Al-Murabba Net – Some people may not be aware of the list of the best third-party vehicle insurance companies in Saudi Arabia, as car insurance is mandatory for everyone in the Kingdom, and it is necessary to choose a good company from the beginning.
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Third party vehicle insurance
Your choice of a car insurance company affects the extent of your feeling of satisfaction and comfort with owning a new car, as the Kingdom is full of companies that compete with each other to provide the best services to customers.
In this regard, the website “Al-Murabba Net” presents to you a list of the best third-party vehicle insurance companies in Saudi Arabia, along with a review of the most important things that you should know about car insurance in Saudi Arabia.
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The best third-party vehicle insurance companies
We begin the article by monitoring the best third-party vehicle insurance companies in Saudi Arabia, all of which are approved by the Central Bank of Saudi Arabia (SAMA):
- Among the best third-party vehicle insurance companies is the Cooperative Insurance Company, Al-Thumama (Al-Takhasusi) Road – Al-Rabee’ District – Riyadh.
- The list of the best third-party vehicle insurance companies includes: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf), Riyadh – Al-Murabba’ District.
- Malath Cooperative Insurance and Reinsurance Company is one of the best third-party vehicle insurance companies and is located on Prince Muhammad bin Abdulaziz Road, Riyadh.
- Saudi Arabian Cooperative Insurance Company (SAICO) Platinum Center, Salah Al-Din Street, Riyadh
- There is Al-Ahly Takaful Company Jeddah – Prince Sultan Road – Al-Khalidiya District – Al-Khalidiya Business Building
- Also among the best third-party vehicle insurance companies: SABB Takaful Company, Riyadh – Al-Malaz District, 60th Street
- Also, the Arabian Shield Cooperative Insurance Company Olaya – Olaya General Street – Sircon Building No. 15.
- Salama Cooperative Insurance Company, Bin Hamran Center, second floor, Tahlia Street – Office No. (207), (210) – Jeddah
- There is Gulf Union Cooperative Insurance Company in Dammam, Dhahran Street, intersection with Prince Muhammad Street
- Allianz Saudi Fransi Cooperative Insurance Company, Khurais Road, Al Malaz, Riyadh
- Also, Sanad Cooperative Insurance and Reinsurance Company, third floor in Dareen Center on Al-Ahsa Street
- Commercial Union Cooperative Insurance Company, Al-Khobar – Al-Rakah – Dammam-Khobar Highway
- There is also Al Saqr Cooperative Insurance Company on Doha Road, Al Suwaiket Building, Al Khobar
- Saudi Indian Cooperative Insurance Company (WAFA), Al-Masif District, Northern Ring Road, between Exit 5-6
- There is also the Arab Cooperative Insurance Company, Riyadh, King Abdul Aziz Road, Bin Tami Center
- Saudi United Cooperative Insurance Company (Walaa), Al Rabiah and Al Nassar Building, King Abdullah Street – Al Khobar
- Bupa Arabia Cooperative Insurance Company Jeddah – Al-Khalidiya District, Al-Rawda Street, in front of the Saudi Airlines building
- Saudi Cooperative Reinsurance Company (Re) 4130 Northern Ring Road – Exit 7
- United Cooperative Insurance Company Jeddah – Al-Mukmal Center – Al-Rawda Street – Al-Khalidiya District
- Al-Ahlia Cooperative Insurance Company, Riyadh – Al-Malaz
- United Cooperative Insurance Group Company (ACIG), Riyadh, Al-Malqa District, Muhammad bin Abdul Aziz Al-Daghaither Street
- Al Rajhi Cooperative Insurance Company (Al Rajhi Takaful) 3rd Floor, Platinum Center, 60th Street, Al Malaz, Riyadh
- Chubb Arabia Cooperative Insurance Company, Al Khobar Business Gate, King Faisal Road, Al Khobar
- International Cooperative Insurance Company Office No. 203, second floor, Abdul Latif Building, Prince Muhammad bin Abdul Aziz Street, Sulaymaniyah, Riyadh
- AXA Cooperative Insurance Company, Ministries District, King Abdulaziz Road, Kanoo Tower, second floor.
- Gulf General Cooperative Insurance Company Jeddah: Al Ghaithi Center, behind Adham Commercial Center on Medina Road
- Weqaya Takaful Insurance and Reinsurance Company, Riyadh, Othman bin Affan Street, towards Imam Muhammad bin Saud Street.
