The clients of insurance companies are eligible to receive an amount of their policy value as a refund if they decide to sell off their cars.
SAMA or the Saudi Arabian Monetary Authority has demanded all insurance companies to stop the delays in the cancelation of car insurance policies if the customer’s request as such while selling their cars.
Cancellation of Insurance Policy: Car owners have to make certain that the ownership has been transferred to the other person’s name which will trigger the process of cancellation of the insurance policy.
Payment of Unused Balance: In accordance with the orders given out by SAMA, the companies have to return part of the value of the insurance policy through a check or through bank transfer.
I sold my vehicle in Jan 2017 and received a message in June 2018 from the insurance company to start the process of partial refund of the insurance policy.
I had taken vehicle insurance from Walaa Insurance so I will be providing you with the details to get a Partial Refund of Insurance Policy at the time of Sale of Vehicle.
First of all, you need to open the link provided by your insurance company. Walaa Insurance provided me the following link to complete the process. https://walaanet.walaa.com/surplus/
The following screen will open where you will have to enter as much detail as possible. At least enter your Iqama number and mobile number so that the system can recognize your insurance policy.
In the next screen, you will be required to enter the OTP code sent to you over the mobile phone number provided in the first screen.
In the next screen, you will be required to enter your full name and Iqama number. The system will calculate the amount of partial refund for which you are entitled to. You will be required to select the mode of payment.
Now on this screen, you will be required to enter your bank account details in which you want them to transfer your partial refund. You will be required to provide details likes bank name, beneficiary name, bank account number, and IBAN.
The last page will be containing all the details you have entered and fetched by the system. If you agree with the information provided, just click on “agree” and confirm the details.
If you have gone through this process, please share with us your experience by dropping a comment below.