People regularly pay costly premiums on their
insurance policies to protect themselves against even greater financial loss at
times of peril. They certainly don't expect to be left without their property
or the funds to recover it, while the insurance company denies their claim for
the expenses to be covered or shared.
Nevertheless, it has
happened to many people in the past and can happen to all of us. Whether the
insurance companies attempt to protect their own funds from fraud or simply act
evil, there are many legitimate reasons they can invoke to turn down your
claim. Ensure that your claim is successful by taking the following steps to
protect it.
File
your claim on time.
No matter
how good your policy is, you have to actually file
your claim before the insurance company will take any action. While
you typically have several months to file a proper claim, some companies may
give you as little as 30 days.
In rare
cases, your claim might get lost and without having any knowledge of this, you
might let the allotted timeframe expire. It is therefore advised after
submission process to contact the company or take other steps to verify that
your claim has been received.
Make sure
you know how much time you have, and don't get turned down for taking too long.
Act reasonably.
Do not become overly
confident because of your insurance. The insurer might be sharing your risk,
but you still have several responsibilities as an individual.
In order for your
insurance claim to go through, the insurance company will often check whether
you took the necessary steps to safeguard your property from damage and prevent
the loss from occurring. If it is uncovered during the course of investigation
that the loss has been endured due to your own recklessness or inconsiderate
behavior, there is a high chance for your insurance claim to be denied,
depending on your particular policy.
Communicate with your insurer.
It is essential that
you do not make any purchases or bear any costs regarding your loss without
explicit approval from the insurance company. Should there be any unsolicited
expenses on your part, the insurer will have grounds for denying your claim for
covering them.
In case of auto
insurance claims
following an incident with multiple cars, it's best to leave the negotiations
to your insurer's associates and not make any prior offers or promises to any
of the other parties involved.
Do not abandon your property.
Whether it's a car or a
house, it must frequently be in active use by you or your family to ensure that
your insurance claims will be approved.
For example, a home
that's left unoccupied for more than a month will in most cases not be covered
by your insurance, even if you complied with all of the latest premium
payments. An abandoned vehicle will put the eligibility of your claim at risk.
Disclose all information.
It is never advised to misrepresent
any of your insurance claims by including false information or exaggerating the
extent of your loss.
Insurance companies
have all the necessary resources at their disposal to verify or disprove your
claims, so any misinformation will be uncovered very soon. In addition to that,
insurers are involved in a wide network of financial organizations and
individual experts. Their evaluation of your insurance claim may put your
future claims at risk, as well as result in higher premium costs for you throughout
the industry.
While insurers might
have received a lot of bad press throughout the years that paint them in
unfavorable light, it's important to understand that there is no way around
dealing with them should the disaster or accident outlined in your policy
actually happen. It is therefore our immediate responsibility to take all the
necessary steps to successful insurance claims.
This post was written by a guest author.
The documentation should be complete . Reporting as much information as you can to an insurer after a car accident speeds up the claim process .
ReplyDeleteThanks
William Martin
Financial Claims Made Simple
These five steps are to be kept in mind before applying for the insurance claims . Thanks for sharing .
ReplyDeleteRegards
William Martin
Financial Claims Made Simple