Earlier this month we told you all about our exciting new partnership with Old Mutual Insure 🎉✨! (To recap, our All Risk cover will be underwritten by Old Mutual Insure from 1 August 2020).
As with any move, there are a few changes that we would like to bring to your attention🔍. The name of your ‘All Risk’ insurance will be called ‘General and Specified Items’ and Bicycle and Jewellery are two categories that are set to change. Since you currently have items that fall in both categories insured with us, we would like to help you understand how these specific changes in cover will impact you.
For your jewellery 💎: your excess will still be fixed, however, the value of your excess will now be determined by the value of your jewellery💍💸 as set out below:
For your bicycle🚴: Your excess will still be fixed, however, the value of your excess will now be determined by the value of your bike as set out below:
Why does the excess structure for bicycles and jewellery differ from the other categories?
Items identified under these categories have a high risk and a high replacement cost association. The scaled excess structure ensures that fairness is applied when considering the different replacement costs of the items. We understand that even though the item category may carry the same or similar risk from customer to customer, the replacement cost is different. Therefore it would be unfair to charge a customer the same excess for an item which cost R1’000 versus one which costs R100’000.
How does this compare to the current excess?
Jewellery💎: The current excess is 5% of the claim value with a minimum of R250.
For example: if your ring worth R25’000 get stolen 😱💎😱, the excess value on your current policy will be R1’250. Once we move to Old Mutual Insure, this excess will be a fixed R1’000.
Bicycle🚴: The current excess is 7.5% of the claim value with a minimum of R250.
For example: if your bicycle worth R15’000 got stolen 😱🚴😱, the excess value on your current policy would be R1’125. Once we move to Old Mutual Insure, this excess will be a fixed R1’000.
We believe this fair approach is in the best interest of all our Pineapplers and you could look forward to a simple and straightforward excess structure.
Please reach out if you have any questions💬.
Stay safe. Stay insured. Stay awesome.
The Pineapple Team🍍