Insurance Claim Process

Insurance Claim Process

Insurance Claim Process HERE.

If you are fortunate, you may never have to make a claim against your insurance. However, when things do go wrong and you are involved in an unexpected accident, disaster or other loss that is covered by your insurance policy, you can make a claim with your insurer.

The policy you buy is a promise of assistance when things go wrong, provided you fall within the policy’s terms and conditions. You need to lodge a claim to activate the Insurance Claim Process response. If your claim is accepted (and almost all are), the insurer will fulfill the promise it made in the policy. This is commonly through repairing or replacing damaged property or items, covering legal fees, or through payment.

General Insurers pay out an average of $135.9 million in claims to policyholders each working day. They only decline 3.6% of claims*. In 2017-18, insurers approved 3,361,016 claims from policyholders**.

About 6.9 per cent of home and contents policyholders and 15.7 per cent of motor vehicle policyholders lodged claims in the December quarter of 2018.

The bottom line is car insurers expect to be notified of any incident that could potentially lead to a claim – even if you don’t plan to make one.

Refraining from doing so could risk putting you in breach of your policy’s terms and conditions.

This is primarily because even if you don’t lodge a claim, an affected third party might – so your insurer wants to have as much information as possible about the incident.

They will also take into account incidents – as well as claims – in your recent past when calculating your risk – especially if the incident is serious.

Damage to your car may have affected its safety, security or value.

When making a Insurance Claim Process, your expectation is that your provider will handle your enquiries carefully and pay out according to the terms of your policy. However, this isn’t always the case. If you feel that your claim hasn’t been handled fairly – if it’s rejected, for example, or the valuation you have received is less than you expected – complain to your insurer in the first instance. 

Read more: – Which?

When you make a claim you will need to provide enough proof of your financial loss under the policy. This may include proof of ownership of claimed items, police or medical reports, and receipts or invoices.

If the insurance company needs more detailed information before making a decision, it will let you know what information it needs from you within 10 business days of receiving your claim.

The insurance company might decide to appoint a loss assessor, loss adjuster, or an investigator to get more information. If so, the insurance company will give you an estimate of how long it will take to make a decision about your claim. It will also notify you within five business days of appointing that person and it will let you know, every 20 business days, about the progress of your claim.

If your claim is complex, the insurance company will negotiate with you to arrange a different timeframe for settling the claim.

You can have access to any information about you that was used by the insurance company to assess your claim unless the company is investigating your claim. Insurance companies are not allowed to be unreasonable in denying your request for information and reports about your claim.