Sunday, January 06, 2008

Insurance Policy Acid Test - Insurance Claims

By John Dale

Many of us nowadays have insurance policies on our different possessions, but the real test for our policies comes out when we have to make an insurance claim against our insurances. Most of the time we keep on paying the insurance companies for our insurances but sometimes the insurance companies is put to the test where they have to pay us money out of what we have been paying. Here is where we actually come to know the worth of these policies and such companies, that how do they help us and how much do they pay us back. This is what we call an Acid test on our insurance policies.

The kind of insurance policy that you have is not the problem. You might have your life, car, house or any other valuable insured. The real strength of the policy and the company is seen when you want to get the insurance claim. If you get your money without any problems then that is the time when you come to realize that your insurance policy and company is very good. That is the real success. It is imperative that for getting a good policy from a good company you must complete your homework. You must look at the past records of a company. Then choose a company which has good payment records and avoid the ones which are known to trouble the clients when payments are to be made.

To make an insurance claim it is very necessary that you should know what all coverage your insurance policy gives you. You can only put up the proper accident insurance claim if you know all the rules and regulations. To avoid desperation and disappointment you need to now these rules as it will also save you from embarrassment. You should also know when and how to claim because if you delay your claim then you might possibly loose it. There is a time period within which the claim is to be put up. Then there are certain rules in car policies that till the time the company is processing the claim you are responsible to take care of all the liabilities you have and the insurance company will only pay once the claim is processed.

Paying more premiums is not a guarantee that you will also get good service, coverage and handling when you require it the most. Good money does not ensure good claim processing. Giving hefty amount of money to a company is not a gauge to judge the effectiveness of a company. A good company is judged by the services it offers to you when you put up your insurance claim. All good companies take care of their customers by giving timely updates to the customers about their claims. The process is very systematic. The company which tries to deny you such information is not a good company.

When we talk about customer care then we should also be ready to pay for it. It is not for free. Cheap companies mostly do not offer any such thing. We buy cheap policies but when it comes to getting a claim approved and settled then we are the ones who are doing more work rather then the company officials. We should not negate the importance of customer care for saving little money.

The best way to test a company's credibility is its financial position. These financial resources are used by the insurance companies to settle the claims. Ask yourself, will the company be able to pay number of claims that come at the same time. For example, let us suppose that there is a flood, would the company be able to pay all the claims in such a situation. A study of the financial position of the company will give you a good idea.

The insurance claim is the result of any disorder or any disturbed moment in our lives. There can be many such events for example, car accident, a natural catastrophe, burglary at your house, a pet needs medical attention , a member of the family needs medical attention, and many more. So at these times in our lives we need peace of mind and we need that the insurance claims be smooth. We want it paid off in a very timely manner so that we can come out of this disturbed moment in a normal way. All this can work in a very proper way only if at the time of getting insurance we investigate properly, that what is being insured and what is being covered in this insurance policy. A good insurance company will always answer your questions and will try to clear all your doubts. All this and many more have to be considered at the first place when you are trying to get insurance.

When you are claiming on a policy, do everything you can to document what has happened. Photographs are very helpful in many situations as are comparisons and keeping results and valuations for your insured items. The process of setting up insurance will often help you get these things organised to begin with, and never hesitate to ask your insurance company for help as after all, if you can make their job easier during the claims process, they will keep their own costs to a minimum and everyone wins.

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