How to File an Insurance Claim
Contrary to what most people think, filing an insurance claim is not stressful. It is actually rather simple, provided you do your homework correctly.
Regardless of whether you file an insurance claim for housebreaking, a car accident, or critical illness, you’ll need to follow some necessary steps for a successful insurance claim.
Your policy document explains in detail the steps to follow. It also outlines the preconditions you have to fulfill to file an insurance claim. So it is incredibly crucial that you go through the policy document carefully to have a clear idea of what your policy covers and it doesn’t.
The insurance policy also clearly states the extent of coverage. It also states the reimbursement and the procedure of filing an insurance claim, amongst other things.
In this article, we guide you on how to effectively file an insurance claim so that you’re reimbursed to the highest possible extent. The recommendations hold good for most of the situations or eventualities you’re filing an insurance claim for like illness, burglary, and so on.
What does filing an insurance claim mean?
You file an insurance claim when you make an official request to your insurance provider claiming payment for something that is covered by your insurance policy such as a break-in or house repair.
You can submit an insurance claim if and only if your insurance offers coverage for the specific policy event. If your insurance company formally acknowledges your insurance claim application, the firm will tell you to complete the mandatory paperwork.
Your insurance provider will also require you to submit valid documents that substantiate your insurance claim plea is real. Most insurance companies and firms have claims adjusters on their payroll, whose primary responsibility is to look into the matter and submit a report.
In case the insurance company confirms and certifies your claim, the firm might mail a check or send the reimbursement amount directly to your account.
When should you file an insurance claim?
As a general principle, it makes sense to file an insurance claim only if your damages or losses are much more than your deductible. On the other hand, if your financial burden could be significantly less in comparison to your deductibles. Then filing an insurance claim is not worth it.
Bear in mind that there’s a good possibility your insurance provider might hike your insurance premium when you file an insurance claim. The worst possible case scenario is that the provider could revoke or terminate your insurance policy based on extenuating circumstances.
Follow these steps for filing an insurance claim
Report immediately if required.
You should notify the relevant regulatory authority, depending on the nature of the event or the incident. For instance, if your home was burgled or you were involved in an accident while driving.
You should call the police immediately. Keep in mind that, like most policies, your policy too may have a time limit for notifying the police or the concerned authority.
So you should not delay in taking the necessary or obligatory step, or your filing an insurance claim will be in vain.
Jot down details of why you’re filing an insurance claim.
To ensure a smooth claims filing process, get your policy document, policy report, and purchase receipts or bills ready. This can include damaged or stolen items descriptions.
At the same time, note down what exactly transpired during the event. This could include a car accident or housebreaking. You don’t want to miss anything while telling the insurance agent or claims adjuster about it.
Write down all the details in a diary including:
- The date and time (when the incident occurred)
- Details about the event
- Particulars about everyone else who was involved in the incident. Tthe electrician who fixed the faulty wiring or the other driver involved in the collision.
Get in touch with your insurance provider.
Once you’ve notified the appropriate authority about the mishap or incident, you should contact your insurance agent or the provider. If an insurance agent or broker sold you the policy, they would guide you on how to file an insurance claim.
Your insurance agent is undoubtedly the best professional who will be able to provide you full support. Look to them when making your insurance claim request succeeded.
Alternatively, you can file the claim yourself for which you’d have to make a call to your insurance provider. You’ll find the insurance company’s claims helpline number on its website or the policy document. Make sure you provide the complete information and details you made a note of in step 2.
Abide by your insurance provider’s claims filing procedure.
When the time comes to file an insurance claim, you should abide by your insurance provider’s rules and regulations. The majority of insurance providers require policyholders to apply on a smartphone app or through their website.
Your provider may tell you to get in touch with an agent. Or they can ask you to fill out a claims form online and email it in.
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