Misleading Policy

I insured my iPhone 13 mini for R15 699. My device was ****** in such a traumatic way this past Sunday and when I made a claim I thought they would replace it for that value. I was told that the value of my phone has depreciated and I can only get R11285.00 - R3000 which is R8285. What's painful is that I have been paying my monthly premium of which is worth my cover amount. If the value of my phone has depreciated, why have they let me pay my monthly premiums that worth my cover amount.

Theft happens a lot in our country hence the need for insurance on items. In this instance I have not only lost a phone but due to a trail of *****ulent transactions in my bank account from the same incident leaving me with a negative balance, I cannot even access what little money I have saved as the bank is still investigating the matter. This means, in my current situation, I cannot pay this excess.

When I bought my phone the value was for R15 699, so I insured it for that amount and I have been paying a premium based on that amount. logically i thought that would pay out as well. Furthermore, as phones (most possessions) depreciate overtime, new phones are released and they stop selling the old model so there is no real way of tracking or even knowing the "current" value for the device. This seems like an unreasonable burden to place on a layman considering Naked offers insurance for household contents too, I would have to be an actuarial scientist to be able to calculate the value of all my household contents.

I chose Naked insurance because I have heard great things from clients I know and had faith in backing a newcomer to the industry that promised to disrupt the norms of the insurance industry.