- Burouge Cooperative Insurance Company Riyadh – Al-Sulaimaniyah District – Prince Abdul Aziz Bin Musaed Bin Jalawi Street.
- National Cooperative Insurance Company Jeddah. Ibrahim Al-Juffali & Bros. Building, Madinah Road
- Amana Cooperative Insurance Company “Amana” Riyadh – Salah Al-Din Al-Ayoubi Street – Al-Malaz District
- Solidarity Saudi Takaful Company Riyadh – Olaya – King Fahd Road – Prince Sultan Street intersection – Radex Building (309).
- Alinma Tokyo Marine Company, Kingdom of Saudi Arabia, Olaya, King Fahd Road, Al Anoud Tower 2, 21st floor, Riyadh.
- Al Jazeera Takaful Cooperative Al Musadia Commercial Center – Madinah Road, Jeddah.
- MetLife, AIG and Arab Bank for Cooperative Insurance, Al-Ebdaa Tower, King Fahd Road, Riyadh
- Saudi Enaya Cooperative Insurance Company Jeddah – Prince Muhammad bin Abdulaziz Street (Tahlia).
The following picture shows the numbers of the car insurance companies mentioned above to contact them.
Criteria for determining the price of car insurance
Among the most important things that you should know before purchasing your car are the factors that determine the price of car insurance in Saudi Arabia.
Different insurance companies in Saudi Arabia set prices according to a different set of standards.
SAMA sets the standards for determining the price of car insurance in the Kingdom of Saudi Arabia, through the Cooperative Insurance System, which stipulates that insurance companies must rely on specific factors when setting car insurance prices, including:
- Value of the car: Insurance companies rely on the value of the car when determining the insurance price, because more expensive cars are more susceptible to damage in the event of an accident.
- Age of the car: Insurance companies also rely on the age of the car when determining the insurance price, because new cars are less susceptible to damage in the event of an accident.
- Type of car: Insurance companies also depend on the type of car when determining the insurance price, because some types of cars are more vulnerable to damage in the event of an accident, such as sports cars.
- Use of the car: Insurance companies also rely on the use of the car when determining the insurance price, because cars used for business are more vulnerable to damage in the event of an accident.
- Driver’s traffic record: Insurance companies also rely on the driver’s traffic record when determining the insurance price, because drivers with a bad traffic record are more likely to cause accidents.
- Type of insurance policy: Insurance companies also depend on the type of insurance policy when determining the insurance price, because comprehensive insurance policies are more expensive than third-party insurance policies.
In addition to these factors, insurance companies may also rely on other factors when determining the price of insurance, such as:
- The city where the driver lives.
- Date of purchase and registration of the vehicle.
- Number of previous claims against the driver or vehicle.
- Promotional programs offered by insurance companies.
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What are the car insurance exclusions?
Some may think that the car insurance company may pay for the accident and compensate the car owner or the last party in all cases.
But in fact, there are what are known as insurance exclusions of all types: third party and comprehensive.
In other words, the car insurance company may not bear responsibility in some cases, according to the Central Bank (SAMA).
The exceptions include the following points:
- The policy does not cover compensation for accidents resulting from using the car for drifting.
- Likewise, damages that occur as a result of using the car in races, or to determine the starting speed or the like, will not be compensated.
- Compensation will also not be given if the car is used within areas where the public is not authorized to drive, such as airports or seaports
- In addition, if an accident occurs while using the car in violation of the restrictions imposed by the authorities, compensation will not be provided.
- Also, the accident is not covered if it is proven that it occurred because the car’s load of passengers exceeded the permitted number.
- The other party will also not be compensated if the car is driven under the influence of drugs or alcohol.
- Damages will not be compensated if the car is driven by a person under 21 years of age.
- If an accident occurs while a person is driving a car without a valid driver’s license, compensation will not be provided.
- Compensation will also not be provided if it is proven that the insured provided incorrect information in the insurance application form.
- Compensation will not be provided if it is proven that the accident occurred intentionally on the part of the insured or the driver.
- In addition, no one will be compensated if the insured or the vehicle driver escapes from the accident site.
- Finally, if the insured does not inform the company in writing within the period specified in the policy, he will not be compensated
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