Naked insurance - Too good to be true?

[deweyzeph]

Anyone with "Naked" - query them on their stance RE: loadshedding and equipment, please
View attachment 1485487

If you're silly enough to not protect your electronics with surge protection or under- voltage protection then that's on you. Don't see why an insurance company should cover you for loadshedding damage when it's so easily preventable.

 

[Hemi300c]

Anyone with "Naked" - query them on their stance RE: loadshedding and equipment, please
View attachment 1485487

Insurance is based on covering unforeseen and unknown losses. Power Grid related losses are no longer unforeseen and it's just a matter of time. Why should insurers pay for the anc's fvck-ups.

 

[NarrowBandFtw]

any Naked Insurance customers read the policy changes they sent out about a week ago?

https://docs.naked.insure/Summary%20of%20Changes%20-%20Car%20and%20Owners.pdf

quite irritating actually, maybe it is time to look at alternatives again ...

an event that is increasingly likely in South Africa with Eskom being FUBAR leaves you without cover:

Exclusions: Electricity Grid Failure exclusion (Page 38) We won’t cover any loss, damage, liability that is caused by Electricity Grid Failure.

locust outbreak possible on your farm? well f-you then guy!

Damage caused by vermin or domestic animals There is no cover for loss or damage caused by domestic animals that belong to you or anyone living at your risk address. We also do not cover loss or damage caused by vermin (except for monkeys and baboons). Vermin are animals and insects that can be harmful and difficult to control when they appear in large numbers

washing stolen from your line outside? tough

Laundry on the line There is no longer cover for laundry on the line

but the one that pisses me off most, the one claim I've had to make in every property I've ever lived in, because it happens all the damn time, is now an optional extra:

Please note there is no cover for the bursting or leaking of the geyser itself unless you have specifically chosen to “boost” your cover.

wtf is this nonsense?

 

[LandyMan]

any Naked Insurance customers read the policy changes they sent out about a week ago?

https://docs.naked.insure/Summary%20of%20Changes%20-%20Car%20and%20Owners.pdf

quite irritating actually, maybe it is time to look at alternatives again ...

an event that is increasingly likely in South Africa with Eskom being FUBAR leaves you without cover:


locust outbreak possible on your farm? well f-you then guy!


washing stolen from your line outside? tough


but the one that pisses me off most, the one claim I've had to make in every property I've ever lived in, because it happens all the damn time, is now an optional extra:


wtf is this nonsense?

Sadly all (or 95% of) insurance companies state this now

 

[Operator]

any Naked Insurance customers read the policy changes they sent out about a week ago?

https://docs.naked.insure/Summary%20of%20Changes%20-%20Car%20and%20Owners.pdf

quite irritating actually, maybe it is time to look at alternatives again ...

an event that is increasingly likely in South Africa with Eskom being FUBAR leaves you without cover:


locust outbreak possible on your farm? well f-you then guy!


washing stolen from your line outside? tough


but the one that pisses me off most, the one claim I've had to make in every property I've ever lived in, because it happens all the damn time, is now an optional extra:


wtf is this nonsense?

Why complain about the geyser cover?
They explicitly give you the option to leave it out............or to tick the box and "boost" your cover to include it. Clients wants options.............now they get options. No reason to moan about it.


Maybe Naked is not a fit for you and your specific needs. Easy as that.

 

[Jet-Fighter7700]

at least they are upfront about it, most insurance companies look very hard for ANYTHING to refuse your claim,
Naked at least goes to the trouble to announce their changes.

but yes, agree with @LandyMan, they need to take into account grid failure and the Dawn of a new Age, where electricity is a privilege and not a Must Have.

 

[Hemi300c]

any Naked Insurance customers read the policy changes they sent out about a week ago?

https://docs.naked.insure/Summary%20of%20Changes%20-%20Car%20and%20Owners.pdf

quite irritating actually, maybe it is time to look at alternatives again ...

an event that is increasingly likely in South Africa with Eskom being FUBAR leaves you without cover:


locust outbreak possible on your farm? well f-you then guy!


washing stolen from your line outside? tough


but the one that pisses me off most, the one claim I've had to make in every property I've ever lived in, because it happens all the damn time, is now an optional extra:


wtf is this nonsense?

