Complaint Regarding Claim Settlement and Depreciation on Covered Item - Naked Insurance

Dear Hello Peter,

I am writing to formally lodge a complaint regarding my recent experience with Naked Insurance and the handling of a claim I submitted for a lost item. I initially insured the item for R6,000 and have consistently paid the premium based on this insured value. However, when I submitted a claim for the item, which was subsequently approved, I was informed by Naked Insurance that the value had depreciated to around R4,000. This has led to significant issues in the settlement of my claim.

Firstly, I find it concerning that despite my having paid premiums for the original insured value of R6,000, the payout is now being calculated based on a lower, depreciated value, which was never communicated to me. This adjustment only surfaced at the claim stage, which feels misleading and contrary to fair service.

Furthermore, I am being required to pay an access fee of R3,000 based on the initial insured value of R6,000, despite Naked Insurance now valuing the item at only R4,000. Adding to my frustration, if I opt to receive a cash payout instead of a replacement, I am told I will only receive approximately R1,400 – a fraction of the original insured amount I was paying for.

I find this approach both unfair and inconsistent. As a customer, I expect transparency in terms of how claims will be assessed and that any changes to the insured value or payout calculation be clearly communicated before claim submission. I am disappointed that Naked Insurance has not upheld these principles, and I respectfully request that they reconsider my claim and provide a settlement reflective of the premiums I have paid.

Thank you for your attention to this matter. I look forward to a fair resolution.

Kind regards, Phumzile Zulu