Insurance against third parties
Third-party insurance is the insurance document that the car owner takes out immediately after purchasing the car. The term (against third parties) refers to coverage. This policy covers all damage that may occur to others as a result of your driving. The policy covers all damages to property or individuals. The coverage value is approximately 10,000,000 riyals in most Saudi insurance companies. Whether for a mandatory or comprehensive document.
Comprehensive Insurance
Comprehensive insurance - as defined by the Central Bank of Saudi Arabia - refers to a comprehensive insurance policy related to vehicles. Which includes 3 parties in the insurance process
Motorcycle Insurance
Motorcycles have their fans and enthusiasts who enjoy riding them and touring them inside and outside cities or even for travel. It is worth noting that they have different industries and types, some of which are intended for racing, and some of which are intended for sandy places, mountain climbing, or various games.
Deductible amount
It is necessary to know which documents include the deductible percentage, but you should also know that the deductible percentage is one of the insured’s obligations towards the insurance company first and that it relates to repairs of your vehicle only, not the third party’s vehicle.
Ownership transfer insurance
Ownership transfer insurance is done when purchasing a used car, and it is one of the necessities that is done. It is also necessary to make ownership transfer insurance in the name of the new buyer before selling so that he can use it immediately after the transfer without problems or traffic violations.
Fraud in the field of motor insurance
Fraud is any intentional act committed by a policyholder to obtain compensation or benefits that are not due to him or herself or others through fraud, concealment of required documents, and/or misrepresentation of information.
Common terms in the insurance policy
We often encounter new vocabulary in the field of insurance, so in this blog we will learn about the most common terms in vehicle insurance based on the definitions of the Saudi Central Bank.
No claims discount
A no claims discount, or no claims bonus, is a cost reduction applied to your car insurance premium when you make no claims. Typically, you earn one year of no-claims discount for every claim-free year of driving.
National address
The national address is considered your spatial identity through which it facilitates communication with government agencies and other entities. Whether you are an individual, a commercial sector, or a government sector, and in whatever location you are, your address contains a set of data that expresses the geographical location in which you live. The address service is also considered a service. It facilitates the process of delivering shipments and determining your spatial location to benefit from it in many services such as vehicle insurance.