The Kingdom of Saudi Arabia launched the third party insurance, which has more interest for the buyer, and not the owner of the company or the car, and that is by contracting with the insurance company in Saudi Arabia, and working on writing a second party to the contract, in order to obtain the amount of insurance mentioned to him, In addition, this is done in the event of a car accident or other matters that lead to the car’s deterioration, and the value of insurance in most companies has reached 10 million Saudi riyals, while the value of the amount paid to the company is only 450 Saudi riyals. It is the basic condition set by insurance companies in the Kingdom of Saudi Arabia, in order for the buyer to be able to terminate the sale.
Third party insurance method in Saudi Arabia
Insurance companies in the Kingdom of Saudi Arabia announced that the insurance referred to is under the name “against third parties”, and the reason for this is that when the owner of the car causes an accident or other matters that destroy the car, he must pay the value of the insurance to the other person, whether it is a family Or from friends or others, and the value of the payment includes all costs of repairing the damage that the car was exposed to, and the insurance value ranges from 450 Saudi riyals to 1800 Saudi riyals, as this amount may include the value of insurance and repair costs.
Insurance against others in the Kingdom
And the insurance companies worked to determine the value of the mentioned insurance, when contracting, according to the type of car and the date of manufacture, and this was with the increase in value when newer and newer models appeared, so that the highest insurance price several years ago was 500 Saudi riyals, but today there is a noticeable difference due to the emergence of cars Most recently, while the company prevents compensation of up to 10 million Saudi riyals, after the examination procedures that are carried out on the car immediately after the accident, which is due to the disbursement of costs and other expenses to the costs of Al-Rajhi, insurance companies, in addition to a number of other companies obligated to do so, So that everyone is free to buy and sell under the full supervision of the Saudi government.