The 1 fact about portable possessions insurance you didn’t know

Jan 22, 2020 | Blog

The 1 fact about portable possessions insurance you didn’t know

People be spending in December. And then people be spending again in January (January sales, yo). No, really, it’s a thing that happens every year. People buy the stuff that they want for their holidays, items they planned to buy specifically at the end of year (because of year-end bonuses or year-long savings) and of course, they buy gifts for their loved 1s. Usually it’s stuff that has some proper financial value, like a new tablet for school, laptop for university studies, or earbuds for your special holiday-alone-time. The list of what and where the whats will go is simply endless. The only thing you know for certain is that these items will go out and about with you, whether it’s to school or work and back, visiting family in a different province, going on a romantic getaway, or heading out on a business trip.

And the last thing you want is for your new possessions to get lost or stolen. Unfortunately, these things happen. That’s why portable possessions insurance is often encouraged. It’s not a hugely expensive insurance product, but still… Many of us forget or turn a blind eye to this product, even though we travel with our expensive goodies a fair amount.

Here’s some important info on portable possessions that you might not have known. Hopefully by the end of it, you’ll be interested in checking out how much cover for your laptop, cellphone, handbag, sunglasses, and other items will cost and get some protection so that you don’t have to pay the price right out of your own pocket when something ends up going awry.

Portable possessions insurance is worldwide

It’s generally true for South African insurers that your portable possessions cover will extend to wherever you are. Of course, you need to check this out with your insurer… But most of them will do that. This means that if you’re going to the North Pole to find Santa, exploring Greece, or heading down the road, your stuff should be covered.

You don’t have to get extra cover from some random insurance company just before your trip, although if you’re not convinced then we do suggest that you call your insurer and check with them.

Misplaced possessions in a foreign country

Yes, if you lose your luggage or your possessions have vanished while you’re in Moscow or Zimbabwe, then your stuff is covered by portable possessions insurance. You just need to report it to the relevant authorities in that country and then log your claim with your insurer within 30 days of the incident. Again, this applies to most insurers, so just check with yours. If they don’t offer this kind of cover, you may want to think about getting insurance from a company whose policy does go the extra mile.

But you do need to specify your expensive stuff

Some valuables (normally worth less than R3,500) don’t need to be explicitly stated. Other stuff, like an expensive designer dress, fancy watch, or the latest Apple laptop should be specified. And when we say ‘specify’, we mean that you need to tell your insurer about these items and insure them by name for the correct replacement value on your policy. You might also need to keep the receipts for these items (good to know in January, when all the holiday purchases were recently made and receipts are easy to track down).

This ensures that your possessions are under the correct cover (and for the correct amount).

So, if you travel a lot and your portable possessions aren’t insured yet, get a quick and super cheap online quote today from an insurer who offers cover that’s good-to-go wherever life takes you.

We found the cheapest insurance in South Africa

Mar 26, 2019 | Blog, King Price

We found the cheapest insurance in South Africa

Everyone is on about finding the absolute cheapest insurance around… But this can often be a bit more difficult than we think because so much goes into creating a person’s monthly premium. Your age, where you live, how long you’ve been driving for, how many accidents you’ve had, how often you go out with the valuables you want to cover, etc. There are just so many details that help an insurance company calculate an accurate premium to insure your possessions. Of course, we can’t avoid the fact that some (not all) companies still want their pound of flesh, so there’s that, too.

How do you find the cheapest insurance around, then? Well, the obvious answer is to compare quotes and then choose based on the lowest price for the best value. And that’s the best advice you can ever receive. But for right now, before you head out on the hunt, we can point you in the direction of the actual cheapest insurance we’ve ever seen: R1 insurance.

That’s right. R1 insurance. You know how the oldies are always moaning about how ‘back in the day’, you could go to the movies for 17c, buy a coke for 5c, or pay a R15 deposit on a car? Well, this should make them pretty happy. And you, naturally, because everyone wants to pay the cheapest price.

What is R1 insurance?

