Dr. Ahmad bin Abdul Karim Al-Kholify, Governor of the Saudi Arabian Monetary Authority (SAMA), and Brigadier General Muhammad bin Abdullah Al-Bassami, Director of the General Traffic Department, signed a strategic cooperation document for the development of vehicle insurance business. It included a number of measures that are reflected in the development of the insurance sector, the most important of which is enhancing traffic safety and raising traffic behavior to the highest levels. This is to be achieved through raising the number of insured vehicles by applying compulsory vehicle insurance in the Kingdom and linking the prices of insurance policies with the behavior of drivers. This should reflect on reducing the rates of violations and traffic accidents and the injuries and deaths they entail.

                The Saudi Arabian Monetary Authority (SAMA) has also directed insurance companies to continue granting owners of safe driving a discount of up to 15% for another exceptional period of six months ending on Shawwal 16 1439 AH corresponding to June 30, 2018. This applies to all applicants of both comprehensive and compulsory insurance who did not cause traffic accidents for a calendar year prior to the date. Applicants should not been entitled to other prior deduction either because their vehicles were new or because they did not possess a previous insurance policy, or because the previous insurance policy had expired more than a month ago.

                SAMA   had previously issued a circular according to which companies working in vehicle insurance granted a discount to owners of safe driving who do not have previous traffic accidents ranging from 10% to 15% in an exceptional campaign that started from the first of last August until the end of the current year 2017 AD. This is to be an incentive for those who are committed to safe driving to continue to insure their vehicles and in order to encourage traffic safety and increase the number of insured persons.

SAMA and the General Administration of Traffic urge taking advantage of the discount granted and the initiative to insure their vehicles to avoid violations of the absence of an insurance policy.

SAMA confirms that in the event that any of of the insurance companies fail to present the due discount, whoever has a complaint can submit a complaint to the Consumer Protection Department through its website on samacares.sa or by calling the toll-free number 8001256666.