frequently asked questions about vehicle insurance

 

 

In this article, we will learn about the top 10 questions that some people may ask regarding vehicle insurance.

Comprehensive car insurance is an insurance program that covers loss or damage to the insured car or any injuries that may be caused to it. This includes additions (accessories), as well as damage caused by rain, torrents, and natural disasters. According to the terms and conditions of the comprehensive insurance policy, the insurance company compensates the vehicle owner for the loss that occurred to his vehicle.

Third-party car insurance is compulsory according to traffic regulations in Saudi Arabia and in a number of countries around the world. Through this type of insurance, the owner of the car insures his vehicle against damages that may be caused to others (the third party) as a result of an accident that occurred due to his fault. This insurance coverage includes, for example, physical damage to third parties inside or outside the vehicle, as well as physical damage to others.

An insurance broker is a legal person who negotiates with the insurance company for a fee in order to complete the insurance process for the benefit of the insured. An example of this is the Gonsure platform, which can be accessed through the following link: https://www.gonsure.com

The endurance value refers to an amount borne by the insured, which is deducted from the compensation due to him in the event that a covered risk occurs within the limits of the policy. This amount must be agreed upon by both parties, the insurance company and the insured, and clearly stated in the insurance policy schedule.

Coverage limits in car insurance refer to the amount mentioned in the policy, which represents the maximum liability of the insurance companies for the compensation that will be paid to the insured or to others.

The depreciation rate in car insurance means compensation for the actual value of the damage incurred as a result of the covered loss. This takes into consideration the expiration date of consumable spare parts, with the depreciation deducted from the compensation value.

The no-claims discount is a deduction by which the insurance premium is reduced for the following year, due to the fact that the insured did not submit any claim to the insurance company and his record was free of accidents during the previous insurance year.

The insurance contract includes two main parties. The first party is the applicant for insurance, who is called after the validity of the insurance contract the insured. This party may be a natural person or a legal person (companies) who obtained the insurance policy from the insurer. The second party is the insurance company, which is called after the validity of the insurance contract the insurer. It is a public shareholding company licensed by law to practice insurance or reinsurance activities, or both.

An insurance certificate is a document issued by the insurance company in car insurance against others. This document shows the information of the insured and the details of the insurance policy.

Before signing and receiving the insurance policy, it is important for the applicant to review and familiarize himself with the terms and conditions of the policy. The insurance applicant must review the conditions and exceptions contained in the document provided to him and should not rely solely on the explanation of the insurance company’s representative. He must also review any additional conditions or appendices that may be attached to the policy and ask about any terms or concepts that are unclear to him, in order to avoid disputes that may arise in the future as a result of misunderstanding the coverages and exceptions contained in the document.