What to Expect When You File an Insurance Claim
Filing an insurance claim can be a daunting task, especially while dealing with the stress of a loss or damaged property. The process can also be confusing for individuals filing a claim for the first time. Fortunately, adequate knowledge can help the process be more manageable in file insurance claim.
While various insurance providers handle their claim process differently, the steps below are similar. Here is an idea of what to expect during the insurance claims process:
Calling the Insurance Company
If your home or car incurred damages, promptly filing a claim is essential. Doing so helps the insurance company address the necessary repairs or replacement costs. But more importantly, it prevents denial of coverage. One of the ways the insured can increase the possibility of a denied claim is by waiting too long to report it. Policyholders are responsible for timely notice of their claims.
It is also vital to document the scene of the accident or the damaged property itself. For instance, if you have car insurance in the Philippines, you must report the event of the crash, like taking pictures to serve as proof of what transpired.
Furthermore, during the call, you might be asked for necessary details regarding the insurance policy and the claim you are filing. Such information might include the following: insurance policy number, personal information like name and address, details of the claim, and details of anyone involved in it is an auto insurance claim.
If you have further questions about the policy, take the chance to ask them. You may ask about coverage limits, deductibles, and other policy features.
Meeting with an Adjuster
After an insurance company receives the claim, they will send an insurance agent called an adjuster to inspect the damage. They will reach out to you as soon as possible and arrange a time to assess the claim.
Receiving Offer from an Adjuster
After an insurance adjuster submits a report regarding your claim, the insurance company will issue a settlement, which is the amount they agreed to give you to repair or replace your damaged property. While the best providers of non-life insurance in the Philippines offer a fair bargain, others might offer a payout that is too low.
If you feel that the payout offer is not enough, you can negotiate with the adjuster or ask how they arrived at the figure. Better yet, you can give an estimate from your research about the costs of repairing the damaged property to ensure that you receive a fair bargain. If negotiations fail, you consider getting an independent contractor’s estimate or call the insurance company’s regional or national headquarters.
How long does it take to receive a settlement?
Many factors might affect the time that it will take the insurance company to determine the appropriate settlement, and it includes:
- The extent of damages.
- The time it takes to send out an adjuster.
- How long is the negotiation about compensation for the damages between the insurer and the insured.
A specific timeline for an insurance company to follow in the claims process as set by the state law.
Read More: What to do if your Insurance Claim is Rejected?
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