King Price, the only insurer in South Africa that offers car insurance premiums that decrease monthly as the cars’ values drop, has launched a warranty cover that pays for car part repairs or replacements if they fail unexpectedly.
The new product is available for any car in South Africa, whether insured or not, and not only covers the parts, but also the cost of labour and associated outwork.
“If you’re driving a car that’s out of warranty, your car parts are steadily depreciating. The big motive behind our new warranty cover is to help you avoid unexpected costs and ensure that you’re not left unable to fix your car if any parts – including gearboxes, cambelts, turbos and management systems - fail,” said King Price’s Wynand van Vuuren. “This is a well-priced product that gives peace of mind for drivers of out-of-warranty cars.”
The new offering is the latest in a growing line of innovations from King Price. Earlier this year, the company launched a motorbike insurance product that offers a range of levels of cover for every on-road biker‘s needs and budget - including the ability for bikers to insure their biking gear for an extra R1 a month, and cover for accidental damage that happens at approved track schools.
The company also offers clients the ability to insure their favourite items like Apple Watches, bicycles, golf clubs and even hearing aids for an extra R1 per month, provided they already have comprehensive car insurance with the company.
To qualify for the new warranty cover, customers must live permanently in South Africa, and their car must have a full service history. There are four levels of cover available, depending on the car’s value and mileage.
The only kicker is that the product is not a maintenance plan, says Van Vuuren. “It remains your responsibility to make sure that the car and its parts are serviced and maintained as they should be. It’s our responsibility to get you back on the road as soon as is superhumanly possible if something goes bang.”
The product also doesn’t cover taxis or cars used for emergency services, law enforcement or towing.