the new mechanism approved by SAMA would raise public awareness about the importance of safe driving.
Adel Al-Issa, official spokesperson for insurance companies, said the insurance sector will be ready to follow SAMA's instructions in a timely manner since they are developing an automated system to meet the new pricing requirements.
He said the sector has been working closely with SAMA to develop an easy-to-use electronic tool to check previous records of insurance applicants.
He also stressed that clients must be aware of their rights. In case of non-compliance of SAMA instructions, clients can submit their complaints to the insurance company concerned.
In case the company fails to address the complaints within a reasonable time frame, clients can file a complaint to SAMA's Consumer Protection Department. In case they suffer any breach of their rights or any unfair practices or fraud, clients may exercise their rights by filing complaints to SAMA.


Clic here to read the story from its source.