LK
Lloyd K
1 reviews | Active since Jan 2019
14 Jun 2024, 12:57
Low Payout Value - Only 70% of Insured Replacement Value
Naked only paid 70% of the replacement value of the item insured. Although they were happy to charge me the premium based on the Replacement Value entered, they wouldn't budge on paying a mere 70% of the insured amount. Very disappointed and personally feel this is very ********* from Naked.
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Naked Insurance's replyOfficial
14 Jun 2024, 14:33Hi Lloyd, Thank you for bringing this matter to our attention. We regret that your experience fell short of expectations.
To provide some clarity or explanation: it is Naked's responsibility as an insurer to restore our clients to the same position they were in before an incident occurs. It is also our client's responsibility to select a replacement value that is as accurate as possible to the real replacement value of their device to prevent being under- or over-insured.
As you had a Samsung 50" TV insured, it is our responsibility to replace that item to restore you to your prior position. Because we received quotes from our service providers and were able to provide that replacement, we will either authorise that replacement or provide a settlement for the value of the replacement we sourced.
Your claims handler will be in touch to share an extract of the policy wording
To provide some clarity or explanation: it is Naked's responsibility as an insurer to restore our clients to the same position they were in before an incident occurs. It is also our client's responsibility to select a replacement value that is as accurate as possible to the real replacement value of their device to prevent being under- or over-insured.
As you had a Samsung 50" TV insured, it is our responsibility to replace that item to restore you to your prior position. Because we received quotes from our service providers and were able to provide that replacement, we will either authorise that replacement or provide a settlement for the value of the replacement we sourced.
Your claims handler will be in touch to share an extract of the policy wording
Naked Insurance's reply14 Jun 2024, 14:33
Official
Hi Lloyd, Thank you for bringing this matter to our attention. We regret that your experience fell short of expectations.
To provide some clarity or explanation: it is Naked's responsibility as an insurer to restore our clients to the same position they were in before an incident occurs. It is also our client's responsibility to select a replacement value that is as accurate as possible to the real replacement value of their device to prevent being under- or over-insured.
As you had a Samsung 50" TV insured, it is our responsibility to replace that item to restore you to your prior position. Because we received quotes from our service providers and were able to provide that replacement, we will either authorise that replacement or provide a settlement for the value of the replacement we sourced.
Your claims handler will be in touch to share an extract of the policy wording
To provide some clarity or explanation: it is Naked's responsibility as an insurer to restore our clients to the same position they were in before an incident occurs. It is also our client's responsibility to select a replacement value that is as accurate as possible to the real replacement value of their device to prevent being under- or over-insured.
As you had a Samsung 50" TV insured, it is our responsibility to replace that item to restore you to your prior position. Because we received quotes from our service providers and were able to provide that replacement, we will either authorise that replacement or provide a settlement for the value of the replacement we sourced.
Your claims handler will be in touch to share an extract of the policy wording