Why being underinsured is no laughing matter

Ah, the sweet temptation of saving some coin by cutting corners on your insurance. It’s like grabbing a quick fast-food meal instead of a nutritious dinner… Seems good at the moment, but oh boy, does it come back to haunt you. Before you dance down the slippery slope of underinsurance, let’s chat about why that’s a truly terrible tango.

Being underinsured at home: A tale of 2 couches

Ever heard of King Price’s handy inventory form? Well, you should! Picture this: You insure your living room contents for the price of a single bean bag when you actually have a leather sectional worth its weight in gold. Now, when disaster strikes and your claim comes through, you might as well get paid in, well, beans.

Say the value of your home treasures is R100,000, but you’ve only got cover for R50,000. Guess what? If you only insure 50% of your goods, you’ll only be compensated for 50% of your loss. That means you’ll get a whopping R25,000 when disaster strikes. Let’s face it: That won’t even cover your emotional distress, let alone your losses. So, it’s always better to be over-insured than under-insured.

Reduced cover on the open road: Zooming towards disaster

Ah, the car… The ultimate symbol of freedom and the most frequent victim of reduced cover. Yes, you can lower your premiums by opting for a third party-only plan, but what happens when your car gets into an altercation with a tree, and the tree wins? You’re stuck footing the bill for your car’s ‘cosmetic surgery.’

And let’s talk extras, like hail cover, car hire, and the king’s cab. Think they’re not necessary? Tell that to someone whose car has endured the wrath of a Highveld thunderstorm. These aren’t luxuries; they’re your future peace of mind on wheels.

Play it safe with King Price

Worried that you’re treading on the thin ice of underinsurance? Fret not, for King Price is here to rescue you from your budget-balancing blunders. With a choice of cover options that offer you what you actually need, you’re not just buying insurance. You’re investing in a safety net woven with threads of wisdom.

Pop an email to [email protected] if you’re an existing client feeling a bit wobbly about whether you’re underinsured. If you’re yet to join the kingdom, get a commitment-free quote today by simply clicking here or WhatsApp us on 0860 50 50 50 and secure your happily ever after.

Don’t gamble with your financial future by skimping on insurance. Take the time to get it right. With King Price, you can have peace of mind without breaking the bank… Now, that’s what we call a standing ovation!

Psst… This blog provides general info only, and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.

Our website T’s and C’s can be found here.

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Why being underinsured is no laughing matter

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