Do you want to Pay less for car insurance–Get your free monthly-decreasing car insurance quote!
I guess it does not requires science for car owners to know that the value of the brand new car decreases every month with every kilometre driven.
The big question is why our car insurance premium does not do the same and decrease every month.
After all, your insurance only needs to cover the current value of your car (or any other asset) and not the amount you originally paid for it.
It sounds so logical, but no one had ever thought about it. Well, no one that is, until Gideon Galloway, CEO of King Price, offered car owners the option of decreasing their premiums monthly.
In an interview on Moneyweb, Gideon explained: “It just isn’t fair on car owners. Why should they have to be paying the same premium on their older car as they did when it was brand new?”
“Some insurers say that they’ll review your policy after a few years, but that is solely at their discretion, when they feel like it, and for an amount that they might or might not determine,” Gideon said. “It’s all pretty vague, and as a car owner the odds are stacked against you.”
“With King Price though, these regular decreases are written into your policy.”
How Does It Add Up?
When asked how it makes business sense for them as a company to keep decreasing premiums, his answer was simple, but profound.
“If you treat people fairly, and give them the best deal you can, then those people won’t take their business elsewhere (which is what we’ve seen with King Price).”
“And by making customers for life, our business is a lot stronger, and on a better footing, than by trying to charge as much as we can month by month.”
Get your free monthly-decreasing car insurance quote!
Leave a Reply