Things to Keep in Mind before Filing Insurance Claims
The biggest mistake that one could probably make today is to stay uninsured. Though this may sound quite enforcing, but it’s true in every sense. If you are driving without valid car insurance you are likely to pay a hefty fine. If you choose to ignore health insurance, a single hospitalization may take a toll on your lifetime savings. Not securing your international trips may spoil your world trip giving you bad memories only. So, it’s always important to buy an insurance policy to keep yourself protected against financial losses.
Do not just file a claim
If there’s a minor dent on your car door and you feel you should make a claim, then it’s advisable to drop that idea. Anything minor for which you feel you can pay at the moment and settle it up, it’s always good to clear that up by yourself. By registering frequent claims you may indirectly convey to your insurer that you are probable to face accidents in future or you often drive across risky terrains, which means you are most likely to register claims. By making a motor claim you also lose on the NCB i.e no claim bonus benefits, which is a discount on your premium given by your insurance company for making no claims.
Though health insurance policies do not cover OPD charges and consultations, it does cover day care procedures and in-home treatments. Many a times for minor hospital bills we end up making claims, though it is recommended that you file a claim and intimate your insurer, but frequent health claims may create an image that you are most likely to make claims in future leading to rise in premiums for your future renewals. But, remember intimating your insurer is of utmost important regarding your medical treatments. Staying fit is the key to making lesser health insurance claims. It also serves you with cumulative bonuses for no making claims, which means every year your sum insured increases.
If you see a screw hanging against your ceiling do not rush to fetch the home insurance claim form. Wait and think for a moment, a broken glass or minor electrical issues can be sorted within minutes by your local service men, however filing a claim request may cause delays and affect your claim history. For registering claims, you often have to chip in a deductible. This deductible is the minimum amount that you have to pay while registering a claim. So if your repair expenses are lesser than the deductible, it’s good that you mend minor repairs than reporting a claim and getting it settled.
Have adequate documents
It is very important to have all your claim related documents in place before registering a claim. Once you make your mind to register the claim by filling up details in the claim form, your insurer will send you a document list and you need to fetch them all to submit. Incomplete submissions are not considered valid and your claim reimbursement process may get delayed. Hence, it is of utmost importance that you keep your claim related documents handy. These days insurers ask for soft copies so you can always have pictures of your important documents. For car insurance always click pictures of the incident site and all the damage caused to your vehicle or the third party by your vehicle. This will act as an evidence for the surveyor when he comes to inspect your vehicle. For registering your health insurance claims, go for a cashless hospital for ensuring your out-of-pocket expenses are lowered. If at all you get hospitalized in a non-network hospital, then keep the bills and discharge summary safely. You will later need this to get the reimbursement in place.
In a nutshell: Be informed about your policy coverage and sum insured limits so that you do not make a claim that’s over your limit.
Disclaimer: The above information is for illustrative purpose only .For more details, please refer to policy wordings and prospectus before concluding the sales.