[ad_1]
So you’re getting a no-obligation (and, of course, simple and cheap) car insurance quote for your baby; we mean ‘car’, and you’re ready to go through the steps of telling us the make and details of the person who will be driving it most often, when all of a sudden… You stop.
Because we just asked if you’d like to get a quote for our newest kid in the castle: our Agreed Value auto insurance. You’re vaguely aware of things like ‘retail value’ and ‘market value’, but agreed value? According to? Okay when? With who?
Chill out. We got you.
The King has introduced Agreed Value Insurance, giving you much more choice and flexibility. Here’s a closer look at what we’re talking about.
Choose the type of value
It is standard procedure when you get auto insurance to select the amount you would like to cover your car for. Your options usually include ‘retail value’ and ‘market value’, which are simple enough to understand.
Market Value = For what you could sell your car for at any given time.
Retail Value = What it would cost to replace your current car from a dealer, taking into account its age, condition and mileage. If you go online and look up your exact car (year, mileage, and more), the prices listed would be retail value.
What we have always known is that both values depreciate over time. Let’s say 2 years ago, he did a search online because he wanted to know how much it would cost to replace his car. (Hey, curiosity is a good thing, and we applaud all those thirst for knowledge!)
When you googled your car, you would have seen that it would cost you a certain amount of money if you were to replace it. But that was 2 years ago. Most likely, this price has gone down, which means that if he insured his car back then and it is stolen today, his payment will be less.
And you will not be able to replace your car with the same type.
why does this matter
If your insured car is written off or stolen and not recovered, your payment would not be enough to replace the car with a new model.
Ta-da (awesome entrance music)
Fortunately, there is a solution in the form of our Agreed Value Insurance option.
King’s Agreed Value Insurance is a lot like our great comprehensive auto insurance option. You still get coverage for accident damage, theft and kidnapping, and damage to other people’s property (also known as third-party liability) resulting from an accident in which you are involved. You must also add any standard installed accessories and non-extras for an affordable additional fee if you want these extras covered.
The main difference is that with our agreed value option, you can choose the insured value that will be listed on your policy schedule.
what you need to know
If you buy our latest and greatest Agreed Value car insurance, you essentially choose the amount the car is covered for. This amount stays the same (without depreciation) for 3 years, from the start date of your policy.
Remember:
- Your car is insured for an amount agreed between you and us.
- The amount will not depreciate for 3 years.
What comes next
Listen, our goal is to help you. We create products that we believe will give you more choice and help South Africans who want to protect their finances when things go wrong.
Choosing the agreed value option gives you that extra layer of security, knowing that if you were to claim a new car because yours was written off or stolen and not recovered, you would have more freedom in your replacement choice. Because you would receive exactly the amount that you had agreed with us.
Do you want to consult our simple cheap car insurance? Send us a WhatsApp on 0860 50 50 50 or click here to visit our website and request a callback.
#agreed #insurance