After getting used to facing challenges in various fields due to state neglect, the Lebanese are now trying to secure everything they own if possible, given the decline in salaries against rising prices in different sectors. Insurance companies have gradually entered the loop of "dollarization" as car parts prices have shifted to the fresh dollar or the black market exchange rate.
In a review of insurance policy prices, the cost of obligatory insurance was set at 400,000 Lebanese pounds across all companies, covering up to 3 billion pounds for bodily damages in case of an accident. Meanwhile, the "third-party" insurance policy ranges between $50 and $60, and in some companies, it is priced at around 800,000 Lebanese pounds, covering incidents at the dollar rate of 30,000; if the dollar surpasses this limit, the customer must pay the difference.
Additionally, this "policy" covers the transportation of the vehicle four times: twice in the case of mechanical failure and twice in the event of a traffic accident, with coverage depending on the kilometer range—some cover up to 25 kilometers and others up to 50 kilometers; exceeding this distance requires the customer to pay the difference.
In a round-up of prices for various risk insurance policies, citizens must forget about the "Lebanese pound" and think only of "Fresh" money. Here are some prices for certain cars, noting that prices vary depending on the horsepower, year of manufacture, and type, for example:
- Kia Rio 2014 for $500
- Nissan Micra 2019 for $550
- Jeep Grand Cherokee 2011 for $650
- Infiniti QX70 2015 for $1,000
- Honda CRV 2014 for $650
In this scenario, all expenses are covered without paying any extra, including fire and theft. However, it is important to note that accident expenses are not covered if the driver violates traffic signs, runs a red light, drives against traffic, or has an expired driver's license, alongside natural factors such as earthquakes or heavy snowfall.
Finally, the Lebanese have become captive to both the dollar and the "Lebanese pound," and under these circumstances, you must choose either to pay in fresh money or have insurance without security!
