30% increase on Premiums, Shared Risk and Empty Promises

<p>I thought I would share my experiences around King Price Insurance for any new or potential clients. <br />Long read but will give you a better understanding…</p> <p> </p> <p>King Price’s Service is terrible and working with them on claims is a nightmare. After being with King Price for many years I had two claims, one was a due to natural courses and the other was someone driving into me in peak traffic.</p> <p> </p> <p>The first claim was because of water (flash floods) and this caused engine damage. I was asked to pay a betterment fee with access totalling over 20K before I could get my car released from the workshop. When I asked why do I have to pay a betterment on an engine as the millage on the odometer remains the same and this doesn’t put me in a better position prior to my claim, there was no positive response… I gave up trying to fight this battle with King Price and decided to move on.</p> <p> </p> <p>The second claim was for a reckless driver that drove into me in peak traffic, even with pictures and witnesses King Price is still trying to recover their cost from the third party. I was promised this will be removed from my risk profile as it was a 3rd party incident. This still exists on my risk profile and never received my excess back. Now almost a year later and I receive a letter stating my premium will go up by 30% the following month, after making numerous calls nobody could help me and the feedback I received was the premiums need to increase because they cannot recover their costs from third party. So I needed to wait year and have my premiums increased due to them not getting their money back! Asked them how long this could take and I was told between 3 to 4 years..</p> <p> </p> <p>I have since moved because of their ROYAL service and to keep sharing the risk with them. The amount I paid out of my own pocket for these two incidents could have covered my insurance for almost a year. Made me wonder why did I even pay them for insurance... </p> <p> </p> <p>Stay away from them.. “Premiums that decrease every month” – less than R10 if you lucky, they will then put the premiums up by more than your initial investment, if they feel they are losing revenue. King Price this was YOUR business model and GO to market strategy, so stick to your guns and follow through with your promises. </p>