6 Things You Need to Know About Insurance Claims

Putting in insurance claims it means you’ve had a car accident. Or you have had a stint in hospital, some theft or something else has gone wrong.

The particular policy you invest in is like a promise. It will assist you if you adhere to the policy’s terms and conditions. Insurance will assist you when things go wrong. If the insurer accepts and approves your claim then it will pay out as set out in the policy.


The Good News About Insurance Claims

It is good to know that insurance companies pay out a huge percentage of legitimate claims. So let’s look at some things you need to know about insurance claims –

  1. Insurers don’t try to do you in. In fact they nearly always pay out for a legitimate claim, whether its motor vehicle insurance or general insurance policies.
  2. If you have a very large claim, it will involve an insurance assessor who will examine your case and assess your losses and its value. They will advise your insurance company on their findings so that they can make a decision on your claim. In some instances, other experts may have to provide specialist advice. All of this is important information because it determines the management of the the claim.
  3. Yes, sometimes insurers do reject claims. If you have an accident and your car insurer finds out that you’re driving around with smooth tyres or your windscreen wipers aren’t working  your claim could be rejected. This is because the insurer sees your car as un-roadworthy.  Also, lying about who was About Insurance Claimsdriving at the time of an accident when you’ve got a policy that only covers the ‘regular’ driver may well see your claim being repudiated.
  4. Remember that Third party insurance is just that – it doesn’t  cover the costs of repairs or treatment for your damages.  The insurance is there to only cover those costs involved in compensating the victim.
  5. If you’re looking for car insurance, you need to know that some insurers will insist that you fit a telematics device to your vehicle. Investigators use this is technology to track and recover stolen vehicles. It also monitors driver behaviour. If the particular cover you have makes it conditional that your car has a satellite tracking device fitted, then the insurer will likely reject your claim if you failed to install one and someone stole the vehicle.
  6. The insurance industry is rife with inflated as well as fraudulent claims. There are policies which carry a forfeiture clause, and this means that if you do this sort of thing you may well find yourself having to forfeit all benefits under the policy so that you end up getting not a cent.


Insurance Claims – Know when Compensation is due to You

Do research on insurance claims and find out what is due to you. You are  entitled to compensation from those responsible for damage to your property. With car accidents, in South Africa there are precious few people who have comprehensive insurance, and often the claiming process goes to the Small Claims Court. Save yourself loads of inconvenience and anguish by finding out all you can on insurance and who can claim for what.

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All info was correct at time of publishing