Naked insurance - Too good to be true?

upup

Executive Member
Joined
Jun 1, 2009
Messages
7,980
Hi Everyone
For my 2014 Polo - I am currently paying just over R1000 per month with Discovery.

I did a Hippo quote to get comparisons and they all come in at around what I am currently paying.

I came across Naked insurance and did a quote which was very very quick - It quoted less than half of what I am currently paying.

Is this too good to be true?
Anyone have any experience with them?


Thanks
Hippo just compare with it's own 5 companies. Not with the market
 

cavedog

Honorary Master
Joined
Oct 19, 2007
Messages
19,320
Naked is underwritten by Hollard if I'm not mistaken. Pinapple by Old Mutual.

Naked has a competitive monthly fee but they don't do excess waiver. Min excess is R1500.

I like my insurance excess free.
 

Adenoid Hynkel

Expert Member
Joined
Oct 15, 2008
Messages
4,488
Interested to know how claims would affect your premiums.

I've had to claim from my current insurer twice last year (2 x R20k), having never claimed in 10+ years. They didn't hesitate to send me a letter after the second claim indicating that I need to correct my behaviour or they will increase the premium, which they did anyway...

I've claimed 3 times in the last 12 months.
2x geyser replacements (burst) on the same property, seperate geysers. We had water damage to the kitchen and dining area ceiling. They replaced the geyser, painted the ceiling and some of the think pink ceiling insulation was replaced.

Second geyser was replaced a few weeks ago and was just a swap out as it is stored outside in a geyser box.

I am unsure how much the geyser replacements were. In both cases the geysers were replaced within 2 days and additional work was carried out within a few days thereafter.

3rd claim was for a spazio floor lamp that my 4 year old knocked over. They paid out within 3-4 days. Was 4.5k

So far premiums have stayed the same.

Naked has a competitive monthly fee but they don't do excess waiver. Min excess is R1500.

I like my insurance excess free.

Naked Min excess is R1000.
 

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
40,347
Did you need to send a selfie for verification?
 
Last edited:

Adenoid Hynkel

Expert Member
Joined
Oct 15, 2008
Messages
4,488
Did you need to send a selfie for verification?

You asking me? I don't think I submitted a selfie. I had to submit some pics of my furniture/gadgets when I signed up for the home content cover.

One thing I really like about naked is how easy it is to add individual portable items to your home content insurance. I frequently replace phones and laptops and it's a breeze to remove and add new ones.

5886810798133cac69299ca640722ae4.jpg
 

TofuMofu

Honorary Master
Joined
Aug 11, 2008
Messages
10,528
I'm with Naked Insurance since just last year April. Very happy with them. Call centre is easy to get hold of if needed and I can pause my insurance when I'm working from home so I save a lot of money.

Signup is easy and you take photos of your whole car to validate it and boom, you're up and going. The app is super easy to use and pausing and unpausing is easy. I have the app on my Android and had it previously on my iPhone.

My referral if anyone is interested and kind :p https://www.naked.insure/?utm_source=naked_referral&utm_campaign=ESC63591
 

Supercarfan

Well-Known Member
Joined
Mar 15, 2019
Messages
205
I like my insurance excess free.
No such thing as a free lunch. You’re paying for that privilege of maybe saving an excess by definitely paying a higher premium. Unless you’re a really high risk and make yearly claims, you’re not going to come out ahead. And even then your premium would eventually be adjusted to match your actual risk.
 

Supercarfan

Well-Known Member
Joined
Mar 15, 2019
Messages
205
I hate hassle and fighting....just want something that's quick, easy & doesn't give issues if/when I need to claim.
Can’t vouch for their claims process yet, hopefully won’t ever have to, but definitely also impressed by them.

Especially the ability to pause accident cover when your not using your car. Recently had mine on pause while I had to self-isolate and it probably saved me R150 for this month.
 

cavedog

Honorary Master
Joined
Oct 19, 2007
Messages
19,320
No such thing as a free lunch. You’re paying for that privilege of maybe saving an excess by definitely paying a higher premium. Unless you’re a really high risk and make yearly claims, you’re not going to come out ahead. And even then your premium would eventually be adjusted to match your actual risk.

Excess waiver comes at a cost so definitely not getting it free. I have it to manage un planned expenses. I can budget for that ~R80 or so extra a month but might not be able to pay for the R3000 excess if I get in an accident so for me it's not about winning or getting it free it just a way to manage unexpected expenses.
 

Supercarfan

Well-Known Member
Joined
Mar 15, 2019
Messages
205
Excess waiver comes at a cost so definitely not getting it free. I have it to manage un planned expenses. I can budget for that ~R80 or so extra a month but might not be able to pay for the R3000 excess if I get in an accident so for me it's not about winning or getting it free it just a way to manage unexpected expenses.
I get where you’re coming from, I just always feel that if you can be disciplined enough to put that difference away into a ‘excess fund’, then you’ll always come out ahead.

That’s one thing I kinda like about Discovery’s reward scheme where it gives you the option to add your rewards to an excess saver account.
 

ToxicBunny

Oi! Leave me out of this...
Joined
Apr 8, 2006
Messages
98,717
I get where you’re coming from, I just always feel that if you can be disciplined enough to put that difference away into a ‘excess fund’, then you’ll always come out ahead.

That’s one thing I kinda like about Discovery’s reward scheme where it gives you the option to add your rewards to an excess saver account.
Except you pay for their rewards scheme so you may find that it almost balances out...
 

Matt91

Expert Member
Joined
Sep 4, 2014
Messages
2,016
Hi Everyone
For my 2014 Polo - I am currently paying just over R1000 per month with Discovery.

I did a Hippo quote to get comparisons and they all come in at around what I am currently paying.

I came across Naked insurance and did a quote which was very very quick - It quoted less than half of what I am currently paying.

Is this too good to be true?
Anyone have any experience with them?


Thanks

Just based on my mates experience with them I personally don't rate them very highly at all. He had such a run-around with them and initially they tried to force him to cancel the claim because his excess (10K) was higher than the actual damage in their eyes, it wasn't. And this was backed up by the cheapest of the 3 repairers who had sent him a quote of ~17K. After a few calls and threats of Ombudsman etc etc they eventually conceded that they are responsible for the claim and were full of apologies, but it just seemed slimy and like they were trying their hardest to wiggle out of actually honoring their side of things. I wouldn't go with them IMO.
 

MidnightZA

Expert Member
Joined
Mar 9, 2013
Messages
1,552
For me Naked is more expensive. This is my quote for a 2010 Hyundai i10 through Santam. With Smart park (Does less than 5000kms pa) and with excess waiver

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Archie1

Senior Member
Joined
Feb 7, 2005
Messages
625
Is there any extra charge when switching between comprehensive and stationary cover?
 
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