The 5 Biggest Insurance Mistakes you can Make


Buying insurance is so simple these days- it just takes a phonecall and BOOM, you have a policy.

So it can be easy to forget that there are still pitfalls that could come back to bite you when the time comes to claim. Here are 5 common mistakes even the savviest insurance shoppers should try to avoid when picking a policy:

  1. Assuming you can’t afford it

Your budget’s under a lot of pressure, we get that. That’s why with King Price, you can choose our 3-star cover option, which covers 3rd party damage. We also have voluntary excess, so you choose the excess payment that works for you. Even this, most basic cover, will protect you from massive financial loss if you’re an accident with another car. Our mantra is that some cover is better than none at all.

  1. Setting your excess too high…. or too low

Your excess payment is the amount that you are personally responsible for during a claim. Your basic excess is the least that you will end up paying in a claim- on top of this basic excess, additional excess amounts sometimes apply. It’s important to understand that even though a higher excess payment means lower monthly premiums, you will still need to be able to afford that excess amount should you need to claim. Don’t let your excess amount come as a surprise- call us if you’re unsure.

  1. Not reading your full policy document

Even the fanciest insurance policy, with all the bells and whistles added, has exclusions that apply. These exclusions could result in your claim not being paid. It’s important to read your policy document when you receive it- all of it- and ask questions if you don’t understand something. We’re always here to answer your questions, and we’ve tried really hard to make our policy document an easy (and sometimes even entertaining read).

  1. Not updating your cover

Your home contents insurance cover is based on how much it would cost to replace everything in your home should it all be stolen, or destroyed. That said, the ‘everything’ in your home can greatly differ from on e year to the next, depending on how many times you’ve visited Mr. Price Home in the last few months. Keep an inventory of all the things in your home covered by your home contents insurance (including clothing, appliances and furniture). Check this once a year, at least, to make sure you’re not underinsured.

  1. Comparing apples with oranges

Monthly premium costs are just one way to compare all of the different insurance offerings out there on the market. But looking at price alone might not be the best indicator of the quality of insurance cover you’re getting. Make sure that your new insurance policy covers all the bases you need it to, including damage to your own car and to 3rd parties. Check what benefits your policy comes with as well- does your insurer offer 24/7 road and medical assist (like King Price offers our car insurance clients)? Make a list if you have to and make sure you’re getting what you pay for.

If you want to chat to the king about a quote for royal cover at a ridiculously low price, just Click Here to fill in our quick online quote form.