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If I buy Insurance Today, How Does The Claims Process Work?

Insurance serves as a hedge against man-made or natural disasters, hazards or calamity. Insurance equals your financial security and puts your mind at peace. It means you can basically manage the risk of loss of your property and even life. With an active policy, the value of your possessions can be recovered depending on the kind of insurance policy you have in place and the extend of cover it provides against stated disasters. As the insured then, you exchange a little loss on your part from your pocket (monthly or yearly premium) with total or near total recovery from a much bigger loss later. The premium is the little periodic contribution or amount of money you have to pay to the insurance company for active cover. Therefore, if you did not buy insurance, and are involved in an accident, you will have to replace the loss fully with money from your pocket, and risk loosing everything.

If you are involved in auto crash (for instance) involving property damage or injury, inform your broker, insurance company or insurance agent immediately or within days (even if you are not at fault). You will be asked to provide some of your policy information and some details of the incident such as: your policy number, insurance company, make, model, license plate number and year of the car as well as other details regarding the incident.

Note: Always take time to read and understand your insurance policy details and coverage scope after you buy insurance. Ask questions if you are ever confused about any specific clause.

As soon as your claim is reported, a claims adjuster gets in contact with you. He/She may want to meet with you in person or simply speak with you over the phone. You may also be required to fill a claims form also known as proof of loss form. Your claims adjuster will then check to determine the extent to which that claim is provided for or covered in your policy. He/She will also explain your coverage terms to you and guide you properly throughout the claims process.

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