Insurance Claims - Do's and Don'ts
If you have been involved in any kind of traffic accident, whether a car accident, truck accident, or motorcycle accident, you will inevitably have to deal with your insurance company as well as the insurance agents of others involved in the accident. Filing an insurance claim and handling insurance adjusters can be quite a task. Here are some essential dos and don’ts to remember, regarding insurance claims.
Do's
Do contact your insurance company as soon after the accident or injury as possible. Unless you have some very serious injuries to take care off, your insurance agent is the first person to call in case of an accident or injury.
Do take time to read your insurance policy and understand it. This will help you in determining what coverage your policy allows so as to make the necessary claims.
Do your best to get as many details of the accident as possible. This will include taking pictures of the damaged vehicles and any injuries sustained. Also do try to take down the names and numbers of any witnesses to the accident who may later be able to help prove your insurance claim.
Do make a note of the insurance details of any other person or vehicle involved in the accident.
Do keep a written account of any conversations and dealings with the insurance officers, agents, and any other people involved in the claims process.
Do save receipts and bills for any and all expenses relating to your insurance claim, bills for any repair work on the damaged vehicle, and also any medical costs incurred on the treatment of any injuries that are covered by your insurance policy.
Do be frank and honest with the insurance investigators so that your claim is not denied for fraudulent reasons. Do check if you have more than one insurance policy that provides coverage for the particular accident or injury. Many people have more than one policy that might cover a claim. In particular, look at homeowner policies, "umbrella" policies, and materials that came with your credit cards.
Do understand the difference between replacement coverage and depreciated or actual cash value. If your policy provides replacement coverage, don't settle a personal property loss for "actual cash value." You may be required to replace the lost items before getting your full reimbursement if you have replacement cost coverage.
Do keep all receipts of meals, lodging, and purchases made in connection with time spent pursuing your claim or recovering from your injuries from the time of the covered event until final settlement with your insurance company.
Don’ts
Don’t admit to any kind of liability on your part but just stick to the facts without expressing any opinion. The ascertaining of liability is affected by different circumstances. It is not your job to admit fault but is the job of the insurance investigators to gather all the necessary facts and evidence and then determine liability.
Don’t give anything in writing to any insurance officers, whether your own or the other party’s, if you do not understand any part of your policy or claim.
Don’t let any time limits to file your insurance claim run out. All insurance companies require you to file an insurance claim within specified periods of time after the accident or injury. So make sure you don’t disregard this time limit or else your claim may not be considered valid.
How do I file a business insurance claim?
When a fire, accident or theft occurs at your business:
- Contact your insurance agent and company right away. Any burglaries or theft should also be reported to the police immediately.
- Read your insurance policy so that you know what your responsibilities are to your insurance company after a loss.
- After a disaster, take steps to protect your property from further damage by making temporary repairs. If immediate repairs to equipment are necessary, save the damaged parts in case the claims adjuster is interested in examining them.
- Get at least two bids on the cost to repair or replace damaged property.
When filing a business interruption claim, be able to show the income the business was generating both before and after the loss. Keep detailed records of business activity and the extra expenses of keeping your business operating in a temporary location during the interruption period.
If you are forced to close down, include expenses that continue during the time that the business is closed, such as advertising and the cost of utilities