ANNUAL INCREASE ON PREMIUM 60%! MAKES SENSE????

Item: King Price Insurance
Rating: 1
Author: LORRAINE L

king price - annual premium hike was 60% they are claiming that it is because of the retail value of my car?????? Surely there is a law against how much a company can increase their premiums!!! their claims to have decreasing premiums according to the decreasing value of your vehicle is a complete lie/****/whatever you want to call it. this is a first ever company that can do their annual increase by a jump of 60% and by some miracle my car seems to increase in retail value because this is the reason I was given by their supervisor!!!! last month another person claimed that the value of my car was R30,000 less and gave me the reason that the annual increase was so high was due to parts are more expensive that their suppliers have increased their prices but does 60% make sense?? if anyone can point me to the right people to address this with because companies should not have the right to escalate their increases by such a drastic hike of 60%.

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Replies (1)

King Price Insurance's replyOfficial

27 Aug 2021, 11:50

Here's the thing, like all insurers, we too need to implement policy rerates to keep up the rising costs of parts, labour rates, repairs, inflation etc... Which even we can't ignore!

These costs aren't linked to the value of your car, which as you know, depreciates monthly. And unlike other insurers, King Price takes this into account and DECREASES your comprehensive car insurance premium every month.

King Price Insurance's reply27 Aug 2021, 11:50

Official

Here's the thing, like all insurers, we too need to implement policy rerates to keep up the rising costs of parts, labour rates, repairs, inflation etc... Which even we can't ignore!