You’re probably thinking, what’s the catch? There doesn’t seem to be a ‘catch’ so to speak, because this is an add-on product. This means that you take out the bigger insurance policy and add cover for just R1 per month. After that, it’s pretty straightforward.

The insurer in question is King Price, and the bigger insurance policy is comprehensive car insurance, and the R1 cover is for expensive valuables that you tend to take out with you, like your hearing aid, shiny new bicycle, or prized golf clubs.

Why does it exist?

These are some pretty specific items that are listed, however they’ve been intentionally selected from a range of items that you might not always think to insure. While it makes sense to consider cover for your laptop or cellphone, we don’t always remember to cover a hearing aid or bicycle. How often have you heard of your friend/uncle/sister/colleague’s bicycle being nicked?

It’s for that reason that the royal insurer decided to help people out by offering the cheapest possible cover for items that might not be obvious to insure, and yet are really costly and inconvenient to repair and replace.

Is their car insurance worth the R1 offer?

Look, this is totally your call. King Price’s comprehensive car insurance does come with all the bells and whistles, they’ve been in the business for a number of years and they’re reinsured by Munich RE (which is a big deal in the industry). Let’s not forget that they also decrease your comprehensive car insurance premium every month, in line with the depreciating value of your car.

When you weigh all these benefits up against how much your premium would cost if you were to insure your bicycle/golf clubs as a separate portable possessions policy, to your (non-decreasing) car insurance from another insurer, it makes sense to get a commitment-free quote, to see how you (and your budget) could benefit from the king’s royal touch.

Scratch and Dent Insurance

Nov 16, 2018 | Blog, King Price

Will scratch and dent insurance cover panelbeater costs?

Panelbeaters are the chaps you call when your car is looking a bit worse for wear, either from the daily grind or if you’ve had a prang. They’ve got nothing to do with fixing the mechanics of your car, but they will work on your car’s exterior to get it looking brand spanking new. Like it just came back from the factory… And who doesn’t like driving around in a car that looks as good as you feel? It’s even more amazing if you consider that by taking care of your car’s exterior, you’re increasing its resale value. People love buying cars that are free of dents and scratches. Go figure.

The thing is… You might not always have it in your monthly budget to repair scratches, remove dents, or sort out your wonky bumper. Life has gotten expensive and even though you want to smooth out the crinkles, you might not always have the means.

Thankfully, there’s a solution and it can cost you as little as R69 a month so that you can enjoy a scratch-free car without breaking your budget.

Scratch and dent insurance is the solution.

Going to a quality panelbeater won’t cost you a kidney, but it’s still an expense that you have to work into your monthly budget or save for. However, you can find a cost effective way to make sure these costs are handled for you, with scratch and dent insurance.

There are loads of options available on the market, but they all pretty much do the same thing in that they cover the cost of repairing scratches and dents. You’ll just have to check how many different types of damage are actually included. For instance, King Price’s scratch and dent insurance covers little chips, small dents, minor scratches, tar flecks, hail damage, and mag and rim repairs, which is a lot more than other policies.

Let’s talk price.

There are very few of us who can keep our cars in pristine condition for too long without a shopping mall parking pole denting the door, a stone nicking your bonnet, or tar flecks ruining your mags. And you shouldn’t have to wait until you can afford to visit your panelbeater.

The benefit of scratch and dent insurance is that if you can’t afford a couple of thousand, you could find it in the budget for under R100 per month… And then you don’t have to worry about the thousands. What a relief!

Sold on the idea? Before you buy the first policy you find, you need to factor in a few other numbers, including the excess, the limit per claim, and how many claims you can put in per year. King Price, for instance, charges R69 per month and a R250 excess every time you claim. They also set a R3,000 limit (per claim), and there’s an unlimited number of claims you can put in per year.

Those are some pretty impressive figures that you’ll be hard pressed to beat, and we’re experts when it comes to beating things.

A simple solution to delicate work.

