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Repairing Damaged Vehicles is an Option in The New Insurance Policy

  • Publish date: Tuesday، 17 January 2023
Repairing Damaged Vehicles is an Option in The New Insurance Policy

The Unified Compulsory Motor Insurance Policy has been updated by the Saudi Central Bank (SAMA), giving the option of having the car repaired rather than receiving monetary compensation.

The modifications are a result of SAMA's efforts to enhance and simplify the processes for managing traffic claims effectively, to safeguard the interests of those concerned in the insurance contract, and to ease the settlement of claims.

Repairing Damaged Vehicles is an Option in The New Insurance Policy

In addition to updating the exclusions and shifting some rights of recovery claims, SAMA stated clearly that these amendments also include the policy definitions and its appendix in accordance with the ongoing developments of the insurance sector. The amendments also provide the third party the opportunity to choose between receiving a straight cash payment and having the damaged car repaired.

It is based on the authority granted to SAMA by the Insurance Control Law, as well as its ongoing efforts to grow the insurance industry and protect the rights of policyholders and beneficiaries of insurance coverage.

The website provides access to the updated Unified Compulsory Motor Insurance Policy.

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