Insurance has become an important factor for years, saving you and your family from financial losses. It acts as an umbrella and supports your family in an emergency. However, some people are confused about the insurance claim process. This guide dives into the step-by-step guide on how to file an insurance claim.
What is an insurance claim?
An insurance claim is a process of formally notifying the insurer about the damage to your property or family. The company offers financial support by giving the lump-sum amount or other facilities according to the requirements of your needs and policy as well.
It is not always easy to file a claim. The policyholder should know all the ins and outs of filing the claim. You claim the process when any mishap happens with your property such as your home, car, or other belongings to take the money from the insurance company to cover the loss.
Steps to file an insurance claim:
Step one: Contact your insurer
The first step to file an insurance claim is to inform your agent about the loss immediately. Give your name, policy number, date, and time of the management to your insurer. Generally, you must inform your insurer within 48 hours if you have cashless health insurance. The time may vary from insurer to insurer. The company then manages the expenses for your loss as soon as possible. Ensure to inform the agent as the delay in the claim intimation makes the process time-consuming.
Step two: Carefully fill out the claim form and attach related documents
Once the claim is intimated, the second step is to fill out the claim form and attach the relevant documents. It is important to fill the form with full attention and fill in the information accurately. You can download the form from the website of the company and fill online or take a print of it and fill it out manually.
The company requires some documentation and pieces of evidence related to the damage, you can find the list of required documents in the form. For instance, if you claim health insurance you need to attach a copy of medical bills, medical reports, or discharge summary. These actions make your claim smooth and hassle-free.
Step three: Navigating the claim process with an adjustor
The insurer sends an adjustor to evaluate the damage and losses to your property or family member. Make sure that the surveyor is licensed. The adjustor estimates the expenses required to repair the damage. Collaborate properly with the surveyor to calculate the value of the items and the cist require to repair them. It is also an important step to review your claim.
After all these steps the adjustor finalizes an agreement with you outlining the necessary details replacement or repair costs for your belongings. This agreement makes sure that you are fully aware of the compensation you’ll receive. For example, in the case of auto insurance, the surveyor investigates the authenticity of the claim.
Step Four: Acknowledgment of the claim
Do not be hurry to accept the claim. Make sure that you agree with the claim settlement and then accept it. If you are dissatisfied with the claim settlement, do inform your insurer. In case of any dispute between you and your insurer due to the claim settlement, you may obtain mediation from the state’s insurance company. Mediation refers to the involvement of a third party, in case of any dispute.
Moreover, the claim can be rejected if the information mentioned in the documents is not accurate. Be honest with your insurer to file the claim smoothly.
Step five: Get the claim amount
In the case of a cashless claim, the bills are settled directly with the network insurance providers, but in the case of a reimbursement claim, you will get the amount in 10-15 days in your bank account. Make sure to give the correct account number, phone number, and email ID.
Step six: repairing your home
You or your insurance company may hire a contractor to repair your home. Make sure the contractor is licensed, you can check his license.
Avoid door-to-door contractors as they may not work properly and leave before the issues are found. Get a written estimate that has the verbal promises, must ask for the fee of estimation.
The company first pays you the actual cost value and pays the remaining amount when the repair is completed.
FAQs:
How do you claim insurance?
Inform your insurer as soon as possible about the damage. They speed up the things to make the claim timely. Complete the claim form and then they send you the claim amount.
What are the four phases of insurance claims?
This cycle has four phases:
Adjudication
Submission
Payment and processing
How many types of claims are there in insurance?
Following are some types of insurance claims:
Property damage, bodily injury, death claim, health care benefits, and liability claim.