So you expect an insurance company to pay for the anc's fvck up

All insurers have imposed this restriction

 

[xumwun]

Power failure != Power surge

Surge is covered

This exclusion does not apply to power surge caused by load
shedding (defined below) which remains covered subject to the
terms and conditions in your policy

 

[NarrowBandFtw]

Why complain about the geyser cover?

it was previously included, like it is with every insurance provider I've ever had before
now it is excluded unless you specify it and pay more for it

and you don't see any reason at all to complain?

 

[NarrowBandFtw]

So you expect an insurance company to pay for the anc's fvck up

I expect to be insured when I pay for insurance
not for them to just move the goalposts when the formula shows there may be a big problem on the horizon

like many of them tried to weasel out of paying business insurance claims for covid lockdowns ... wtf is the point of business insurance if it doesn't cover a catastrophic event

 

[Operator]

@NarrowBandFtw Any insurer can (by law) change the terms and conditions of the cover that they offer, with a
30 day notice to the client.
This is seen as acceptable by the short term insurance act of South Africa
The client can accept it, or go and look for alternative insurance and go and spend his money where he feels he is appreciated and is getting his needs fulfilled.

Yes it is irritating and frustrating, but that is how the system works.
Suddenly a direct insurer like Naked is not so much different from the so-called old school insurers and they are not so forward thinking in their presentation.

 

[Hemi300c]

I expect to be insured when I pay for insurance
not for them to just move the goalposts when the formula shows there may be a big problem on the horizon

like many of them tried to weasel out of paying business insurance claims for covid lockdowns ... wtf is the point of business insurance if it doesn't cover a catastrophic event

Basis of insurance is unforeseen events unfortunately. With COVID the basic policy covers Damage to Assets and Loss of Profits following. COVID never damaged assets. There was only a grey area in Hospitality Policies in terms of Bookings.

 

[NarrowBandFtw]

Yes it is irritating and frustrating, but that is how the system works.

indeed, hence why I'm venting frustration and considering a move ... naturally I'll need to calm down and see how much their "geyser boost" costs first

Suddenly a direct insurer like Naked is not so much different from the so-called old school insurers and they are not so forward thinking in their presentation.

well yeah, underwritten by Hollard and Hollard introduced the electricity grid failure exclusion weeks ago, Naked had to follow suit

it does seem like a widespread new exclusion so fine, no point in trying to shop around on that front ... geyser leak / burst though is pretty standard and left me with a real wtf reaction

 

[Katelknaap]

Insurance companies can only survive if the risk is spread around. All our premiums pay for the claims of the few. That's why events that would affect everyone cannot be insurable, as it would lead to the collapse of the insurance system.

The grid failure exclusion has been implemented on the insistence of the large international reinsurers that helps to protect the insurance companies against catastrophic events. They see the writing on the wall iro our electrical system and insisted that these exclusions be implemented to make it clear that any grid failure event would not be covered.

 

[neoprema]

Discovery notified us of similar things to Naked - no more cover if there’s an Eskom grid failure etc
I think some of it is actually coming from the re-insurers so it’s just going to filter down.

 

[Lefty309]

I notice when requesting a quote they ask for your car's "year of manufacture" instead of the year of purchase. What did people go with? Using manufacture date lowers the premium in my case, but in the event of a claim does Naked have any grounds to refuse?

 

[capd]

I notice when requesting a quote they ask for your car's "year of manufacture" instead of the year of purchase. What did people go with? Using manufacture date lowers the premium in my case, but in the event of a claim does Naked have any grounds to refuse?

Was your car manufactured the year you purchased it?

 

[Rayne]

What?

 

[Katelknaap]

I notice when requesting a quote they ask for your car's "year of manufacture" instead of the year of purchase. What did people go with? Using manufacture date lowers the premium in my case, but in the event of a claim does Naked have any grounds to refuse?

If I buy a 2002 skedonk today it doesn't make it a 2023 model vehicle. Your insurer always wants the year of manufacture.

 

[Lefty309]

Was your car manufactured the year you purchased it?

Manufactured in 2022. Purchased and registered this year.

If I buy a 2002 skedonk today it doesn't make it a 2023 model vehicle. Your insurer always wants the year of manufacture.

Sorry I meant year of first registration, not purchase.