What’s the deal with rate reviews?
Greetings, most awesome members of the King Price family.
As you know, I’m very social on the Facebook and the Twitter. I take selfies, pictures of my food, pictures of my friends and then some more pictures of my food (because a beautiful sandwich deserves to be admired from different angles). But part of being a social media socialite is also listening…. And in listening to you, I realised that there is some confusion about why our super cheap premiums, while decreasing monthly, also sometimes have to go up.
Well, let’s banish that confusion right now.
King Price’s super cheap car insurance premiums are able to decrease monthly because we calculate and take into account the depreciating value of your car over time. The fact is, that while the value your beloved car might have grown in your heart, its market value decreases every time you take her for a spin. We think that you shouldn’t have to pay more to insure a car that is worth less…. I mean, that’s just fair and logical, right? Right.
So that’s why, when you insure your car with King Price, we send you a friendly reminder letting you know how much less your premiums are every month.
But why do your premiums sometimes go up?
This is called a ‘rate review’, and – just like every other insurer out there – our policies are subject to these too. These rate reviews happening occasionally, in most cases annually – and are linked to inflation, and the rising cost of parts, replacements, repairs and of course your own credit and claims profile. This has nothing to do with the decreasing value of your car, which means that what goes up, still comes back down the longer you stay insured with King Price.
Your premiums will never go up without us letting you know with a rate review letter, which will let you know exactly how much your premiums are going up by, and how much your new monthly premium will be.
If you’d like to start saving on your car insurance every month, just get an insurance quote now!