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The Arab Monetary Agency (SAMA) has revealed the factors that help reduce the cost of vehicle insurance and the criteria for assessing the cost of the document.
Sama confirmed that there were several factors, such as age, sex, profession, type of driving license, number of traffic violations, etc., in because of the quality of the document, because the insurance is complete or mandatory.
The factors related to the vehicle in terms of model, manufacturer, price of spare parts, etc., or the addition of benefits add to the document, which increases costs.
Sama pointed out that some factors can be used to reduce costs, the most important of which is the traffic accident register: the lower the number of accidents, the lower the cost of insurance, plus 15% reduction for records without accident.
Drivers over the age of 25 have a lower insurance cost, the experience and the age of the driver affecting the safety of driving and fewer accidents.
Sama explained that there are two types of insurance: the first is mandatory and aims to protect the financial liability of the insured against damage to third parties and the costs arising therefrom.
The total insurance increases or decreases depending on the cost borne by the insured at the time of the accident, but some benefits can be chosen, such as the extension of the geographical area of the company. 39 accident or extension of personal accidents.
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