1 reviews | Active since Aug 2024
Outrageous and Unjustifiable Price Increase
I am writing to express my outrage and deep concern regarding the recent price increase for my insurance policy. My premium has been raised from R1,893 to R2,319, an astronomical increase of approximately 22.5%. Additionally, the excess has increased from R3,500 to R4,500, a shocking rise of about 28.6%. These increases are not only unreasonable but completely unjustifiable, especially given the current economic conditions. We are all going through significant financial difficulties, and for Naked Insurance to impose such a steep price hike is utterly unacceptable. It is infuriating to see that instead of supporting your customers during these challenging times, you are adding to their financial burdens with such exorbitant increases. I demand that you reconsider this decision immediately and provide a more reasonable and fair pricing structure.
Your premium is based on how many claims we expect and what they may cost, with your chosen excess playing a direct role, the higher the excess, the lower the premium. Over time, we adjust this to keep your share of claim costs aligned as repair costs and inflation rise.
Other factors also play a part, like your age, address, claims history, license age, and more. These are calculated using a data-driven system that ensures fair and accurate pricing. While we don’t have visibility into the specific weighting of each factor, we can guide you based on general trends.
Although the retail value of your vehicle decreases, most claims are for repairs, which continue to become more expensive, driving premiums up.
Please know that you can always adjust your excess on the app. We also encourage you to reach out via email or phone, we’d be happy to assist further and explore any options that might better suit your current needs.
Your premium is based on how many claims we expect and what they may cost, with your chosen excess playing a direct role, the higher the excess, the lower the premium. Over time, we adjust this to keep your share of claim costs aligned as repair costs and inflation rise.
Other factors also play a part, like your age, address, claims history, license age, and more. These are calculated using a data-driven system that ensures fair and accurate pricing. While we don’t have visibility into the specific weighting of each factor, we can guide you based on general trends.
Although the retail value of your vehicle decreases, most claims are for repairs, which continue to become more expensive, driving premiums up.
Please know that you can always adjust your excess on the app. We also encourage you to reach out via email or phone, we’d be happy to assist further and explore any options that might better suit your current needs.