King Price Insurance is a South African based, privately held insurance company that offers short term insurance. The company is best known for its monthly decreasing car insurance premium model. King Price Insurance was awarded with the Best Short-Term Insurance Company in 2013.
History
King Price Insurance was founded by Gideon Galloway. Galloway was previously working in the insurance industry for 10 years and had an idea to create a low cost premium alternative to the larger insurance companies. The company received its initial funding from Francois van Niekerk of Mertech group and Stefan van der Walt of Nikon, and was launched in 2012. Galloway worked in a profitable niche by offering short term insurance policies at a reduced premium by averaging the overall risks. The company offered monthly insurance, reducing premiums that decrease with the depreciating value of the asset. The idea gained initial popularity in the region and received 10,000 clients within six months of its launch. King Price Insurance registered with as a member of the South African Insurance Crime Bureau (SAICB). King Price insurance is reinsured by reinsurer Munich RE. The company's head offices is located at the Waterkloof Glen, Pretoria.
Best Short Term Insurance Video
Product
King Price Insurance offers covers for short term insurance products including car, household, building, trailers, caravans and all risk insurance. It offers car insurance premiums that decreases monthly according to the continuously depreciating value of the insured vehicle.
Awards
King Price won dual awards for Best Short-Term Insurer and Best Overall Newcomer in the 2013 South African Service Awards.
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