Under-insurance? Replacement value? Car inspections and regular drivers? What the actual heck do these insurance words mean? Along with getting a rental car when your insured car is being repaired or replaced, choosing a provider to fix damage, and claims queries, here are the 6 questions that King Price’s client care consultants answer most often.
What are ‘under-insurance’ and ‘replacement value’? Buildings, home contents and portable possessions should be insured for the value of like-for-like replacements at today’s prices… This is their insured (or replacement) value. When it comes your buildings, the insured value must be enough to repair or rebuild all the structures on your property, including the outbuildings, perimeter wall and swimming pool, from the ground up, and must also cover professional and municipal fees, demolition charges, waste removal and making the site safe. If your insured value won’t cover all of this, then you’re under-insured and valid claims will be paid out proportionately.
Why must I have my car inspected? Most insurers will make it a condition of cover that you have your car inspected when taking out cover for it, except if the car is brand-spanking-new. Basically an inspection is a fraud protection measure, and combatting fraud helps keep premiums down for everyone. Unfortunately it happens all too often that people try to insure fictional cars in order to claim for a loss a few months down the line, but an inspection proves that the car being insured actually exists. An inspection also notes any existing damage, which isn’t covered for repair. King Price clients can self-inspect on the app or self-service portal, or take their cars to an approved provider.
Am I the regular driver? The regular driver is the person who drives the insured car most often during any monthly period, and who’s noted as such on your policy schedule. If the regular driver changes, you must tell insurer immediately as the new regular driver’s risk profile, which underpins your monthly premium, may have changed. (Pro tip: A different regular driver could lead to a lower premium.)
Rental cars… Am I covered? You can add car hire cover to your car insurance cover, so that you’ll still have wheels if the insured car is damaged or stolen, and there’s a valid claim in progress. Things to remember is that car hire is linked to your car cover and, if your car is being repaired under any other cover, you won’t qualify for a rental. With King Price, your hired car will be available until your car insurance claim is finalised, for up to 30 days.
Do I have to use my insurer’s approved providers? Insurers partner with reputable service providers so that they can manage costs, quality and timeframes. So, your insurer will most likely send your car and other items that need to be repaired, to 1 of their approved providers. If your car is vintage or collectable, your insurer may pay your claim in cash and leave the choice of repairer up to you.
How can I make my claim go faster? To start with, you must use your insurer’s approved towing service after an accident. If you don’t you’ll be alible for the towing fees, and it may take longer to track your car down and get it released by the towing company. We advise that you save this number on your phone now! You must call us ASAP, and within 30 days of the incident, to start the claim process, and then do everything we ask as quickly as you can.
Click here or WhatsApp us on 0860 50 50 50 for a commitment-free insurance quote.
________________________________________________________________________________
Psst… This blog provides general info only, and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.
Our website T’s and C’s can be found here.
