Motor insurance is considered as one of the most recognized insurance policies. Mainly two types of coverage are provided:
Motor insurance covers the insured party against financial loss that he may incur to repair his vehicle or a third party’s in the event of an accident. In return for annual participation fees (premiums), the takaful/insurance company is bound to pay any losses as described in the policy. Such a policy may include property, liability or third party, and medical coverage.
Al Rajhi Takaful offers three plans.