Car Insurance Where Premiums Decrease Monthly
Remarkably, premiums decrease as your car ages – if King Price is your insurer, according to this new short-term insurer.
The introduction of King Price into the South African market in June 2012 made groundbreaking strides. The company introduced a new discounted pricing model with up to a massive saving of 60% on insurance premiums.
How Premiums Decrease
Gideon Galloway, the CEO of King Price, explains that the decision was a no-brainer because he identified loopholes in insurance offerings and decided to join forces with other experts in the global insurance industry to counteract them. “King Price was ready to seriously challenge old and outdated insurance models and turn the market on its head.”
Elements to Premiums Decrease
Two key elements differentiate King Price from other insurers. Clients’ premiums will decrease every month as their cars depreciate. “Cars depreciated every minute, and other insurers seem to ignore this,” mentions Galloway. And at King Price, there will no nagging or reminding because the decrease will be automatic.
No Claim Bonus Too
Additionally, there will be no “no claim” bonus because clients will reap the benefit of a substantially discounted premium immediately. “Most insurers inflate premiums so that their customers can have the perceived benefit of a ‘no claim bonus’ at a later stage. Clients don’t realise that insurers are regulated to reserve a percentage of premiums for this ‘no claims bonus’ fund,” explains Galloway.
King Price worked with a team of seasoned insurance and technology experts to develop state of the art, real-time automated IT platforms, that includes risk rating software, which is believed to be the fastest, savviest and most accurate system currently available in South Africa. And this sophisticated system will naturally translate into even more savings for clients.
Technology at King Price
Following the launch, King Price promised a few novel marketing approaches to keep abreast of trends and will make extensive use of SMS, online and mobile and social media applications to serve and inform customers.
Munich Re, a global leader in reinsurance, backs King Price. Because King Price believes that the consumer will enjoy the same cover at substantially lower prices because the price is always king.
So King Price offers royal services and changes the way the word looks at short term insurance.
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