Question : What is the difference between the retail, trade and market value of my car?
Answer: The retail value is the highest of all three. Simply put, it is the average price that a dealer would sell a car for, taking into account its age, condition and mileage. The trade value, is what a car dealer would pay you for your car, should you trade it in for another.
And the market value is what you will be able to sell your car for, should you sell it privately. A fair market value is usually based on the difference between the retail value and the trade value.
As the king and his court only have your best interest at heart, we will advise you to insure your car for its retail value. Should your car then be stolen, hi-jacked without being recovered or written off in an accident... We will pay you out according to its current retail value at the time of the loss, less the basic excess amount and any other relevant excess amounts that are payable by you, as well as the amount that you still owe the finance institution (if applicable). This will enable you to replace your car with a similar model.
We know that your car means the world to you, but in reality it's what it is worth in the Auto Dealers' Guide that counts! So to determine your car's retail value at the time of the loss, we will refer to this guide. Should your car not be listed in it, we will obtain its value from a suitable source.
Question: Am I insured anywhere else in Africa?
Answer: As a valued King Price policyholder you are not only covered in South Africa, but also in Botswana, Lesotho, Mozambique, Malawi, Namibia, Swaziland and Zimbabwe.
Please note... that you will only be covered for private use and should an incident occur whilst you are outside of SA an additional excess will be applicable.
Question: What is the difference between private and business use of my car?
Answer: The king and his court always have your best interest at heart. In order to have sufficient cover, it is vital that you insure your car for the correct use.
'Private use' is for private or social purposes, including driving between your home and regular place of work. (And shopping on the weekend, visits to your mom and the occasional drive to KFC....)
'Business use' includes private use with additional cover; for instance where the car forms an essential part of any work or function. (It basically means that without your car you can't really make a living...)
Then there is also 'occasional business use.' This includes private use with additional cover for the limited use of your car for business purposes such as buying stock once a month or weekly deliveries.
Remember if your business trips are more than 7 a month you should rather insure your car for full business use.
Question: Are imported cars covered?
Answer: As is the case with most insurers, King Price does not offer cover for cars that have not been originally registered in South Africa.
Question: Will King Price pay for car hire while I'm waiting for my car to be replaced or repaired?
Answer: Need a ride? We've got you covered! As a precious member of the King Price royal family, you may choose to pay a little extra for optional cover so that we can provide you with a hired car.
This will apply when your own car is:
Damaged and being repaired.
Damaged and not drivable.
Stolen or hi-jacked.
The hired car is available until your claim is finalised, up to a maximum period of 30 days.
Should you make use of the hired car that we offer while your car is repaired or replaced, then you will need to pay:
The fuel and security deposit, running costs as well as the collection and delivery fees (these deposits are refundable, subject to the terms and conditions of the car hire service provider).
The excess amount that is payable, in the event of a claim for loss of or damage to the hired car.
Question: Do I need to sign any documentation when I apply for insurance cover with King Price?
Answer: Taking out insurance could not be simpler! At King Price, there is no need for loads of paperwork. All our voice calls are recorded and serve as part of your legal contract with us. So you may apply for cover, make changes to an existing policy and lodge your claim telephonically.
The fact that the calls are recorded, ensures the safety of the info you provide and it protects both your rights and ours.
Question: What is an excess?
Answer: The road to peace of mind and insurance cover is a two-way street. For insurance cover to be fair, both you and the insurance company have some responsibilities. An excess amount is part of your responsibility and it refers to the first portion that is payable in the event of a claim.
As is the case with all insurance companies, King Price requires you to pay a basic excess amount in the event of a claim, before we will pay out the rest of the claim. In some instances that will be specified on your policy schedule, there is also an additional excess amount payable by you.
These amounts are all based on risk. When compared to the risk that we carry on your behalf, the excess is a small price to pay in exchange for it.
Question: Is there a benefit in selecting a higher voluntary excess?
Answer: Our policyholders are members of our royal family and deserve only the best. For this reason King Price offers you the choice of a larger excess amount when you take out your insurance policy with us.
Should you select this option, it lessens risk on our side... And the benefit to you is that the lower the risk on our side, the lower your insurance premium will be.
Question: Why should I still pay excess when it is not my fault?
Answer: To help us to help you settle the claim as quickly and efficiently as possible, we ask that you pay the excess upfront. As soon as the third party or his/her insurance company has settled the claim in full, we will pay you back.
Question: How will I be compensated for loss of or damage to any of my insured items such as my car, building, home contents, and portable possessions and so on?
Answer: We will have the choice to settle your claim in any of the following ways:
Paying out cash to you.
Repairing the damage at a repairer of our choice.
Replacing the item at a supplier of our choice.
Any combination of the above.
Where any item claimed for is still financed, we will first pay the finance company, before paying over the balance of the insured amount to you.
Question: Why do I need to install extra security devices in my car/home?
Answer: Rather be safe than sorry! Insurance statistics prove that this kind of preventative measure reduces the risk of car theft or burglaries at home. If you consider the value of your car or home contents, then the cost of installing a security device to protect it, is most certainly a small price to pay. Like most insurers, the king and his court will assess the risk upfront, and let you know whether it is indeed necessary to have a device installed. If so, we will advise you on the ones that have been approved for insurance purposes.
The king's emergency assist
Question: In the case of an accident or a breakdown, how long will I wait for a towing operator to come and tow my car in?
Answer: In the case of an accident or a breakdown, there is no need for a meltdown. A King Price approved towing operator will come to your rescue as soon as possible. The time that it will take for the operator to get there will depend on the distance that has to be travelled and the availability of the towing operator.
However, please note... that the king and his court always have your best interest at heart. So all our towing operators have been hand-picked to ensure that you get the royal service you deserve.
As long as you call us on the emergency assist line and only make use of the towing operator and storage facility that we have recommended and approved... We've got you covered!
Question: Is there a limit to the number of times that I may make use of the King Price emergency assist services?
Answer: We take pride in our royal treatment. As a valued King Price policyholder, you can have complete peace of mind, knowing that we have made lavish provision for the emergency assistance services you may need. The number of times that you will be able to make use of it, depends on the type of emergency assistance service required. Let us explain...
The king's roadside assist: In the case of a roadside emergency the king and his court are at our comprehensive car insurance client's beck and call unlimitedly. The only exception is when you run out of petrol, in which case we will come to help you out twice a year. So to be sure that you are not left high and dry, keep an eye on your petrol gauge.
The king's accident assist and medical assist: Let's hope you will never need it! But when you do, there is no limit to the number of times that the king and his court will come to the rescue of our comprehensive car insurance clients.
The king's home assist: For emergency home and outbuildings repairs, our building and home contents insurance clients may make use of the home assist services three times a year.
The king's cab: Your safety is our concern, always. If you're planning on celebrating with a drink or two, we will be at your service to take you and your car home safely four times a year. Should you need the king's cab more than that, it will be available to you at your own expense. Fortunately as a precious King Price policyholder, you will get the service at a discounted cost.
Question: Will I be able to make use of the King Price emergency assist services when I am driving someone else's car?
Answer: As it is the case everywhere else, the King Price emergency assist services only apply to the insured car that is stated on your policy schedule.