Should I file an insurance claim or not?
What are the criteria for filing an insurance claim?
When is the perfect time to file an insurance claim?
And how do I file a life insurance claim?
The decision of whether to make a claim or not can be quite a dicey one especially if you are not knowledgeable about the challenges going on in the insurance sector.
It won’t make sense to file a claim you are not likely to get, as this may affect your chances in the future, so you have to be sure you met all the requirements.
If you’ve ever been involved in a car accident and you are wondering whether you should report it to your insurance provider or not, this article is for you.
Why You Should Consider Filing an Insurance Claim
- The role of an insurance claim is to help you pay for property damage or injuries you cause while driving. This claim can only be within the limit of policy.
- Why filing an insurance claim is very important is because it can help pay for your legal defense costs if you’re taken to court by a personal injury attorney.
You can file a claim if any of the following happens:
1. If the claim is a big one, please, file a claim immediately
Can you imagine what would have happened if the policyholders of the largest insurance claims didn’t file a claim? They would have lost millions of dollars.
The best time to file an insurance claim is when the claim is a big one. Only you can define what a big claim is for you.
But if the damage for which you would have made a claim is small enough that you can handle it from your pocket, then there won’t be any need to file a claim.
2. File if you have a first-time forgiveness policy
Some policies offer a one-time freebie, meaning that you will not be penalized by filing that claim. In many cases, insurance companies only make this provision for you if you have been accident-free for a number of years.
3. If you haven’t made any claims recently
This is similar to the first-time forgiveness policy, but it is a good idea to communicate with your agent before filing the claim. At this point, you need to be coy about the incident. Why? Because some agents are required to note in your file that you have had an incident even if you don’t file a claim. Ask hypothetically, as in “if I were to have an accident, would filing a claim raise my future premiums?”
4. File a claim if someone was injured in an accident
Be it general liability insurance, workers compensation, or auto insurance, if there is a chance that someone was injured in the accident, go ahead and file a claim in order to protect yourself from a possible injury lawsuit.