Insurance

What is insurance? It is a social system that aims to form a reserve to face the uncertain losses that individuals and institutions are exposed to by transferring the burden of risk from one person to several persons or a group of persons. During the past years, the insurance sector continued to grow significantly after the Central Bank made huge efforts to develop and supervise the sector and export many rules and regulations for the insurance sector in the Kingdom. The importance of life insurance: Insurance is considered one of the most important service sectors necessary to meet the necessary needs of customers. The most important of which is: Providing a mechanism for transferring notifications, whose nature changes with the passage of time, and the needs of customers, whether individuals or companies, change according to the change of products. Classification of insurance products in the Saudi insurance market: There are many insurance products in the Saudi market, for example: health insurance - travel insurance - car insurance for individuals or companies. Among the insurance products for vehicles and individuals: A- Comprehensive vehicle insurance: The vehicle comprehensive insurance policy is an insurance program that obliges the insurance company to compensate the insured for losses and damages to the insured car, in addition to covering damages to third parties or his vehicle if the insured is the culprit in accordance with the terms, conditions, exceptions, and appendices shown in the insurance policy. B- Third party insurance: It is a compulsory insurance that covers legal liability towards third parties / third parties / injured persons for the accident that you caused and resulted from your fault. This insurance coverage includes: Physical damage to third parties inside or outside the vehicle. Physical damage to others. C- Optional insurance: It is optional insurance and is usually called additional coverage or optional coverage. What is the purpose of insurance: It is the return of the insured after the damage is realized to the financial position it was in before its realization, meaning that it will be compensated, as one of the most important benefits of insurance is giving reassurance, protection and safety to the insured. Your insurance and its importance: Insurance helps you to face the risks that you may be exposed to and contributes to mitigating their negative effects, as the insurance company undertakes to bear the financial burdens resulting from the occurrence of these risks in exchange for certain premiums. Insurance products have evolved into several areas, so that individuals or companies can insure their vehicles and other properties against many risks that they may be exposed to, such as traffic accidents or otherwise. Car insurance: Some people misunderstand the true meaning of car insurance and think that the money they spend paying insurance premiums is a loss and an additional financial burden for them. On the contrary, subscribing to this type of insurance helps you avoid more heavy financial burdens in the event of a traffic accident. Therefore, vehicle insurance has become one of the necessary matters to face financial losses resulting from accidents, which include expenses and expenses of treatment for the injured, compensation for deaths and repair of breakdowns and damages caused by your car. It has also become easy to insure cars online through many websites. * You can insure through (insurance agent - insurance broker) What is the difference between an insurance agent - an insurance broker: * Insurance Agent: A legal person who, in return for a fee, represents the insurance company, markets and sells insurance policies, and all the work that he usually performs for the company’s account or on behalf of it. Insurance Broker: A legal person who negotiates with the insurance company for a fee to complete the insurance process for the benefit of the insured. Today, we have many insurance brokerage companies, one of whose most prominent products has become a special platform for the electronic vehicle insurance website Websites allow you to compare vehicle insurance online and issue an insurance policy instantly (compare and secure it), an example of this is the Gonsure platform. What is meant by (compare insurance rates): A service that allows you to compare insurance rates on your mobile phone. You can compare car insurance prices in saudi arabia and offers within minutes for more than one approved insurance company in the saudi arabia, and get your policy instantly. The insurance certificate or what is called (the insurance policy): A document granted by the insurer in the compulsory motor insurance that shows the insured’s data and the details of the insurance policy.