King Price Portable Possessions Insurance is a product that insures personal possessions that are used or transported outside. The insurance product has a R50.00 minimum premium. The product covers a wide range of portable possessions, including, but not limited to, cameras, cell phones, laptop computers, clothing, and jewellery.
Portable possessions insurance from King Price protects your belongings from theft or damage. If an insured occurrence occurs, the insurer will repair or replace portable possessions.
King Price allows policyholders to choose between specified and unspecified covers to help them insure their portable possessions at their actual value. The following section goes into detail about both specified and unspecified Portable Possessions covers.
Unspecified and Specified items
When taking out the King Price Portable Possessions Insurance you need to specify certain items and other items can be left unspecified. The specification of items is there to help customers make relevant claims so that they don’t have to pay an excess amount on claims.
Unspecified items are those items that are of less value and are covered for a specific amount on the King Price Portable Possessions Insurance. As a policyholder, you need to come up with a cover figure for your unspecified items.
The figure that is chosen will be the cover amount of all your unspecified items. When choosing a cover amount, it is important not to cut corners. You need to make sure that you get the correct coverage amount for your unspecified items so that you don’t pay an excess amount when making a claim.
The cover amount will cover all the items on the unspecified cover. The maximum cover for 1 item on the unspecified portion possessions cover is R2,000.00. Any item that is worth more than R2,000.00 must be included in the specified cover items list because it cannot be claimed in full on the unspecified cover.
The specified cover is for items that one takes with them out of the house. These items are rather more expensive than those that are under unspecified cover. Items that form part of the specified cover are items that are worth more than R2,000.00 in current value.
The specified cover from King Price comes with the additional condition that an excess of 5% of the claim cost is applicable. The excess amount on claims is subject to a minimum fee of R500.00. It is important to insure your most expensive possessions under the specified cover since you will have to pay an excess fee.
Items that can be insured under the specified portable possessions cover include but are not limited to:
- Jewellery and watches,
- Fancy clothing,
- Cameras and GPS units,
- Other electronics such as laptops and tablets,
- Golf clubs and sports equipment,
- Prams, carrycots, and more.
There are items that are allowable to be listed as specified items but must not be covered under home contents insurance. These items include:
- Hearing aids, and
- Contact lenses and prescription specs and sunglasses.
What is not covered by the King Price Portable Possessions Insurance
- Washing stolen from the washing line at the policy owner’s home address registered with King Price
- Any electronic programs, data, or unlicensed software that is lost or damaged is not covered by King Price Portable Possessions Insurance
- Money, cheques, and other negotiable instruments do not form part of the portable possessions insurance.
- Any deterioration of insured portable possessions due to moths or vermin, cleaning, ironing, repairing, or restoring.
- An insured watch that is damaged due to overwinding, leaking batteries, or immersion in water.
- Damage or loss that is caused intentionally by the policy owner or any members of their household to portable possessions insured.
- Any loss or damage to the insured portable possessions which happens with the knowledge or consent of the policy owner.
- Any items that are used to generate an income.
- Items that are damaged or lost while inside an unoccupied car
- There is no cover for racks or carriers unless they are secured to the car.
Advantages of King Price Portable Possessions Insurance
- A policyholder can choose which portable possessions to insure and which not to insure.
- Many occurrences are covered, including but not limited to theft and property damage.
- The amount of coverage on the specified items can be changed to any amount.
- Portable possessions are covered throughout South Africa.
- The portable possessions insurance product can be subscribed to online.
Disadvantages of King Price Portable Possessions Insurance
- There are no additional benefits on the cover.
King Price Portable Possessions Insurance is a flexible insurance product that one needs to consider. The product allows dual insurance to cover the replacement of items if stolen or damaged. Therefore, you can cover the same item on the home contents insurance and at the same time have the same item covered on the portable possessions insurance to get the payout amount that you need.
The product allows you to cover your less valuable personal belongings and your most valuable personal belongings under one policy. This will enable you to manage your insurance policy with ease. With the use of the King Price mobile app and website, you can make alterations to your portable possessions insurance cover at the comfort of your home.