Making Insurance Claims Uk
Most people are daunted by the fact when they have to make a claim on an insurance policy. Nowadays, it need not be that way, but depending on which insurance company you bought your policy from, making a claim can still be a nightmare. This is when it pays to have insurance policies with a well-known or established insurance company, as they will have clear guidelines on how to make claims and give you an estimate as to how long it will take to pay-out on your claim.
Each insurance company will have their own process of how to submit insurance claims and make sure that you familiarise yourself with these. Some of the general steps are the same regardless of which insurance company, some may require more, others less paperwork, so be ready for that. The important step is to have a copy of your insurance policy handy and read the relevant section on claims and coverage.
Are you properly covered? The first question the insurance company will seek to answer is whether the you are covered for the incident in question. Read your policy carefully to make sure that you are indeed covered for that event. For example, with travel insurance some policies may cover you against lost luggage by the airline, but not against having your luggage stolen at the airport. Some insurance companies will insist that a police report is necessary, so make sure that you file a police report if that is the case. If you are unsure, it is never wrong to have the police come anyway whether it is a theft case, car accident or injury. This way you will have an official report of the incident.
How much will be covered? Even if you have an insurance policy to cover a certain event, don't think that the insurance company will cover 100 per cent of your cost. Read your policy carefully to see if there are any out-of-pocket or deductible expenses or pay-out ceilings on your policy. For example, for most motor insurance policies, there will be an out-of-pocket expense. This means that if you damage your car, the insurance will only cover damage exceeding a certain amount. If your out-of-pocket amount on your policy is £200 and the damage to your car is less than £200, then you will have to pay the entire amount. However, if the damage is £300, then you pay £200 and the insurance company will pay the remaining £100. Pay-out ceilings place a limit on the amount you can claim. For example, let's say that your luggage was lost, but you had some valuable jewellery in your luggage. If you look at your insurance policy, it will most likely say that the insurance company will only reimburse lost luggage to a certain amount, even if your loss is more than that. If you are buying travel insurance and you are taking valuable items with you, you may think about buying separate insurance to cover these items, as a basic travel insurance policy will most likely not cover them.
Most importantly, keep all your paperwork regarding your claim, and make copies if necessary so that if a dispute occurs with your insurance company, you are able to clearly document your claim.
