Owning a car is practically a necessity in South Africa, although the government is trying in many ways to build a more accessible and reliable public transport system. Now with fuel prices at a record high and the introduction of electronic tolling of the highways around Johannesburg, owning a car is becoming more and more expensive. One of the first things people tend to sacrifice, and at great risk, is their vehicle insurance, whether by shopping around for cheaper insurance, jumping around from one insurer to the other or simply defaulting on their payments completely.
A new startup short-term insurer, King Price insurance, has found a way of differentiating itself: insurance premiums that are not only competitive but also decrease every month. They argue, “Why should your insurance premium stay the same when the value of your car is continuously decreasing?” Their latest campaign centers around the question “How do they do it?” and features a company “employee” who comes up with various absurd explanations as he tries to figure out how this insurer is able to offer low premiums that also get cheaper over time.
Photo Credit: King Price Insurance