Understand insurance claims
An insurance plan can relieve us of our worries. Be it an educational plan, health insurance, life insurance, car insurance, accident insurance or retirement insurance. Living in a country where everything moves fast, having an insurance policy is a necessity. Lack of these much needed plans can cause you a lot of trouble. Imagine, what to do if someone in the family is sick? Paying your hospital bills can be worrisome and how would you send your kids to school without education insurance?
Some people have different types of insurance plans to secure their lives and the lives of their families. However, an insurance claim also gives negative feedback that discourages people from thinking about the need to get an insurance plan. Sure, an insurance plan means benefits, but somehow claiming those benefits can be tedious and time consuming. Insurance claims need not cause us so much trouble if only we understand how insurance companies handle our insurance claims. So to fully understand the issues and save us a lot of trouble claiming our insurance, let’s take a look at this.
How to File Your 4 Major Insurance Claims
Claim your car insurance
1. Assess whether the claim is worth it
Before you file a claim for auto insurance, you need to decide whether you want to file a claim or not. If you think you can afford the damage regardless of who is responsible, don’t try to file a claim. What is important, according to a personal insurance expert, is that you need to keep your insurance file clean.
2. Download the accident document
It is very important to document every detail of the accident and get witnesses afterwards to back up your story. An on-site police report is a relevant document you must have to support your claim.
3. Submit claim immediately
You don’t have to waste time filing your claim. Question who is responsible is handled by your insurance company.
4. Always expect a call
Expect a call from the other driver’s insurance company to interview you about your version of the incident. Be sure to document the conversation and don’t forget to ask for the agent’s name.
5. Have your car repaired
After your claim has been approved, you can have your car’s body repaired in the event of damage. The insurance company will assess the damage or ask you to send your car to an auto shop of their choice to have it repaired.
How to file your home insurance claim
In the event of a disaster that has left you and your family homeless, file your Home Insurance Claim. Make sure you have your insurance policy with you when you make your claim. If you didn’t have your copy after the disaster, at least make sure you know and remember your insurance company’s name and contact numbers. It is not always relevant to just remember your agent’s name, as sometimes he may represent several companies.
Prepare a quick household inventory
It is always better to make a video of your entire household contents every time you take out a home insurance policy. Keep a copy of this file and keep it in a secure safe outside your home. It is always advisable to have a bank deposit for important documents such as insurance policies, title deeds, etc.
Notify your insurance company as soon as possible
It is important to notify your insurance company as soon as possible of the reason you may need to use the Loss-of-Use benefit on your policy if you have this feature. This can cover living expenses outside of your home while it is being repaired, such as hotel bills, meals, and other living expenses. This entitles you to receive instant cash needed for your bills.
Start submitting your claim
You can only get your claim if you have documented everything properly. So it would be difficult for you to have a documented list of your contents if you don’t have access to your damaged home. Only when you regain access to your home can you properly document it. While you wait for the claim to be approved, you can make minor repairs, but be sure to record every payout you make. Do not make major repairs until your claim has been approved.
How to hire a contractor for an insurance claim
Find a reputable contractor to take care of your construction or repair needs. Many contractors always take an opportunity like this to capitalize on your fear. They can always stretch your budget beyond the level of reasoning.
How to file a life insurance claim
Filing a claim after the death of a loved one is not that easy. However, it is at this point in life that you need to be practical. You need money more than anything to pay for funeral expenses, bills, and even family needs. It’s hard to be left alone and face all these problems, but you should be thankful if the departed loved one had prepared you for times like these. As a bereaved person, we sometimes worry about things like this, but a life insurance plan is designed to give us less worry and reassure the deceased family that we don’t have to deal with the financial problem because we were grieving the loss of a loved one.
Find the life insurance policy
The Policy is an important document provided to the Policyholder. This is much needed when filing an insurance claim. Be sure to look for it if the deceased did not tell you where they kept it. You may bear in mind that this is a very important document, so the custodian may have kept it in a place that is not easy to see or identify. You can look into a plastic container or a sealed container large enough to hold it. It can also be kept in a small drawer of a cabinet in your headboard or lamp stand.
If you cannot find the insurance policy, but you are sure that the death is a policyholder, you can write to the American Council of Life Insurance (ACLI).For a small fee, the ACLI will conduct a search to find the Policy. The address is 101 Pennsylvania Avenue, NW, Washington, DC 20004-2500. Don’t forget to include a business-sized self-addressed envelope.
Please contact the company number listed on the policy
Immediately try to contact the contact number or numbers listed in the document. If you personally know the authorized representative or agent, you might as well contact them directly and tell them you want to file a claim. The company’s agent is always available to assist you with your filing. He will provide you with the forms necessary for the application. Wait for instructions that the insurance company will give you.
Fill out the necessary forms and submit requirements
Once you have received the necessary form required for the application when filing the insurance claim, fill it out with all the necessary information. Please also provide the other required requirements upon submission. The death certificate is the basis of any requirements that you may need to provide along with your application form. Decide how you want to receive the proceeds from the life policy. You can choose to receive the proceeds all at once, or choose to receive it in the form of a monthly pension or simply leave the money on deposit to earn interest and dividends.
Wait for the release of the funds
Expect your fund’s approval for the claim to take more than a month to process, as the insurance company has yet to validate information related to your claim.
Submit health for medical claims
If you need to pay your medical bills, you need to apply for your health insurance. Here are some helpful tips when submitting your claim:
Keep a specified report
Make sure you get all receipts and necessary statements from the doctor or pharmacist. Summarize it so it can be easily understood by the insurance assessor. Please add this to your application form.
Complete your claim request form
Then contact your health insurer as soon as possible. You can get your application form directly from them after you indicate that you want to apply for health insurance. The Application Form is easy to complete, but someone from the Insurance Company will certainly assist you if there are some items in the Application Form that you do not understand.
Scan or duplicate a copy
After completing your form and submitting it to the Health Insurer, you must either scan it or keep your duplicate. This prevents inconvenience in case of loss or error during archiving. You can easily archive it again if necessary. Review before submission. Submit your claim as soon as possible. Ask for help or inquire about additional instructions or requirements. Ask how long you have to wait for the results and be sure to note it in your diary. If they have not contacted you by the date provided, please contact your health care provider immediately.