NS
Nelio S
1 reviews | Active since Jul 2022
27 Jun 2023, 09:25
Over 25% premium increase?
Hi, I just received a notification of a premium increase. I understand that prices go up but charging me a premium increase of more than 25% for a car that's 15 years old and barely worth R60 000 is excessive to say the least. Last time I checked, the CPI isn't 25%. I've been happy with this insurance up till now, but I can't justify an increase like this. I haven't even submitted one single claim. Looks like I'll need to shop around for quotes in August
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Naked Insurance's replyOfficial
27 Jun 2023, 16:03Hi Nelio,
We're sorry to hear about the frustration. Unlike normal insurers Naked doesn't automatically increase all customers' premiums once a year. In line with our business model - in which we don't keep surplus premiums as profit - we only increase premiums when it’s actually needed. Obviously, some individuals or groups with really bad claim experience will need adjustments from time to time; either we cancel those policies or we increase the premium. But we only do that where it’s absolutely necessary.
A member of the team will reach out in order to address your concerns.
We're sorry to hear about the frustration. Unlike normal insurers Naked doesn't automatically increase all customers' premiums once a year. In line with our business model - in which we don't keep surplus premiums as profit - we only increase premiums when it’s actually needed. Obviously, some individuals or groups with really bad claim experience will need adjustments from time to time; either we cancel those policies or we increase the premium. But we only do that where it’s absolutely necessary.
A member of the team will reach out in order to address your concerns.
Naked Insurance's reply27 Jun 2023, 16:03
Official
Hi Nelio,
We're sorry to hear about the frustration. Unlike normal insurers Naked doesn't automatically increase all customers' premiums once a year. In line with our business model - in which we don't keep surplus premiums as profit - we only increase premiums when it’s actually needed. Obviously, some individuals or groups with really bad claim experience will need adjustments from time to time; either we cancel those policies or we increase the premium. But we only do that where it’s absolutely necessary.
A member of the team will reach out in order to address your concerns.
We're sorry to hear about the frustration. Unlike normal insurers Naked doesn't automatically increase all customers' premiums once a year. In line with our business model - in which we don't keep surplus premiums as profit - we only increase premiums when it’s actually needed. Obviously, some individuals or groups with really bad claim experience will need adjustments from time to time; either we cancel those policies or we increase the premium. But we only do that where it’s absolutely necessary.
A member of the team will reach out in order to address your concerns.