Insurance Claims - Understanding The Lingo
When you've been in an accident, or if your vehicle has been damaged or thieved, the first thing you need to do is put in an insurance claim so that your insurance carrier can pay to repair the damages or replace your car or truck. There are various phrases associated with insurance car companies and claims, let's have a look at a few these:
A reported claim is pretty self-explanatory. As soon as you've been involved in an incident or car accident, you need to inform the insurance company of the loss or damages that occurred.
The insurance company will then assist you with written estimates from numerous service providers (for example panel beaters) and try to resolve your claim as quickly as possible. Once a claim has been settled by the insurance provider, and their clients are satisfied and back on the highway again, this is seen as a closed claim. Done and dusted, time for you to move on!
Your claim frequency is the amount of times that an insured claimed against his/her policy in a certain stretch of time. If you have a claim frequency of 12 each year, you will be considered to be a high risk customer and you will most likely be penalized with increased month-to-month premiums. After a financial year, an insurer will take a look at the number of claims that they processed in that stretch of time. This will then be divided into the total number of insurance policies that they manage to give them an average claim frequency. As an example, if an insurance company has 100 customers and they process 200 claims, their average claim frequency will be 2.
When an insurance company reports on their claims experience they are speaking about the number of claims that they have handled during a certain period. If a firm has a high claims experience, you can generally feel comfortable knowing that you'll be in good hands once it's time to put in a claim.
Different insurance firms have different claims processes. Do not forget that when you have to put in a claim against your insurance, you will not be in the very best of moods. You might have been in a major accident or even involved in a hijacking, therefore it is important that you entrust your automotive insurance policy with an organization with an above average claim reputation. Make sure that your monthly premiums are always paid up and you have instant access to all your documents and records before getting in touch with your insurance carrier for assistance with a claim. Always document the incident or accident as soon as possible, typically starting at the police station to get a case number and ideally to find the accountable parties in the event of a hijacking or stolen vehicle!
Claiming from your insurance is not a difficult task - just ensure that you have all your ducks in a row!
Questions and Answers
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