Forgot your password?



Back to login

Companies raise car insurance transfer fees without ministry approval
February 18, 2015, 8:53 am
Share/Bookmark

Some car insurance companies in Kuwait have increased transfer fees despite not having approval from the Ministry of Commerce and Industry. When a driver transfers insurance from one car to another (for instance in the case of buying a new or used vehicle), insurance companies typically charge a fee of KD 3 for the transfer.

Now, however, several companies have upped this fee 100 percent to KD 6. They have done so without prior approval from the commerce ministry. "The union of insurance companies agreed to increase the transfer fee to KD 6 [from KD 3] as the fee for the issuance of new documents," explained a manager at a local car insurance company who asked that his name be withheld.

"Yes, we have increased the service fees to KD 6, because there is no specified price set by the Ministry of Commerce," the manager told a local daily. He noted that "There was no coordination between the union of insurance companies and the ministry of commerce."

But two other car insurance companies told a local newspaper that they have not yet raised the fees from KD 3 to KD 6 because there was no circular from the ministry of commerce or the General Traffic Administration at the Interior Ministry to change the scheduled fee. Several citizens and residents were surprised by the unexpected price hike. The commerce ministry did not immediately comment on the issue.

Share your views
CAPTCHA
 

"It is hard to fail, but it is worse never to have tried to succeed."

"Envy comes from wanting something that isn't yours. But grief comes from losing something you've already had."

Photo Gallery