Savvy in 60: What is insurance?

Welcome back to ‘savvy in 60’… A video series that aims to educate you on all things insurance.

Today we’re talking about what insurance actually is.

Insurance is basically a way of protecting yourself from financial loss. Let’s say you have a car, right? While you’re on the road, you’re constantly at risk. Accidents, theft, fire… These are just some of the things that can cause financial loss. So, instead of facing these risks alone (and the financial loss that comes with them) you can decide to give these risks to some 1 else.

The ‘some 1 else’ in this situation? An insurer. You pay them an amount (a premium) and they agree to cover the cost of repairing or replacing your car if any of these risks occur.

Looking for this type of peace of mind on the road? Get in touch with the team at King Price (the first and only insurer to offer car insurance premiums that decrease monthly) and put all your insurance needs in our capable hands.

Stay savvy. Until next time.