Naked Insurance

[MR_Y]

Update

Naked Insurance assessor met me at the above panelbeater (BMW approved). He agreed that the damage in the pictures seems less than what is actually on the car. He and the panelbeater discussed the quote and I have approval to go ahead.

Based on this experience, my suggestion is that if you are with Naked Insurance and claiming for any damage, you must insist on a physical assessment and not just the online assessment. The physical assessment took 10 minutes and everyone was on the same page

Update on car hire with Naked Insurance...

So, Naked Insurance offers 3 types of car hire in their policy. The difference in your monthly premium is roughly +R100pm to each option.

1. Small (manual only).
2. Medium (manual or auto).
3. Nice (manual or auto)

I assumed that Medium would be a Corolla or Baleno, while Nice would be an A3 or 1 series. While I assumed Small would be a Swift or Polo Vivo.

Anyway, when I fetched the rental car yesterday, I was surprised to see (according to Europcar's stock) that Medium means a Suzuki Swift 1.2 or Polo Vivo 1.4, while Nice means a Baleno/Polo. Small means a Toyota Agya.

Adjust expectations accordingly...

The other Ts and Cs on rental cars with Naked/Europcar:
- R2,000 refundable deposit required upfront cash or credit card
- R4,000 excess for damages
- Another driver can be added at no extra charge.

 

[FILV]

Hi Gents

My current car insurance premium is being to high as it is now R1600 with an excess of R2000 for a 2012 X3 20D Msport.
I love dealing with the broker (Carmen financial advisors, and through Hollard) but this is now just way to high, when my wife is paying half for our countryman which worth 100k more.

I got an online quote from Santam R960 with an excess of R7000.

I now just did a quote with Naked - R470 and i cant see the excess yet. Can it really be this much cheaper?

 

[Bugger]

I moved from Carmen towards the end of last year to Naked. Halved my premiums, with an option to select what excess I have. For the X4, the wife's 128 and household insurance my premium is R3530 a month, was R8000 with Carmen via Hollard with R3000 excess. I have R7500 excess on the two cars, can make it lower, the premium goes up slightly. I also have top-up cover on both cars and household is about R800k cover. That premium is R258 a month, on the cars, for the X4, with a tracking device, premium is R1928 a month and for the 128 it's R1344 a month. Bearing in mind that the Carmen cover was without top up, the household was for R500k, my premium on the X4 was about R4500 a month, the 128 was about R300 a month and then about R500 a month for household, hence the R8000 a month. I haven't claimed in years (touch wood) so could justify the higher excess with the lower premium. If you download the app on your phone it actually lets you play with the figures, then you basically just take out the cover on the app. I found it to be VERY effective. Carmen were great, Marcel is a great guy, was with them for years, but when I sent him the policy stuff for Naked he said there's no way he could match it.

 

[Riaad]

Hi Gents

My current car insurance premium is being to high as it is now R1600 with an excess of R2000 for a 2012 X2 20D Msport.
I love dealing with the broker (Carmen financial advisors, and through Hollard) but this is now just way to high, when my wife is paying half for our countryman which worth 100k more.

I got an online quote from Santam R960 with an excess of R7000.

I now just did a quote with Naked - R470 and i cant see the excess yet. Can it really be this much cheaper?

Naked lets you choose an excess, if im not mistaken, the default is R3k or R5k.

One thing to note - Naked will only cover for book value of the car, and a 2012 X1 doesnt have the best book value now, it would be significantly less than retail/market value.

Best to stick with a broker and over insure.

FYI - my premium was +- R1000 on the X1 with no excess and insured sum was R230k back in 2023.

 

[FILV]

Naked lets you choose an excess, if im not mistaken, the default is R3k or R5k.

One thing to note - Naked will only cover for book value of the car, and a 2012 X1 doesnt have the best book value now, it would be significantly less than retail/market value.

Best to stick with a broker and over insure.

FYI - my premium was +- R1000 on the X1 with no excess and insured sum was R230k back in 2023.

This value is worrying...:

Hi

Angelino here from Team Naked!

Please note that the amount the vehicle is covered for would be the retail value of the vehicle and this is pulled from the TransUnion database and we are unable to change this value.

The value of the vehicle you had gotten a quote for the "BMW X3 xDRIVE20d M-SPORT A/T" was for R181 700.


That is so low, while they are still going for around 220k-230k in my spec Msport with xenons and fsh.

 

[Riaad]

This value is worrying...:

Hi

Angelino here from Team Naked!

Please note that the amount the vehicle is covered for would be the retail value of the vehicle and this is pulled from the TransUnion database and we are unable to change this value.

The value of the vehicle you had gotten a quote for the "BMW X3 xDRIVE20d M-SPORT A/T" was for R181 700.


That is so low, while they are still going for around 220k-230k in my spec Msport with xenons and fsh.

Yep - that's the issue with not using a broker.
The value is further off on models that are harder to find...ie. F30 330d's or M Cars 😅

Getting an appraisal done is the way to go.