Insurance can be something people barely think about, until the day they really need it to pay-out due to a major setback. That’s when understanding how to make an insurance claim can be vital.
It all starts by having the right policy, that covers your risks at an appropriate level. Come the day you really need a cash payout from a claim, finding that you are underinsured, or worse still not covered at all, can be a bitter blow. Which is why Sims Financial Services works so hard to match policy details to each client.
What else do you need to do, to make claiming on insurance a smooth and successful process?
The first thing you need to know before you set up an insurance plan is that you must provide full and total disclosure. For example, if in the future you fall ill and would like to make a claim on your insurance, you may be blocked if you’ve not disclosed a pre-existing condition or lifestyle that could affect your health, such as a smoking habit. The same holds true for mis-representation – for example, someone claiming to smoke only one cigarette a day, when they actually smoke half a pack a day. The difference may seem incidental but may, in fact, be very relevant to your insurance provider.
This is the first part of claiming on your insurance – full disclosure back when you first set up your insurance cover.
Set Your Stall Out
One of the most important insurance claim tips – that could save you time and headaches – is to familiarise yourself with your policy. For example, are there any excesses or exclusions you agreed to?
(Sims is always happy to help clients wade through jargon and small print, to get a clear picture of their cover and likely pay-outs.)
Then, you need to gather any other information you need to support your claim. This could involve medical reports for Critical Illness claims for example or financial statements to show loss of earnings. Alternatively, it could mean photographic evidence of damage or items you have lost.
Keeping your insurance claim information handy also includes making time-dated notes about the progress of your application for payment.
The Insurance Claim Process
What are the steps involved in making an insurance claim?
First – report any criminal element of the claim to the police. You will need the crime report number if stolen property is involved, for example.
Second – check your policy to see if you need to (a) rectify any damage and then claim using the invoice, or (b) use only suppliers and contractors approved (or even provided) by your insurance company.
Third – gather the information you need to support your claim, as mentioned above. Including a detailed description of the items or issues in question (such as the progress of a critical illness). Writing everything out can be extremely helpful.
Fourth – contact your policy provider’s claims department, or your broker if you have chosen to get specialist help with insurance products.
Improving Your Chances Of A Successful Claim
That last point is particularly important if you want to know how to make a successful insurance claim. One of the best ways to get claims settled quickly and confidently is to have the right advisor to do the leg work for you! Someone who understands your situation, who has local knowledge and who treats every client as an individual – Sims Financial Services!
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