Policy Cancellation

Conditions for Canceling the Insurance Policy

Neither the company nor the insured has the right to cancel this policy after it has been issued, except in any of the following cases:

1- Cancellation of the vehicle registration.

2. Transfer of vehicle ownership to another owner.

3. Availability of an alternative insurance policy covering the remaining period of the policy to be canceled.

The company must refund the amount due for the unused period of the policy to the insured by depositing the remaining insurance premium into the insured’s bank account via the International Bank Account Number (IBAN), within three working days from the date the company becomes aware of any of the aforementioned cases.

The refundable amount is calculated based on the unused portion of the insurance coverage period by subtracting the elapsed days from the total insurance coverage days, dividing the result by the total coverage days, and multiplying by the premium, after deducting administrative fees (up to SAR 25).

The calculation is as follows:

(365 – Elapsed Days) / 365 × (Premium – Administrative Fees (SAR 25 max)) = Remaining Premium

The company is exempt from paying the remaining premium in the event of a claim related to the policy intended for cancellation and on the same vehicle, if the claim amount exceeds the refundable amount calculated as per the method above.

Despite the above, the company, the insured, and the driver remain bound by the terms of this policy regarding obligations incurred before its cancellation.

You can follow these steps to cancel a vehicle insurance policy:

1.Contact the insurance company: Start by contacting the insurance provider that issued the policy to inquire about their specific cancellation procedures.

2.Prepare the required documents: A copy of your national ID,A copy of your bank IBAN card,Reason for cancellation (e.g. vehicle sold, or switching to another insurance company),The original insurance policy,If the vehicle was sold, you may need to submit the sale contract or proof of ownership transfer.

3.Submit the cancellation request: If cancellation is available online, visit the insurance company’s website and follow the steps to submit your request and upload the documents.If in-person cancellation is required, visit the nearest branch of the insurance company with the required documents.

4.Follow up on the request: After submitting the cancellation request, make sure to follow up with the insurance company on the status.

5.Receive any due refund: If you are entitled to a refund for the remaining period of the policy, ensure you receive it through your bank account.

Important Note:

Cancellation fees may vary between insurance companies.Make sure to read the terms and conditions of the insurance policy before requesting cancellation.If you have any questions or issues, don’t hesitate to contact the customer service department of your insurance company.