King Price Insurance is a South African insurance company known for its unique approach to car and business insurance. The firm positions itself as the first insurer to offer premiums that decrease monthly. This innovative model is based on the depreciation of the value of insured items, such as cars, which typically lose value over time. As a policyholder’s vehicle ages and its value decreases, so does the cost of insuring it, offering a potentially more cost-effective solution for consumers.
In the realm of business insurance, King Price Insurance tailors its offerings to meet the specific needs of businesses. They emphasise a deep understanding of the unique challenges each enterprise may face, providing commercial insurance solutions that align with the particular risks of different industries.
The company presents a straightforward experience for customers, touting a simple process for obtaining insurance quotes and managing policies. They aim to differentiate themselves in the market through a combination of competitive pricing and customer-centric service, striving to make insurance less of a burden and more of a convenient, supportive service for individuals and businesses alike.
Overview of King Price Insurance
King Price Insurance is recognised for shaking up the traditional insurance model by offering premiums that decrease monthly. Car insurance is a key focus area, reflecting an understanding that a vehicle’s value depreciates over time. This South African insurance provider prides itself on offering a range of short-term insurance products, including but not limited to:
- Household insurance: Cover for home contents.
- Building insurance: Protection for the structure of one’s home.
- Specialised items: Cover for unique items needing specific insurance.
- Trailers and caravans: Ideal for those seeking cover while travelling.
- All risk insurance: Broader insurance for personal items not typically covered under standard policies.
The innovative model of decreasing premiums demonstrates King Price’s commitment to providing affordable insurance options that reflect the depreciating value of insured assets.
Here’s a succinct view of what King Price Insurance offers:
| Feature | Description |
|---|---|
| Premium Structure | Decreasing monthly, aligning with asset depreciation |
| Product Range | Includes car, home, and specialised items insurance |
| Online Services | Quotes and customer service available online |
| Customer Centricity | Emphasis on value and convenience for customers |
The company’s brand message, “Price is king!” encapsulates the essence of their approach to insurance, positioning themselves as a provider of cheap insurance without compromising on coverage. They offer comprehensive policies accessible through user-friendly online platforms, simplifying the process of obtaining a quote and securing a policy.
Insurance Products Offered
King Price Insurance offers a range of insurance products catered to individual needs and preferences. Each category is designed to provide consumers with protection, peace of mind, and the unique feature of decreasing premiums over time.
Personal Insurance
Personal Insurance encompasses a variety of comprehensive cover options focused on the individual. These include protection for portable possessions and personal accidents, ensuring a safeguard against unforeseen events that affect personal items or cause injury.
Car Insurance Plans
Comprehensive Car Insurance: Allows for extensive cover against theft, accidental damage, and write-offs. Also includes a novel approach with monthly decreasing premiums as the vehicle depreciates in value.
Third Party Only (TPO): Offers cover against the costs that a policyholder is legally liable to pay to third parties.
Collectable Car Insurance: Tailored for classic and collectable vehicles, ensuring these prized assets are well-protected against potential risks.
Motorbike Insurance: Specialised insurance for motorbikes, taking into account their distinct needs.
Specialised Insurance Options
- Trailer Insurance: Specific to protection for trailers against potential damages on the road.
- Watercraft: Comprehensive cover designed for various types of watercraft, addressing the unique risks faced by water enthusiasts.
- Business and Community Insurance: Provides cover for business assets and community-related risks.
Unique Cover Features
- Credit Shortfall: Covers the gap between the insurance payout and the remaining car loan in case of a total loss.
- R1 Insurance: An additional feature offering essential items cover for a minimal add-on charge.
- Household Insurance: Comprehensive protection for home contents, providing security against theft or damage to possessions within the home.
King Price Insurance’s philosophy centres on affordable and flexible cover options, with the notable advantage of decreasing premiums for car insurance, reflecting the depreciating value of the vehicle each month.
Benefits and Add-Ons
King Price Insurance offers a range of benefits and add-ons designed to enhance the policyholder’s insurance experience. Each provides a layer of protection and convenience, tailored to meet the diverse needs of customers.
