There are few things to remember when ready to claiming your insurance claim.
Already we discuss what is Business insurance? Why we need it? principles of insurance, how to choose the right insurance company and right insurance policy, and things to remember when buying Insurance. From those previous articles, I think now you had a better understanding of insurance and how to insurance support for your business.
So already we discussed how to involve your business with insurance, but still, we have to discuss a very important point. That is about Things to remember when claiming your insurance. That can be important because this is the final stage of your insurance process.
What is an Insurance Claim? Insurance Claiming Definition.
An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered or compensation for a covered loss or policy event.-investopedia
The Insurer validates the claim and once approved, they will issues payment to the insured or interested party behalf of the insured.
If you fail with that claiming process, you will lose your money, claim, as well as your valuable time and loss or repair covering the cost, have to cover from your own pocket. But if you have successfully completed that claiming process, you can prevent those problems, also it will healthy for your pocket.
Most of the people have understood the claiming process of insurance. So I am not going to discuss it. But I discuss Things to remember when claiming your insurance. I think that will helpful for all of you. Then let see,
What are the 14 things to remember when claiming insurance?
01. Don’t delay to inform your insurer
When happening damage for your vehicle, property, business or your life it is better to inform or call up to your insurer immediately and intimate the accident or damage event. that will help to make quick your Claiming Insurance.
Most of the insurers apply rules for import to them about damage or accident within 1 to 7 days. If you failed to inform that happening your claim may be rejected. So it is better to inform about your damage or accident as soon as it happening.
02. Give the details clearly
If you provide all details that related to insurance claiming process, that will make easier your insurer to their claiming process.
03.Provide accurate documents and details, even when applying online
If you provide accurate documents and details, that will make your claiming process easy and quick. Otherwise, if you may fail to provide the all require and accurate details and documents, your claim will be rejected. So from prevents the rejection of your claims, it is better to provide the accurate details and documents from the beginning of your insurance process. So don’t provide incorrect, false or even fake detail.
04. Read every word in your Policy documents carefully
Read every word in your insurance policy documents as soon as received, is one of the most important things. Your insurer sends all details of including, exclusions, Conditions, and related details. So read it carefully then you can find mistakes, and other improvements that you need.
Also, you can make an idea about your Claiming Insurance process. Be aware and update with your policy and coverage.
05. At the accident scene
When you have an accident especially, vehicle accident if you can take a photo of the accident, that can serve as valid proof of accident at the time of claim settlement. Also don’t forget to take note of witnesses, their names, and contact details along with other party involved will help you at the claim settlements.
Also, another tip is, take the photo of the policy of the third-party involved, that may help you during the claim.
06. Don’t move away from the accident spot.
Accidents such as vehicle accidents, moving your vehicle away from the accident spot may delay your claiming process or may reject your claim. So do not run away from the scene of an accident and also do not move your vehicle from the accident spot.
So do not hurry, wait for your insurer agent, otherwise, you can take some photos of that accident and damages before moving your vehicle.
07. Do not hide facts and details
Do not hide any important information from your insurer. If your insurer finds that you are hidden some important details from him, that may reject your Claiming Insurance.
08. Do not settle with third-party
At some times the third party will offer a deal to settle the matter without informing the insurance companies. Never agree or do not do this. If the other involved party (Third-party) try to offer a settlement without informing the police or insurance companies, this can be illegal. So you must be avoid being accepting or offering like this.
Remember, police report (FIR) will help you to claim your insurance. So never skip this all-important step.
09. Be prepared and keep all documents with your safety.
Keep every document in your hand that needs you to make a claim. Keep all invoices and receipts in insured and keep your policy documents somewhere safe.
Also, take and keep photographs of those documents.
10. Give necessary details within the claim intimation time window
Always try to give the necessary detail with the complete Claiming Insurance application. It will make easy your claiming process. Also, most insurance companies usually specify time duration of 48 to 72 hours within which insured must inform the insurer about any incident, damage or accident that has occurred.
If you fail to complete this one or both conditions, your claim request may reject.
11. Be honest and careful when opening your big mouth
If you are a conversationalist and enjoy talking, then you must be careful. This will protect you every time. Also, be open and honest about the incident.
12. File an FIR immediately
FIR is always recommended and mandatory to file to get insurance claim in cases such as road accidents including third-party or major accidents. However, police FIR can be avoided in case of minor accidents like dents. For getting the FIR it is a must where there is a bodily injury or death involved in case of major accidents.
In the car stolen, You can get an FIR from the police and you will have to submit an FIR copy to the insurer Keep a copy of it for yourself.
13. Principle of Insurance
The principle of Insurance also affects your claiming of insurance.
14. Continue insurance claim check chase and Get support from insurance claim specialist
By insurance claim check chase, you can keep in touch with your insurance process when claiming and before claiming. It will mitigate the risk of an insurance claim denied. Also if you can expend some money you can get support from insurance claim specialist.
Those things will help you to make easier your insurance claiming process. What happens if your insurance claim rejected? there are a few things you can do if your Business insurance claim rejected by your insurance company.
Also, read 14 things to think before investing your money.
I hope the above 14 Things To Remember When Claiming Insurance help you to get an idea about Claiming Insurance. And if you have any problem or know more on 14 Things To Remember When Claiming Insurance, Please share with us in the comments section below. Thanks!
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