We feel secure when we purchase insurance, knowing that we have safeguarded ourselves against all kinds of unforeseen circumstances. However, the true value of an insurance plan is determined at the time when one has to make a claim. There are often instances where a claim is altogether rejected by insurance companies, citing under-coverage, possible fraud, non-coverage or non-payment of premiums.Read more
What are the things you ought to look out for, when you have to claim insurance? Here are a few do’s and don’ts for claiming insuranceyou should bear in mind –
Check your Policy to Confirm That It has not Lapsed or Expired
Insurance companies cover only fresh and relevant claims that are valid during the tenure of the insurance plan. Before making a claim, you should check and confirm that all premiums have been paid and that the policy is still valid.
Make the Claim on Time
As per the main do’s and don’ts for claiming insurance, the policyholder should not delay in informing the insurance company that they would be making a claim based on recent losses faced, as any delay in intimation would work against the policyholder. For instance, in the case of motor insurance, if your vehicle is stolen and you do not inform the insurance company of this immediately, the insurer will lose out on the opportunity to confirm the loss of the vehicle and try to recover it.
Provide the Insurer with a Detailed Report
When you call the insurer, you should have all your facts ready in chronological order. Make sure that you do not leave any details out and that information is disseminated to the insurance provider accurately and honestly. Also keep your personal details and policy details handy, should the insurance company need to verify information.
Keep your Claim Documents Ready
According to important do’s and don’ts for claiming insurance you should ensure that you collect all evidence required by the insurance provider, to process the claim. In the case of motor insurance or life insurance, you might even have to acquire an FIR from the police. In the case of health insurance, all doctor’s reports, medical bills and hospitalization costs would also have to be documented. You should know the documentation needed before filing the claim because the absence of even one document could lead to a delay in the claim process.
Keep the Insurance Company Informed at All Times
Before renovating your place after damage caused due to fire in the case of house insurance, or having a mechanic review the damage caused to your vehicle on account of an accident when it comes to motor insurance, you should first consult with the insurance company before making any changes.
Read the Fine Print Before Making the Claim
It’s important for you to know what is included and excluded in your policy document. This will help you decide whether to make a claim or not, to begin with. For instance, where motor insurance is concerned, very often, policyholders might bear the cost of smaller claims so that they can enjoy the No Claim Bonus provided to those policyholders who do not make a single claim during the entire year. In the case of top-up policies, the policyholder can make a claim only once they have crossed the deductible threshold of their health insurance plan. Cashless health insurance requires that policyholders receive treatment only in the network hospitals listed in the policy documents. Ideally, you should have all these factors checked before taking up a policy as it is most critical to the claim going through.
The last thing you want is for you to have invested hard-earned money in your policy, only to have your claim rejected. This is why you should take every precaution to adhere to the guidelines mentioned in your policy and go by the instructions provided by the insurance company to make sure you get your money’s worth.
This sums up the checklist for claiming insurance.