Additional Protection Services
Roadside Assistance: In the event of a breakdown or accident, King Price Insurance offers 24/7 roadside assistance. Policyholders have access to services that include towing and storage of the vehicle, hail damage repair, and accident assistance.
Legal Liability: They provide cover for legal liabilities that might arise if a customer’s vehicle is involved in an accident that causes damage to a third party.
Car Hire: If a customer’s vehicle is in for repairs, King Price Insurance can facilitate a car hire service, ensuring minimal disruption to their daily routine.
Sound Equipment and Other Accessories: Policyholders can obtain cover for additional car accessories such as sound equipment, which is often not included in standard policies.
Convenience and Self-Service
App and Self-service Portal: King Price Insurance provides a mobile app and self-service portal allowing customers easy access to policy info and the ability to perform self-inspect tasks, submit claims, and manage their policies with just a few taps.
Scratch and Dent: Coverage for minor cosmetic damages like scratches and dents is available, making sure the vehicle stays in excellent condition without major expenses.
Support and Outreach Initiatives
Community Insurance: They support community-based insurance initiatives, recognising the importance of giving back to the communities they serve.
Donate with Code Red: A unique feature is the Code Red program, which allows policyholders to donate a portion of their premiums to a range of charitable causes, bolstering King Price Insurance’s commitment to social responsibility.
Pricing and Premium Structure
King Price Insurance is known for its unique approach to car insurance premiums. They offer a monthly decreasing premium model, which means that the cost of insurance reduces every month. This model reflects the depreciating value of vehicles, ensuring that the premiums are aligned with the current value of the car. The concept of decreasing premiums is particularly appealing as it can result in long-term savings for customers.
The insurer claims to provide affordable insurance options, including a variety of other insurance products alongside their car insurance. The emphasis is on competitive, cost-effective policies that cater to different customer needs. The insurance premiums start off being economical and over time, they adjust in the favour of the policyholder. However, the specifics of how much premiums decrease each month are not detailed here; policyholders would need to obtain a quote to get precise information.
Car insurance offerings include:
- Comprehensive Coverage: This is the most inclusive option, providing cover for accidents, theft, fire, and natural disasters.
- Third-Party, Fire & Theft: A mid-tier option covering damage to others and loss due to fire or theft.
- Third-Party Only: Basic coverage for damage the policyholder causes to others.
Furthermore, King Price extends insurance to other personal property, with options like home insurance and items coverage, which may also benefit from competitive premiums. Policyholders can manage their financial expectations more effectively due to the decreasing nature of some premiums.
It’s important for potential clients to review policy details and get a customised quote to understand the implications of the pricing structure on their specific needs.
Understanding the Policy Details
When selecting a King Price Insurance policy, it is essential for policyholders to comprehend the specifics, such as what is included and excluded, the terms and conditions, and the claims process. Accurate knowledge of these details ensures a clear understanding of the protection provided and the responsibilities of both the insurer and the insured.
Inclusions and Exclusions
- Comprehensive Cover: This typically includes accidental damage, theft and write-off, and third party, fire and theft.
- Items Covered: Vehicles, caravans, and watercraft are mentionable items on the policy schedule.
- Exclusions: Intentional loss or damage, leaving the scene of an accident, and credit shortfall are usually excluded.
Terms and Conditions (T’s & C’s)
- The Terms and Conditions detail the policyholder’s obligations and the insurer’s promises.
- Schedule: It outlines the specifics such as the items insured, coverages, and premiums.
- Accidental Damage vs. Intentional Damage: Policies cover accidental damage but typically exclude deliberate acts that lead to damage or loss.
Insurance Claims Process
- Theft and Write-off: In the event of a theft or write-off, the policyholder must follow the claims process outlined in their policy.
- Roadside Assistance: If included, policyholders can receive help 24/7 in case of a vehicle breakdown.
- Accident Assistance: Support is provided in case of an accident, ensuring the rightful steps towards a claim.
- Reporting Procedure: Timely reporting and full disclosure are critical for a valid claim.