After selling your car in Saudi Arabia, you can claim a refund from your insurance company for the unused period of the policy. Here is the process;’
As soon as the car ownership is transferred, it will trigger the process of cancellation of the insurance policy.
As per SAMA instructions, insurance companies have to refund part of the unused insurance policy after selling the car in Saudi Arabia.
I sold my vehicle in Jan 2017 and received a message in June 2018 from Walaa insurance to start the process of a partial refund of the insurance policy.
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.