Posted by : Aahil Shaik Saturday, May 9, 2020
A directive to Extend Individual Vehicle Insurance Policies for 2 Months without any Additional Cost
The Saudi Arabian Monetary Authority (SAMA) has issued a decision to extend the expiry date of vehicle insurance policies for individuals, in order to meet the effects of Corona Virus and to support the insurance sector and the private sector. Related : SAMA directs banks to extend the validity of the expired accounts and ATM cards till 2nd June 2020
The decision included extending the validity of vehicle insurance policies for individuals for a period of 2 months, In addition to extending the validity of vehicle insurance policies for individuals purchased during the period from Today's date and for a month. Most Viewed : Penalties for decorating flower bouquets with bank notes in Saudi Arabia
- Dr. Ahmad bin Abdul Karim Al-Kholifey, The Governor of the Saudi Arabian Monetary Authority (SAMA), applauds Saudi insurance companies for taking the initiative not only to extend all existing vehicle insurance policies for a period of two months but also adding 2 months to vehicle insurance policies purchased during the period from 8th May 2020 to 6th June 2020 without collecting any additional costs.
- Not to mention that this is now became accessible electronically and without the need for the customer to communicate with the insurance company. This is to support the beneficiaries of the insurance coverage during current circumstances, in addition to avoid canceling the insurance documents due to insured delay in paying the insurance premiums. Customers are provided with an opportunity to pay later. See Also : Jawazat response on the possibility of extending expired exit re-entry visas for those who remained in home countries after banning flights
Al-Kholifey highlighted that this initiative comes in light of the Saudi government effort to combat Corona Virus (Covid-19) pandemic and to reduce expected financial and economic effects on the private sector and individuals, as well as the national responsibility of those companies toward their country and society.