Most of the unpleasant experiences of consumers when it comes to their insurance policies are in the claiming process. Even some of the biggest names in the industry will find ways to avoid paying out their assured. Here are some tips to lessen your ordeal and increase approval of your claim/s.
Everything You Need to Know
Take time to familiarize yourself with the general rules in claiming, and the terms and conditions you have entered into a policy agreement with your insurance provider. For instance, with auto or home insurances, the claiming process involves the following: informing your insurer or agent of your request, fill in the necessary information on the prescribed form, wait for the representative of your insurer or their adjuster to assess the liability to determine the amount of pay-out. If everything goes well, all you need is simply to wait for the pay-out check.
All Necessary Documents
Do not wait for your insurer to tell you what documents you need to submit to process the request for pay-out. Have them ready early. Insurance companies love documents, and most times they use this love for documents as their reason to deny your request.
From the time of the accident or loss, make sure that you keep everything documented. Present all your documentation on the incident to your insurer whether they ask for the same or not. This will not only hasten claim processing, but will also show your insurer that you mean business and you are taking your responsibility as their assured seriously.
Only Necessary Claim
File only claim/s that are really necessary. Avoid making small claims now and then as your insurer can use this to increase your premium rate upon renewal, or to cancel or deny your policy. You see, insurance is business, and if your insurer keeps on paying, they will see you more as a liability that cuts their profitability. Be prudent in filing your claims.
Check whether it is wise for you to raise your deductible. This is the amount that you will shoulder on your own and deducted from the amount that your insurer has to pay during the claim process. Raising the amount of your deductible is sending signal to your insurer that you are more careful in avoiding incidents that will lead to filing your claim.
File Your Claim Promptly
It is best that immediately after the accident or loss; you file your claim including all necessary documents you already have. You will realize the most insurance providers have their time frame to follow in accepting your claim application. After a certain period, they will no longer honor your application. It is always best to file promptly. Check the terms and conditions of your policy for this purpose.
In summary, when filing a claim, you need to know and understand the terms and condition of your policy, file the claim on time or immediately after the incident, and submit all essential documents for speedy processing and payout. Lastly, make sure that you are current with your premium payment, as this may affect validity of your policy.