According to Traffic Laws of Saudi Arabia, every vehicle needs to be insured (at least third party vehicle insurance) by an insurance company in Saudi Arabia. Many people don’t insure their vehicles and drive without insurance which can be very risky and sometimes can be life threatening. There are 2 different kinds of vehicle insurance in Saudi Arabia. One of the reasons people don’t get their vehicles insured is the heavy cost of vehicle insurance. Today, I am going to share with you some tricks to get a cheap third party vehicle insurance in Jeddah. It is very important to understand the terms of Third Party Insurance before going into others details.
Third Party Insurance covers the other party in case of accident involving your mistake. Now days, SAMA has fixed the terms and conditions of third party vehicle insurance. All insurance companies offer same kind of coverage and amount of coverage i.e. SR 10 million. It is important to clarify here that since you are going to insure the other party’s vehicle in case of accident involving your mistake, there is no need to contact insurance companies offering high premium rates like Tuwaniya.
2 Tricks to find cheap Third Party vehicle insurance in Jeddah
- Before sharing my tricks, I would encourage you to visit Tawuniya or call them and get a quote for the insurance of your vehicle. Normally, they charge a little higher amount for the Jeeps and Station Wagons as compare to Sedan cars. Once you have taken quote from them, now you can apply my tricks and see the difference between 2 quotes. When I checked with them last time for my car, they quoted SR 1,480/- for the third party insurance.
- Trick 1: If you know a good insurance broker, contact him to get your vehicle insured. Insurance brokers have contacts with almost all main insurance companies and they can get you a cheaper insurance. Insurance rates differ from company to company and they are in a better position to contact each and every company in this regard. However, sometimes these insurance brokers are not ready to help you, so they don’t explore the market and come up with a higher insurance premium. In this case, you can try our second trick. My broker gave me last quote with SR 1,300/- (still SR 180 cheaper than Tawuniya)
- Trick 2: Visit (Fahas) Motor Vehicle Periodic Inspection (MVPI) Center situated on intersection of 40th street and Hira Street in Jeddah. We have shared map location of the MVPI center below. You will find at least 15 offices of different insurance companies in front of the MVPI center’s main gate. You can visit 2,3 of them and get quotes from there. First office offered me SR 1,075/- and 2nd office offered me SR 1,030. There was a difference of around SR 450 between Tawuniya and this insurance company so I decided to go for it.
- I don’t have experience of other cities but I think you will find offices of insurance companies in front of the MVPI office even in other cities.
- Different kinds of Vehicle Insurance in Saudi Arabia
- Car Owners can get Partial Refund of Insurance Policy on Sale of Vehicle
- 400% Increase in Car Insurance Cost is expected this year
- Procedure to Check Expiry of Vehicle Insurance Online
- Procedure of Claiming Insurance after Accident