What does ‘retail value’ really mean?
So, King Price insures your car for its full retail value at the time of the incident (the theft or the accident). Awesome, right? Yeah!
We only insure for retail value currently.
But what does it actually mean?
Here’s an easy way to remember what ‘retail value’ stands for. When you think ‘retail’, you think ‘shopping’, and when you think about ‘shopping’, you think about sales, right? Well, the ‘retail value’ is the value that your car will sell for, or will ‘retail’ for at a dealership.
The retail value is basically the amount it would cost to replace your car if it should be written off in an accident, or stolen.
If your car is totally wrecked, or has disappeared off the face of the Earth, you will get the best payout if you insured your car for the retail value.
Because your car insurance is meant to ‘indemnify’ you, and not enrich you (which means, returning you to the same financial position as before the accident or theft, not richer), your car is insured for what it’s retail value is right now, not when you bought it.
Now here’s where the King Price difference really steps in…
King Price automatically calculates your car’s depreciating retail value and passes these savings onto YOU every month.
So your car is still insured for the best possible value, at a super cheap premium that will decrease monthly.
Why pay the same premium every month for a payout that decreases every month? Save money on your insurance the smart way, get a King Price car insurance quote today!