At its core, insurance is about one thing: helping you recover financially when life throws you an expensive curveball. Your Pineapple policy, whether it’s for your car, your household contents, or specific items, exists to get you back on your feet after a covered event. Let’s unpack what that really means.
Restoration, Not Profit
Insurance works on the principle of indemnity; a fancy word for “restoring, not rewarding.” The goal is to put you back in the same financial position you were in just before the loss, not better off than before.
Example: If your R15,000 mountain bike is stolen, Pineapple will cover replacing the bike (less any Excess). But you won’t be compensated extra on top, so no new kit, no weekend getaway. It’s about recovery, not profit.
Compliance = Compensation
To be compensated under your policy, a critical condition is that you must have complied with all policy terms and conditions. That means:
Giving accurate, complete info when you apply.
Updating Pineapple when things change (like moving house or upgrading security).
Taking reasonable steps to prevent losses (e.g., keeping your home secure).
Following the correct claims process.
If these aren’t met, Pineapple can reject your claim, even if the event itself is normally covered.
Example: If your flat is burgled but you hadn’t told Pineapple you removed the alarm system last month. Your claim could be rejected for not updating material information.
Understanding Compensation Limits
Every policy has a ceiling, commonly referred to as the Compensation Limit. This is the maximum Pineapple will pay for a specific item or event, and it’s clearly listed in your Policy Schedule.
Here’s why Compensation Limits matter: If your content is insured for R200,000 but is actually worth R500,000, you could end up underinsured.
Tip: Review your limits regularly to make sure they match the real replacement value of your stuff.
The Role of an Excess
The Excess is your share of the risk and the first portion you pay before Pineapple covers the rest. Excesses help keep premiums fair and discourage tiny claims (like that cracked screen protector).
Example: If your fridge is damaged in a lightning storm and the repair is R6,000, and your Excess is R1,000, Pineapple will pay the remaining R5,000.
Beyond Rands and Cents: Peace of Mind
Insurance is more than just receiving a payout for a claim. It’s about knowing you won’t be left financially strained when the unexpected happens. That peace of mind is what lets you focus on living your life, instead of worrying about how you’ll pay for a stolen laptop or a flooded lounge.
Bottom line, your Pineapple policy is a financial shield. It does protect your money so you can bounce back from life’s surprises without your savings being wiped out.
*The information provided here is for informational purposes only. For the full terms and conditions, please consult your policy wording.