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King Price launches new offering to keep SA’s watercraft owners afloat

06 May 2019 Wynand van Vuuren, partner of client experience at King Price

King Price, the only insurer that offers car premiums that decrease monthly as the cars lose value, has added watercraft insurance to its growing portfolio to meet the needs of thousands of South African boat and jet ski owners.

Unlike car insurance, though, where the amount of money you’re paid out after your car is written off is based on a constantly reducing market value, King Price’s watercraft insurance policies are based on ‘agreed value’, which ensures that watercraft are always covered for what they’re worth, says King Price’s partner of client experience, Wynand van Vuuren.

“If we agree to insure your boat for R100,000, that’s what you’re paid out in the event of a write-off – there’s no depreciation in value with an ‘agreed value’ policy. That means your premium doesn’t decrease, as with a comprehensively-covered car, but you’ll always be able to replace your boat with a similar model, value and mileage,” he said.

The insurance includes cover for losses and damages to watercraft that are stolen, hi-jacked, or damaged in accidents on the water or while being trailered. It also covers liability for death, injury or accidental damage to other people’s property.

Van Vuuren says any South African-registered watercraft – including motorboats, ski boats, rowing boats, yachts and jet skis – will be eligible for cover, including their hulls, engines and machinery.

Good news for adventurous boat-owners is that cover doesn’t stop at South Africa’s borders. Watercraft are covered when they are:

• Ashore in South Africa, Namibia, Botswana, Lesotho, Malawi, Mozambique, Swaziland and Zimbabwe;

• Afloat on inland waters or coastal water within 20km of the coast of South Africa, Namibia and Mozambique;


• Being transported by land or sea.

“We’ve spent the last couple of years researching the market and listening carefully to our clients, to understand their real needs when it comes to covering their watercraft,” said Van Vuuren.

“Give a man a fish and he’ll eat for day. Teach a man to fish and he’ll spend a king’s ransom on a boat, fish finder, rods and accessories. That’s why our clients will also have the option of insuring their accessories and any non-standard fitted extras, which can be worth tens of thousands of Rands.”

The new watercraft offering follows King Price’s launch last year of a comprehensive motorbike insurance option, offering benefits not offered by any other insurer in South Africa – including the ability for bikers to insure their biking gear for an extra R1, and cover for accidental damage that happens at approved track schools.

 

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