RM
Reinnie M
1 reviews | Active since Feb 2024
05 Feb 2024, 08:54
Annual insurance review is a **** even if you don't have a claim
It is great and efficient up until the annual insurance review. I was so disappointed that after paying for a year with no claims. They only reduced my premium by R30 while increasing my excess by R500. Technically paying more than the previous year while the value of the car drops and my risk score dropping as well. What is more sad is that I did a quote for the same car with my similar details just a change in the names and the premium was even lower.
Helpful (0)
Replies (1)0
Replies (1)
Naked Insurance's replyOfficial
13 Feb 2024, 07:55Hi Rennie, Your updated premium reflects our current view of how likely you are to claim and what that claim will cost. There are many different things that feed into this updated view. Here are some of the most common ones:
- General inflation on retail products and services
- Exchange rates, especially where imported parts will be needed to do repairs or replacements
- Changes in things like the conditions of the roads or increased power interruptions leading to more power surges
- Changes in crime rates in your area or the actual claims experience of the specific item you are insuring, etc.
- Your claims history
- Any changes in your personal profile like your age
Hope that helps. We have also put together a blog to help with some of the other questions you might have about your premium update. You can check it out here.
If you still have questions or if we can help in any other way please give us a shout.
Naked Insurance's reply13 Feb 2024, 07:55
Official
Hi Rennie, Your updated premium reflects our current view of how likely you are to claim and what that claim will cost. There are many different things that feed into this updated view. Here are some of the most common ones:
- General inflation on retail products and services
- Exchange rates, especially where imported parts will be needed to do repairs or replacements
- Changes in things like the conditions of the roads or increased power interruptions leading to more power surges
- Changes in crime rates in your area or the actual claims experience of the specific item you are insuring, etc.
- Your claims history
- Any changes in your personal profile like your age
Hope that helps. We have also put together a blog to help with some of the other questions you might have about your premium update. You can check it out here.
If you still have questions or if we can help in any other way please give us a shout.