Saudi Insurance Company offers to give discounts to vehicle motor insurance holders, who have no claims till date.
Saudi Arabian Monetary Agency has given instructions to all the insurance companies in Saudi Arabia to provide a no-clain policy holder a discount on the base rate.
These new rules and Regulations will be applied from this week (April 9th 2017) effectively.
According to a recent study in Saudi Arabia annual loss of 18 Billion SAR was estimated by car accidents.
Maximum of 15% discount can be given to a no claim policy holder and it will increase year after year till the discount percentage reached 30%.
“This is to ensure fairness, efficiency and transparency in all transactions for sectors that falls under the supervision of SAMA, and to ensure that the related statutory provisions are applied, since it is SAMA’s statuary obligation to protect all clients and stakeholders,” Al-Eisa said.
So, if you have no claims then be happy that you will be eligible for discount on your Motor Vehicle Insurance.