You don’t want to skimp on costs when it comes to looking after your car’s exterior. Remember that resale value we spoke about? We’ve even gone over how to find a reputable panelbeater so that you never have to face a terrible (and terribly expensive) experience. In addition to finding the most affordable and trustworthy panelbeater, it’s also worth exploring a scratch and dent insurance that offers you value for money.

Take a few minutes to get a quote online or call 0860 50 50 50 and you’ll see just how affordable it can be to keep your baby looking good.

Car Insurance

Oct 30, 2018 | Blog, King Price

5 Things to look out for in a good panelbeater.

Without car insurance, a trip to the panelbeater can leave you with a pit in your stomach. You probably haven’t had a ton of accidents (well, we hope not!) and so you’re probably not well-versed with the costs involved, or which panelbeater to trust, or how long anything should take. And that’s kind of a good thing, until you actually need a panelbeater.

Obviously (or maybe not so obviously) the best-case scenario is 1 in which you have car insurance from a reputable insurer that only uses trusted suppliers and repairers to help get their clients back on the road ASAP. But what if you don’t have cover? Or what if the damage quoted by your insurer is almost the same amount as your excess so you choose not to claim but now have to find your own panelbeater to deal with the repairs?

You’d need to know a thing or 2 and these tips will help you find an honest, reliable, and cost-effective panelbeater.

#1 A rock solid reputation

You’re looking for a panelbeater that’s been active in the industry for several years, has a spotless reputation and a few certifications, and has a clean online presence that gives you info about their services upfront, or even a social profile where you can read customer reviews.

A panelbeater with a good rep will want to protect it, so a good rep is a good sign.

#2 Appearances matter a little

You wouldn’t be paranoid if you did a drive-by to see if the workshop has actual equipment (that isn’t from the dark ages), is reasonably tidy, and gives you the feeling that you’re dealing with professionals. That it’s not someone’s backyard, with a few skadonks parked on the lawn, and metal scraps lying around.

It isn’t even legal for a panelbeater to operate out of a residential area, so just don’t.

#3 Special cars need special skills

If you’ve got a classic, vintage, or in any way special, car then you need to make sure that your panelbeater can handle your baby’s special requirements. This usually includes having connections in the industry for specialised parts, special equipment, and hands-on expertise. To be honest, it wouldn’t be rude to ask to see some of the repairer’s previous work.

#4 It’s in the details (of the quote)

It’s no good getting a quote for the overall cost. What you want before any work is done is a breakdown of the cost, showing you in great detail what’s going to happen to your car. A good and reputable panelbeater should list the cost of the parts, labour, painting, and any other repairs that your baby needs.

You might even be able to suss out from the quotation how long the work will take to be completed. Actually, a good sign is a panelbeater who’s willing to talk openly and honestly with you about costs, timelines, quality, and any other concerns.

#5 Got any guarantees?

They say that there are no guarantees in this life. But that’s not the case when it comes to panelbeaters. What you’re on the lookout for is a panelbeater who’ll provide a guarantee of the parts they’ve sorted out for you, a warranty of those parts, and a guarantee on the workmanship.

This tells you that the business has your interests at heart and wants to protect their own reputation.

#6 Get insurance that only uses the best

It can be challenging to find a panelbeater that you can trust, but with these tips you’re sure to be much better off. Of course, if you have car insurance from an insurer with a reliable reputation for putting their clients’ wellbeing at the front and centre of all that they do, then everything becomes that much easier.

King Price, for example, makes no secret of the fact that they treat all their clients like royalty. The royal insurer also prides itself on using royally-approved service providers and offering sensible car insurance that decreases every month. Which is what you want when it comes to protecting your 4-wheeled baby.

Insurance fraud is a big deal

Oct 9, 2018 | Blog, King Price

Insurance fraud is a big deal

The consequences of lying to your insurer

Yup, you read that right. We’re going to dredge up the dreaded ‘F’ word. Fraud. This has become somewhat of a slippery slope lately. While fraud has been around for as long as insurance has been available, it used to be something that ‘scammers’ did to get a huge pay-out. You know, like filing a false claim to get the cash. Admittedly, it took a lot of effort to fool insurance inspectors and the like, but the pay-out was (and still is) deemed worth the trouble.

