What are the dynamics of insurance claims?


Reading the fine print before signing the insurance policy not only helps in saving money, but also gives a clear knowledge about the requirements while claiming the insurance. Before signing up for the insurance policy it is a good idea to check the reputation of the insurance company and their response to insurance claims, to ensure a smooth operation, if at all the situation demands an insurance claim.

Every insurance company will have its own requirements before filing a claim. Understanding that makes it easier to complete the paperwork required before filing the claim. Also, if at all there should be any disputes with insurance company, knowledge of all the hidden conditions and clauses will help in arriving at an agreement faster.

Insurance companies expect the following things from a policy holder at the time of filing the claim:

  • Documented proof of the accident as filed by the police official. This document can be requested by the insurance company of the other part as well, if the liability insurance is being claimed.
  • Proof of accident related expenditure. This can include bills, receipts of any kind of expenditure which has occurred because of the accident, including medical bills.
  • Hiring an insurance loss assessor will help in getting the insurance claim that suits the policy holder’s needs. Insurance companies will have insurance adjustors who investigate the claims and work towards lowering the amount of claim. Insurance loss assessor works for the policy holder and can negotiate with the insurance company and advice the policy holder to get better insurance claim amounts.
  • Photographed proofs have a greater value at the time of filing a claim. If possible, taking pictures of the damages to automobile after the accident if possible, even by a mobile phone can be helpful in making the case stronger.

While filing an insurance claim, the time frame between filing the claim and the claim amount being released must be kept in mind. The damaged car may not be useful until it can be repaired. If insurance company is choosing the mechanic to fix the car, it may take an additional two weeks for the car to be up and running. Many insurance companies give extra amount to enable the policy holder to rent a car while the damaged car is being fixed. Although the rental car will be reimbursed only for the period in which car is being repaired, it is still a good idea to enquire about this feature and rent a car to avoid inconvenience.