How to Get the CAR Insurance Refund in Case of Policy Cancelation in Saudi Arabia in 2022

Getting the right car insurance policy in Saudi Arabia and can be confusing. On the other hand, trying to secure a refund from an insurance company in Saudi Arabia can be a lot more confusing. So, wakeel team has broken cancellation procedures down for you:

Car insurance policies are designed to protect you and your car in the wake of a car accident. Car insurance in Saudi Arabia can help take the financial burden off your shoulders in exchange for premiums paid annually to benefit from Third Person Liability (TPL) car insurance or comprehensive car insurance to cover the costs of expensive claims when an accident occurs.

If you are looking to save more money. Or perhaps, still weighing the options, the advantages, and disadvantages, and comparing car insurance prices. We understand that finding the right car insurance policy in Saudi Arabia can be confusing. The key is to use a Saudi car insurance price comparison platform that allows you to locate the best car insurance deal by checking hundreds of detailed quotations from different car insurance providers in Saudi Arabia. Wakeel might take you by surprise and offer you a tailor-fit car insurance policy you wish to buy at a much lower price, saving you money!

When can I cancel my Car Insurance in Saudi?
Based on the compulsory insurance policy issued by The Saudi Arabian Monetary Agency (SAMA) regarding the cancellation clause, you can cancel your Saudi car insurance and get a refund in the following scenarios:

When your car registration is canceled.
If you transfer your car ownership to someone else, e.g the car is sold or transported overseas.
When you replace your current policy with another valid Saudi car insurance policy.
Contrary to common belief, you don’t have to wait 30 days to re-shop for a new car insurance policy. You can change your car insurance company or policy, send a cancellation request to the car insurance company. Next, when the company approves your request, they will start calculating your refund amount. Finally, you will receive your refund directly into the International Bank Account Number (IBAN).

You can ask your insurance company to cancel your policy, and get a refund by:
Directly calling the insurance companies customer call center.
Online through the insurance website
Visit your closest insurance branch.
Saudi Central Bank (SAMA) instructs all Saudi car insurance to refund the remaining balance amount. Accordingly, insurance companies calculate the refund by “subtracting the elapsed days from the total policy term (in days) and then dividing the result by the total policy term. Then, multiply the result by the insurance premium, minus administrative fees (a maximum of SAR 25)

In other words, or rather simplified formulas: (365 − elapsed days) /365 × insurance premium less administrative fees (a maximum of SAR 25) = return premium”

As a result, car insurance companies will deposit the refund amount payable for the uncovered period directly to your bank account in Saudi Arabia.

[RanaMollah]

Bai tree insurance ka videos daw please

[Abubaker-bn]

Sir is ki koi letest vedio bna dy plzzzz

[welcomebackstudio]

Brother insurance ka bhol gaya apni gari sale kr di tw wo kaisa pata chala ga k konsi insurance ha

[sajidshah]

اسلام علیکم بھائی میں نے بھی ولا کمپنی کی انشورنس کی ھے لیکن تھوڑا رام سے بتاؤں سٹپ باے سٹپ موبائل سے اپلوڈ کیسے کرے مہربانی

[muhammadkamrankhan]

Salam bhai jan agar car 🚗 instalment par li hay aur accident ho jata hay tu insurance k paisey kis ko milain gey

[azmatimam]

Bhai mujhe ek used car purchase karna tha.. transfer apne naam karane Gaya to wahan insurance aur paisa jama kar diya usko 1950 sar.. insurance bhi ho gaya mere naam ka..but jab transfer karne laga office wala to pata chala ke car ka Fahas expired hai..baad me car seller jo hai wo bol raha hai k mujhe car nahi sell karni..qnki Fahas wo nahi karwa Raha hai apni car ka..ab insurance ka aur jo transfer ka paisa maine office me diya hai wo waapis ho sakta hai ya nahi...plz explain brother

[adeelahmed]

Kia insurance kise friend ky account men refund karwa sakty han

[furqanahmed]

I purchased Al rajhi takaful car insurance by agent but he did fraud, he sent me insurance documents of my car but on website different name is insured and not updated on my absher also... He used my mobile # for payment now What should I do?

[mahabubmahi]

galad video, , refund ka system dosra hay, , appka system se refund nehi mila, dosra system se milgiya moje