New year, new budget! The start of a new year is always an ideal time to ensure you’re not overspending on insurance but are staying fully protected. King Price Insurance breaks down the common pitfalls to help you make informed insurance choices.
Beware of bare-minimum cover
Cheap premiums are enticing, but third party-only car insurance means you’re responsible for the cost of damage to other people’s stuff that’s the result of an accident that you cause. Warning: These costs can run into millions of rands! Comprehensive cover may seem pricier but can save you significant expenses in the long run.
Mind the gap
There’s aways going to be a small ‘gap’ between what your insurer will pay out for a valid claim and the total cost of the claim. In the insurance world, this is known as excess, and you’re responsible for paying it. The good news, though, is that you can choose an excess amount that’s affordable for you. Choosing a high excess to bring down your monthly premium can backfire if you can’t afford the excess payment when making a claim.
Understand the Ts and Cs
Each insurance product has specific terms, conditions and exclusions that determine your cover, so take the time to review your policy schedule, and our policy wording carefully. We’ve made it as easy for you, by using easy-to-understand, everyday wording.
Update your insured value regularly
Major purchases and gifts can increase the value of your home contents. Regularly updating the insured value to reflect the total value of these items at today’s replacement costs, will help to ensure that you’re fully covered when it’s time to claim.
While you’re busy assessing your needs and the affordability of covering them, choose King Price for car and home contents insurance that puts your needs first.
You can get a commitment-free quote by clicking here, or calling or WhatsApp-ing us on: 0860 50 50 50.
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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.
King Price Insurance Company Ltd is a licensed non-life insurer and registered financial services provider. (Reg no. 2009/012496/06 | FSP no. 43862)
