Everyone knows that the value of your car decreases with every month that passes, and every kilometer you drive.
The question is: why don’t your insurance premiums also decrease?
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 month by month.
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.”