Magazine date:
Feb 2007 The authorities have decided to alter the motor insurance system in force. The current “driving license” insurance shall be replaced by vehicle insurance. All the companies accredited to operate on the market are authorized to deliver the new compulsory motor third party liability insurance.
The premium tariff is established within a bracket comprised between 350 and 400 SAR (93.3 and 106.6 USD). The National Company for Cooperative Insurance (NCCI) has already launched a product baptized Sanad which offers personal vehicles a motor third party liability cover of a maximum amount of 10 million SAR (2.6 million USD) for an annual premium of 375 SAR (99 USD).