Thursday, January 12, 2023
Car insurance rates increased by up to 260% in Saudi Arabia in last few months
The comprehensive car insurance prices doubled in Saudi Arabia during this period, with a tremendous increase, the increase rate crossed over 260%, while compared to the previous costs, after calculating the loyalty discount. Most Viewed : Saudi Health Ministry invites all to take Double dose of Corona vaccine through Sehhaty app
The total price of comprehensive insurance for some vehicles reached more than 14,000 riyals. While for the luxury vehicles the cost reaches 30,000 riyals approximately per year.
- The third party insurance rates increased form 800 to 2,200 riyals, an increase of 175% comprehensive vehicle insurance was also noticed from some companies. Read : Check vehicle insurance validity online in Absher
- This increase in vehicle insurance rates is in all insurance companies started more than 2 and half months ago, when insurance is added to motorists male and female from the category of young people, the insurance price increases, specifically for those who are below the age of 30 years.
- The increase in insurance rates was justified by the increase in traffic accidents. Simple resulting from the severe congestion inside cities, on the main roads and residential districts and the prices of car parts also high. See Also : Saudi Central Bank issues comprehensive vehicle insurance rules
- The companies justified this hike, the price of lighting a small car exceeds 4,000 riyals and some minor accidents despite light damages, its maintenance exceeds 20,000 riyals, highlighting that there is a decrease in the huge accidents that occur on highways and external roads, after the placement of automatic monitoring devices in several areas including highways and drivers must stick to the specified speed limit.
