Search: More on claiming on insurance
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Insurance premiums are on the rise. Of course some cover – like motor insurance – isn’t an option but a legal requirement.
That doesn’t mean you shouldn’t shop around every year for the best deal of course. And you should always consider opting for third party cover if the cost of replacing your old jalopy isn’t too much in the event you’re responsible for an accident.
But on other optional insurance policies, how many of us can truly say we’ve carefully looked at all the small print and worked out what’s covered and what’s not?
In the vast majority of cases, all we’re interested in is getting “cover” for the lowest possible price.
This makes no sense at all. With almost every other major purchase, we look carefully at what the service or product offers, make sure it fulfills our needs and only then make a decision whether or not to buy it
Insurance should be no different. So before choosing any policy, you should carefully go through all the terms and conditions to make sure they suit your needs. Note down which policies match your requirements and only then select the one that offers you the best premium.
Once you done that, you can rest assured you’ve chosen wisely. However, this decision will only pay off in the event of your making a claim.
All too often, the good work in having chosen the right policy is ruined by making silly mistakes when claiming. So here are the top tips to make sure that if and when you do claim, you maximise your chances of getting satisfaction:
1. Check the Scope of Your Policy
The very first thing to do when disaster strikes is to check that whatever loss you’ve suffered falls within the scope of your policy. So carefully look through all the terms and conditions before doing anything else.
If you’ve done the right thing by checking the policy before you bought it, you’ll probably avoid the disappointment of finding out that what you thought was covered, isn’t!
But in any case, it’s worth checking again even if it’s just to save yourself the heartache of submitting a lengthy claim, only to find out you weren’t covered.
2. Follow the Instructions
To make a successful claim, you must play by the rules. If your insurer demands you call its helpline to submit a claim, make sure you do just that.
Likewise, if your policy demands you submit your claim within a certain deadline following the incident, make sure you do. It’s the easiest thing in the world for an insurer to throw out a claim if you haven’t followed its rules to the letter.
3. Give All the Details you Can
Insurance companies both need and want as much information as possible to make the correct decision on your claim. A big part of this is to find grounds on which to reject payment. To avoid this, provide all the relevant details you can so they can’t reject your claim on the grounds of omitted information. In every case, it's up to you to prove your claim is valid.
4. But Be 100% Honest!
Whilst it’s important to provide all the details you can, don’t let this tempt you into embellishing your claim. Insurers are adept in seeing where claimants have been gilding the lily, and while you might think you’ve simply pushed it a little, they’ll just see it for what it is - FRAUD.
The common and tempting mistakes are to bump up the value of your loss or add on a few items that never existed. Many claimants do this because they feel this is the only way to get a fair payout. But it’s a huge mistake. If they catch you out with only one small lie, they’ll almost certainly reject the whole claim. Why risk losing thousands – as well as criminal record - to try and get an extra £50 or so?
5. Keep on Top of Your Claim
Making a claim is a tiresome business and insurers like it that way because it puts some people off making a claim altogether.
Inevitably, it will seem your claim drags on and on. It’s up to you to keep contacting your insurer to ensure they get on with processing it and sending you your money.
Don’t be afraid to keep hassling. The more they know you’re on the case, the sooner they’ll want you off their backs!
6. Call in the Experts for Large Claims
If you are making a substantial claim – say for example your home has flooded or suffered a fire – then consider appointing your own loss adjuster.
Your insurer will inevitably send round their own loss adjuster. And while they’ll certainly act sympathetic and make all the right noises, never forget they’re working for your insurer – not you.
Above all, don’t start an argument. If you’re not happy, then call in your own expert. You certainly wouldn’t stand trial in court without your own legal advisor so if you’re not happy with what you’re hearing, get expert, impartial, advice.
This will probably be expensive but if your claim is large enough, it’ll almost certainly be worth it.
7. Don't Expect to Profit
All too often, claimants live in hope of making a profit out of their claim. Make sure you’re not one of them. The point of insurance is to return you to the same position that you were in before your disaster happened.
The chances are you won’t end up with quite as much as you think is necessary to compensate for your loss.
That said, some insurers offer “new for old” cover. That’s a great bonus of course but don’t just expect to get it.
8. Complain if You’re not Happy
If you’re not happy with the way your claim is being handled, then ask for a copy of your insurer’s complaints procedure and follow it to the letter.
If you're still not happy, tell your insurer you’ll be contacting the Financial Ombudsman Service (FOS).
Contacting the FOS costs you nothing but it can cost your insurer a lot of time and money and may prompt them to speed up resolution of your claim.
If you’re still not happy when your claim is finally settled, don't stay with an insurer that has treated you badly. There are plenty of other firms out there vying for your business!
