While a number of owners and users of insurance companies have demanded a clear mechanism of insurance prices, and the distance from the mood and classification of each company, some companies have raised the prices of vehicle insurance documents against others, with percentages ranging from 50 to 100%.
The companies attributed the reasons for the rise to the provisions of the Saudi Arabian Monetary Agency to control it to protect its customers from the manipulation of some companies, and not to abide by the terms of insurance contracts.
While companies have resorted to the classification of vehicles into three categories of the most to least accidents in the kingdom to determine the value of insurance, other companies intend not to insure some sports-themed vehicles.
Insurance companies have started their own statistical studies on vehicle accidents in the kingdom, and the most exposed vehicle types from their point of view, where the high insurance value imposes 100% on the most accident types of Vehicles. This classification differs from one company to another depending on the results of their respective studies.
For its part, the company “medgulf ” and “al Rajhi takaful ” divided the types of vehicles into three sections, which fall under the yellow color of the least accidents, the prices are high by 30%, the green color for the average vehicles in the number of accidents and saw a rise in insurance of about 50%, while Sports-themed vehicles in the red color category with a 100% higher insurance rate.
The company is considering the possibility of not insuring some cars for the most part in the number of accidents, causing heavy losses.
The company “cooperative ” has developed a new mechanism for those who wish to insure their vehicle/”against others”, where car insurance starts from 800 riyals minimum, up to a maximum of 1,500 riyals according to the results of the traffic accident record of the insured; the higher the number of accidents that the insurer suffered the higher the price Insurance.
According to its study of the number of accidents in the kingdom, the company “sanctuary ” classified the cars according to the most consumption, which the young people accept, and the abundance of the leasing Companies.
A number of vehicle owners and users of insurance companies have demanded a clear mechanism for insurance prices, a distance from the mood and classification of each company, to ensure that price bids do not occur according to each company’s VIEW.