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Brandon W
1 reviews | Active since Jan 2012
07 Dec 2023, 07:35
Excessive premium increase
I have been with Naked Insurance for a year now. The only claim I had was a small chipped windscreen which was dealt with smoothly. So was a happy customer until the policy anniversary came. Suddenly Naked insurance said my policy was going up 15% and on top of that, the excess was going up a whopping 50%. Window repairs aren’t meant to affect the policy, but apparently that is not the case. 15% increase is way above CPI inflation! I phoned to discuss the excessive increases, but was simply told that it’s “AI” that handles the premiums and it’s all in the “Algorithm”. The consultant simply said that if I’m not happy, then I must just move to another insurer. Good way to kiss your customers good bye!
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Naked Insurance's replyOfficial
07 Dec 2023, 13:36Hi Brandon, we regret hearing such feedback regarding your premium increase.
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:
Hope that helps you understand the reasoning behind your increase.
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 you understand the reasoning behind your increase.
Naked Insurance's reply07 Dec 2023, 13:36
Official
Hi Brandon, we regret hearing such feedback regarding your premium increase.
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:
Hope that helps you understand the reasoning behind your increase.
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 you understand the reasoning behind your increase.