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The Saudi Arabian Monetary Authority (SAMA) passed orders for car insurance firms to give discounts of up to 40% to customers who have a claim-free history. The statement is posted officially in Saudi Arabian Monetary Authority (SAMA) website.
The statement is about the decision made to provide discounts by the authorities of car insurance companies based on new criteria of pricing. The discount offer will certainly depend upon the period of years in which there is no claim listed against the insured person.
10% discount on Car Insurance in Saudi Arabia
Car insurance firms will give an extra 10 percent discount to those customers who have been in their insurance for a longer period. This additional ten percent discount is available for only loyal insured customers who renew their expired insurance premium policies from the same company without taking any time interval gap between the insurance premium periods.
Insurance companies will also take care of their loyal customers by giving them a comprehensive package of car insurance. The discount offer is applicable to certain conditions.
20% discount on car insurance
If the customer who did not have any accident or claim during the past one year, the discount rate will be up to 15 percent on customer's new insurance policy. Basically, the discount proportion is only based on the time in which the customer did not report any accident or claimed to the company.
30% discount on car insurance
Similarly, if there is no claim or accident registered for a consecutive period of three years, the discount rate will be about 30 percent.
Undoubtedly, it will give confidence and encouragement to drivers who have good driving skills which will result in accident-free driving.
It will also be helpful for those drivers who had accidents in the past. Such drivers will make an extra effort to avoid smashing or crushing in the future. This way, everyone will try to avail the new discount offer.
40% discount on car insurance
If you renew your insurance policy from the same company, you will get an additional 10% discount. This retention discount is valid even if you have an accidental history.
In case, no claim has been submitted to your insurance company against you for a period of 3 years and you renew your insurance policy from the same company, you can get a 40% discount on your insurance premium.
How to check the eligibility for the discount from Najm website?
You can easily check the eligibility of 10% to 30% discount from the Najm website. Open the Najm website from this link. https://www.najm.sa/en/ncdinquiry/search
You will have to enter your Iqama number and Vehicle Sequence Number. In case you own only one car in Saudi Arabia, just click on the “Driver” tab and enter the Captcha code.
A new screen will open with the detail of the discount you are entitled to. For example, the following user is entitled to 10% discount on third party insurance and a 15% discount on comprehensive insurance. It also means that he has not met an accident for a period of 1 year.
Make sure you print this page and check the details with the insurance company when they are asking you to pay for the money. If they have not applied for this discount, you have every right to ask for it.