In Saudi Arabia, comprehensive car insurance prices doubled during this period, with a tremendous increase of over 260%, compared with previous costs.

Some vehicles required comprehensive insurance that cost more than 14,000 riyals. Luxury vehicles cost approximately 30,000 riyals per year.

A 175% increase in comprehensive vehicle insurance was also observed from some companies, which increased third party insurance rates from 800 to 2,200 riyals.

As of 2 and half months ago, all insurance companies started raising vehicle insurance rates. When insurance is added to motorists who are under 30 years old, the insurance price increases, specifically for those who are under 30 years old.

Increased traffic accidents justified the increase in insurance rates. Simple due to heavy traffic inside cities, on main roads, and in residential areas, as well as high prices for car parts.

According to the companies, lighting a small car costs over 4,000 riyals and some minor accidents, despite light damage, require over 20,000 riyals to maintain. As a result of placing automatic monitoring devices in several areas, including highways, and requiring drivers to adhere to speed limits, there has been a decrease in huge accidents on highways and external roads.

SOURCE : SAUDI EXPATRIATES