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The Saudi Monetary Agency (SAMA) has shown the factors that help reduce the total cost of vehicle insurance and the criteria adopted by insurance companies to assess the risks to the insurance company. insured and his car to determine the cost of the document.
Sama explained that the criteria adopted by the insurance companies to determine the total cost of the insurance policy are as follows:
1. Factors related to the insured and the driver: Such as age, sex, profession, type of driver's license, number of years of Saudi driver's license, national address, number of claims, number of #################################################### 39, accidents, traffic violations, etc.
2. Factors related to the quality of the insurance policy: There are two types of auto insurance documents: comprehensive insurance and compulsory insurance.
3. Vehicle related factors: Such as manufacturer, model, year of manufacture, price of spare parts, value of insurance, etc.
4. Additional benefits: Does it mean additional extensions that the insured wants to subscribe?
She pointed out that several factors contribute to reducing the total cost of vehicle insurance, and that these are the most important factors and how to benefit from it:
1- Registration of the driver of the traffic
Insurance companies review the driver's accident history to assess the number of traffic accidents caused by compliance with traffic rules and regulations. This criterion is considered one of the basic criteria for determining the value of an insurance policy. So, whenever the traffic register is free of accidents, the lower the cost of insurance on the car is high.
In the same context, the Saudi Arabian Monetary Agency (SAMA) obliged licensed insurance companies to grant a discount of up to 15% to unclaimed registrars when they subscribed to auto insurance policies. compulsory, bringing to 30% the number of unclaimed registrations.
2. Age and driver experience
Motor insurance for drivers under the age of 25 may be more expensive than other age groups as they are more likely to cause road accidents, while the cost of insurance for older age groups Older people can be reduced because they are more responsible for driving.
In addition, the driving experience of the driver influences the cost of insurance: people who have recently obtained a driver's license are more expensive to insure their car than those who have more than years of experience, even if they belong to the same age group.
3 – Value of the vehicle
The higher the value of a vehicle, the higher the cost of all-risk insurance is. Premium automobile insurance is more expensive than ordinary cars, because minimizing costs can be costly for companies. d & # 39; insurance.
Some factors determine the value of the vehicle, including: manufacturer, model of car, market value, year of manufacture, cost of repair, price of spare parts. Auto insurance premiums are also lower and less vulnerable to passenger injury.
4. Insurance Coverage
There are two types of insurance coverage: the first is compulsory insurance, which is based on the protection of the insurer's financial responsibility against damage to third parties and related expenses.
And the second is an insurance against all risks that aims to cover the damage caused to the insured car and the property of others, as well as the related expenses resulting from a road accident, and where the car insured in is the cause.
And the value of the overall insurance can increase or decrease depending on the amount or the proportion of endurance (ie the cost borne by the insured in the event of a failure). accident), the higher the endurance, the lower the value of the document and vice versa.
5. Additional benefits or extensions
In case of multi-risk insurance, the insured may choose to add benefits or extensions to the insurance policy for additional payment in accordance with the terms of the document, including the extension of the geographical area providing insurance cover beyond the Kingdom's geographical area, Personal Accidents.
The insurer stated that the insurance premium is subject to many considerations: if the insured is aware of it, he can choose the insurance policy best suited to his needs, as well as a traffic register free of charge. Accidents and irregularities, in addition to participating in the additional benefits he needs. This will help you save money and reduce costs.
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