MM
Mpho M
1 reviews | Active since Dec 2020
24 May 2024, 10:27
Annual Non stop increases
They increase your premium and excess annually and you don’t even get a say. Regardless of whether you had a claim or not. I’m actively looking to switch my cover before the 1st of July increases.
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Naked Insurance's replyOfficial
24 May 2024, 11:49Hi Mpho, We regret that your experience fell short of expectations. Your feedback is invaluable to us as it helps us identify areas for improvement. Your premium is based on how many claims we expect and what those claims will cost. Your premium is also directly influenced by the excess that you choose. The higher the excess, the lower the premium, and vice versa. The excess is crucial because it represents your share of the claim costs. While we cover the majority of the claim costs, your excess covers a portion of it.
Over time, the cost of claims typically increases. To ensure that Naked's share and your share of the claims costs remain similar to when you originally chose your excess, we periodically review and update your excess. If we don't increase your excess over time you will contribute a lower portion to each claim. This means that Naked's share of the claims cost increases and leads to higher premium increases.
Over time, the cost of claims typically increases. To ensure that Naked's share and your share of the claims costs remain similar to when you originally chose your excess, we periodically review and update your excess. If we don't increase your excess over time you will contribute a lower portion to each claim. This means that Naked's share of the claims cost increases and leads to higher premium increases.
Naked Insurance's reply24 May 2024, 11:49
Official
Hi Mpho, We regret that your experience fell short of expectations. Your feedback is invaluable to us as it helps us identify areas for improvement. Your premium is based on how many claims we expect and what those claims will cost. Your premium is also directly influenced by the excess that you choose. The higher the excess, the lower the premium, and vice versa. The excess is crucial because it represents your share of the claim costs. While we cover the majority of the claim costs, your excess covers a portion of it.
Over time, the cost of claims typically increases. To ensure that Naked's share and your share of the claims costs remain similar to when you originally chose your excess, we periodically review and update your excess. If we don't increase your excess over time you will contribute a lower portion to each claim. This means that Naked's share of the claims cost increases and leads to higher premium increases.
Over time, the cost of claims typically increases. To ensure that Naked's share and your share of the claims costs remain similar to when you originally chose your excess, we periodically review and update your excess. If we don't increase your excess over time you will contribute a lower portion to each claim. This means that Naked's share of the claims cost increases and leads to higher premium increases.