I’m glad you guys are getting your multiple inflation increases cause your customers salaries aren’t

Item: King Price Insurance
Rating: 1
Author: Ryan W

In Covid times when customers are losing jobs and salaries are decreased or frozen. You guys first try increase my premium by 15%. I have spent another year accident free with you guys and clearly lower risk. You tell me that car parts have gone up this amount, this is lies. Then you “try your best” when I complain and offer me a final 7% increase take it or leave it, this is still double inflation. Perhaps cost s are up but your claims ratio was also down a lot last year. Even the medical aids (who are the worst for annual increases) and banks are keeping the increases low. Even my life insurance barely went up. But here is King Price taking full advantage of their customers, congratulations. That is bad business in my view in these times. You should try help your customers not take advantage of them. As soon as I have time to call around I will be cancelling and never returning and I will be sure to warn people of your low balling onboarding tactics followed swiftly by multiple inflationary increase. Disgusting.

Helpful (0)

Replies (2)

King Price Insurance's replyOfficial

19 Feb 2021, 10:14

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 reply19 Feb 2021, 10:14

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!

Ryan W's updateReviewer Update

19 Feb 2021, 10:30

Thank you for your generic response. It’s amazing how other service providers in your exact same industry subject to the same cost pressures don’t try increase premiums 15 percent. Anyways I’m sure you guys will fail eventually and then you’ll realise you should care about your customers that have been with you for years. I hope you and the rest of your staff enjoy your fat bonuses off of the backs of other working people trying to het through these tough times. I’m sure with your 15 percent demands increases in premiums coupled with you very low claims ratio in 2020 you are sitting on some nice profits while everyone else struggles. Like I said congratulations, ********* companies such as yours always fail, it’s just a matter of time for you. Your premium increases are the same as what eskom wants, you two companies are lime two peas in a pod, both highly *********.

Ryan W's update19 Feb 2021, 10:30

Reviewer Update