Now, though, more and more people are ’fessing up to the fact that they’d fudge the details even a little in order to make their insurance work for them… Little do they know that the consequences are just as serious as if you were to hide your car in your mate’s garage and claim for theft.

We’re going to unpack familiar fraud stories, explain the consequences of committing insurance fraud, and reveal how insurers figure fraud out.

Why more people are committing insurance fraud

You might be aware of the more obvious insurance scams. Like setting your house on fire and making it look like an accident so you can claim for the damage. But then there are more sophisticated fraudsters, like car owners who get the panelbeater to either add the excess amount to the bill or quote on more than the cost of the actual damages so they can pocket the cash together.

But professional scammers aren’t the chaps we want to talk about. We want to highlight the fact that more people are telling little white lies to their insurers to make sure their claims are approved. Like saying you were going 50km/h when you were really going 65km/h. Or telling your insurer and the inspector that all the windows in your house were shut and locked when you left home for a trip and came home to find your TV gone, but the back bathroom window was wide open.

Mostly, the reason why people lie about certain details is because of fear that their claim will be rejected. What they don’t realise is that if their insurer finds out about the lie, not only will their claim definitely be rejected, but they might also have their policy cancelled entirely.

Common arguments for why people lie to their insurers:

You’re paying for cover anyway, so it’s not like your pay-out is totally free.
It’s a small detail and shouldn’t matter to the incident.
You’re desperate, because without the insurance money, you’ll be financially stuck.
Without the insurance pay-out you won’t be able to pay for school fees, buy a new car, replace household valuables, etc.

What will happen if you get caught

Unfortunately, even if you only told a little fib to get your claim approved, all types of insurance fraud are treated quite seriously… No matter how harmless you thought the lie was.

The consequences of lying during a claim:

The first thing that will happen is that your entire claim will be rejected.
Next, your policy will most likely be cancelled retrospectively, from the date on which the incident was reported, or from the actual incident date (whichever date is earlier). And you’ll probably struggle to find insurance elsewhere.
Lastly, there’s a good chance that you’ll be held legally accountable to pay your insurer back for any expenses that they’ve paid out or incurred while they processed your claim.

How fraudsters are caught

Now that insurance fraud has become a more serious problem in South Africa, many insurers have started investing in advanced forensic specialist security services to sniff out the scammers and avoid getting the wool pulled over their eyes.

Following the money patterns:

Insurance investigators perform a cross-check of the person claiming, looking for a pattern of pay-outs in their history and a pattern of claims being filed. They’ll pick up, for instance, if the claimant has received pay-outs under different names.

Suspicious loss indicators:

Insurance investigators also use a list of ‘suspicious loss indicators’ to work out if fraud is afoot, including checking if the receipts are legit, if you increased your cover level before claiming, or assessing whether you appear super calm after a fire wiped out your whole business.

A closer look at your life:

If things seem a little fishy to the investigator, they’ll take a deeper look into your life, starting with examining your credit record and criminal record, following you to see if injuries or damage matches the police report and claim info, and even going through your social media accounts.

The answer is to find a reputable insurer

If you get car and home insurance from an insurer that has a strong reputation for paying out claims, you’re less likely to feel anxious about claiming and therefore are less likely to lie during the claim process. King Price, for instance, is well-known in the industry for paying out claims and is frequently cited has having 1 of the lowest rejection rates. Moreover, they’re pretty good at explaining your policy to you (in plain English, which is helpful) so that all the right info is recorded and your cover is accurate. Their motto, incorrect details = incorrect cover, helps you maintain an honest approach to your insurance dealings.

Whether you’re looking for car and home insurance for the first time or want to switch for super cheap comprehensive cover, start your journey today by clicking here for an commitment-free quote.