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Tribune News Network
Doha
The Qatar Central Bank (QCB) has issued a set of uniform standards covering motor vehicle insurance, including rules for settlement of compensation for damage to vehicles involved in road accidents.
In a circular, the QCB has directed all insurance and reinsurance companies as well as takaful and retakaful operators in the country to abide by these standards.
As for compensation for compulsory insurance, the circular said, if a vehicle involved in an accident is over four years old, the insurance company is entitled to oblige the garage to fix the vehicle and replace the damaged spare parts with similar ones.
The insurance companies must oblige the garage to install new spare parts without the affected person incurring any percentage of the cost of those spare parts.
The circular says if used spare parts are available in good condition and the affected person insists on the installation of new spare parts, they may choose between compensation for damage or installation of new spare parts on the condition that the affected person does not incur more than 50 percent of the value of the new spare parts.
