1 reviews | Active since Oct 2017
It's all in the small print- beware!
When one asks an insurer to insure your car, what do you think you're actually insuring for? Say you have a 2006 model, you've just bought it for R100 000 and you ask for a quote and accept it. Imagine the vehicle is ****** the next day. What do expect to be paid out? Well, naively I thought I was going to paid the amount needed to make me whole I.e I'd be able to go out and buy a another 2006 model. WRONG! Especially with King Price. Their business model is to induce you to insure with them through low premiums. How do they ensure low premiums vs their competitors. Well, the include a clause on "insured sum" which is a fraction of the real value of the vehicle. So in the case above, you insure a vehicle whose market price is R100 000. But they put in your contract an insured value of half, yes half, that amount. So if the vehicle is ****** they can simply invoke the insured value clause and pay you half.
I was an idiot. Outsurance, with whom I have had dealings before, quoted a slightly higher monthly premium. But when I had another vehicle ****** in the past they paid out the market value I.e what I needed to be paid to buy an equivalent vehicle in the open market.
So DO NOT FALL for the low premiums of King Price. They are lower because they are actually not insuring the replacement value of the vehicle. I believe this is a deliberate misrepresentation on their behalf, and I'm tsking this up with the regulatory authorities and am planning legal action against them.
As I pointed out - why did their employees NOT ONCE mention what they were valuing the vehicle at? They asked for all the details on purchase price, where I bought it, condition etc etc this to make you believe that they are basing the policy on what you bought, not some make believe price of theirs.
It's an absolute **** - induce people to sign up basis low premiums, never discuss the valuation clause because this is where King Price make their margin and no rational client would accept it, and pay out 50% of the value.
Avoid them at all costs.
As I pointed out - why did their employees NOT ONCE mention what they were valuing the vehicle at? They asked for all the details on purchase price, where I bought it, condition etc etc this to make you believe that they are basing the policy on what you bought, not some make believe price of theirs.
It's an absolute **** - induce people to sign up basis low premiums, never discuss the valuation clause because this is where King Price make their margin and no rational client would accept it, and pay out 50% of the value.
Avoid them at all costs.
So beware the devious small print of King Price. Look elsewhere to ensure you don't end up completely out of pocket. I've appealed to what King Price euphemistically call "your council". Still nothing a few weeks later.
So beware the devious small print of King Price. Look elsewhere to ensure you don't end up completely out of pocket. I've appealed to what King Price euphemistically call "your council". Still nothing a few weeks later.