RIYADH — The Saudi Arabian Monetary Agency (SAMA) has asked car insurance companies to offer discounts up to 30 percent in their new policies for customers with clean sheets who had not made any claims for the past three years.
Under the SAMA instructions, the discounts will start with 15 percent for the customers who had not made any claims for a year and go up to 30 percent for those who reported no accidents for three years.
"The ratio of discounts will depend on the number of years during which the customer has not made any accident and has not tabled any claims," it said.
The agency also asked the companies to make discounts of 10 percent in their new policies for the customers who have comprehensive insurance.
SAMA also permitted the companies to give an extra discount of 10 percent to its loyal customers who have been insuring with them for long years.
It said this discount will only be given to the customers who renew their expired insurance policies with the same insurance company with no lapse of time between the old and the new insurance.
The agency said these instructions should be thoroughly implemented latest by April1, 2017.
According to SAMA, the new instructions were prompted by its keenness to protect the insured customers and encourage the fair competition among the insurance companies so as to provide excellent insurance services at competitive prices.
