According to the Traffic Laws of Saudi Arabia, every vehicle needs to be insured (at least third party vehicle insurance) by an insurance company in Saudi Arabia. Any motorist who do not have a vehicle insurance will be fined SR 100 SR 150.
Many people don’t insure their vehicles and drive without insurance which can be very risky and sometimes can be life-threatening. There are 2 different kinds of vehicle insurance in Saudi Arabia.
One of the reasons people don’t get their vehicles insured is the heavy cost of vehicle insurance. Today, I am going to share with you some tricks to get a cheap third party vehicle insurance in Jeddah.
Nowadays, SAMA has fixed the terms and conditions of third party vehicle insurance. All insurance companies offer the same kind of coverage and amount of coverage i.e. SR 10 million.
It is important to clarify here that since you are going to ensure the other party’s vehicle in case of an accident involving your mistake, there is no need to contact insurance companies offering high premium rates like Tuwaniya.
Before sharing my tricks, I would encourage you to visit Tawuniya or call them and get a quote for the insurance of your vehicle. Normally, they charge a little higher amount for the Jeeps and Station Wagons as compare to Sedan cars.
Once you have taken quotes from them, now you can apply my tricks and see the difference between 2 quotes. When I checked with them last time for my car, they quoted SR 1,480/- for the third party insurance.
Trick 1: If you know a good insurance broker, contact him to get your vehicle insured. Insurance brokers have contacts with almost all main insurance companies and they can get you a cheaper insurance.
Insurance rates differ from company to company and they are in a better position to contact each and every company in this regard. However, sometimes these insurance brokers are not ready to help you, so they don’t explore the market and come up with a higher insurance premium.
In this case, you can try our second trick. My broker gave me last quote with SR 1,300/- (still SR 180 cheaper than Tawuniya)
Trick 2: Visit (Fahas) Motor Vehicle Periodic Inspection (MVPI) Center situated at the intersection of 40th street and Hira Street in Jeddah. You will find at least 15 offices of different insurance companies in front of the MVPI center’s main gate.
You can visit 2,3 of them and get quotes from there. The first office offered me SR 1,075/- and 2nd office offered me SR 1,030. There was a difference of around SR 450 between Tawuniya and this insurance company so I decided to go for it.
I don’t have experience of other cities but I think you will find offices of insurance companies in front of the MVPI office even in other cities.