When is the right time for you to claim insurance? Must you claim the insurance on time?
Yes, it is best to ensure you claim insurance as soon as possible. An insurance claim is a formal request by a policyholder to the insurer for compensation for a covered loss or policy event.
The insurance claim process typically involves five main stages, from the moment you report your loss to the resolution of your claim. Below is the step-by-step process for an insurance claim.
1. Connect with your insurer
2. Claim investigation begins
3. Policy review
4. Conduct of damage evaluation
5. Payment arrangement
These legal processes require you to follow certain steps at specific points in time if you want to achieve the desired result. Failure to follow these steps could lead to your insurance claim being denied or not paid in full.
Importance of claiming your insurance on time
1. Quick insurance claim settlement
The insurance company will start the process as soon as you file the claim.
Therefore, ensure to inform your insurer immediately after you get involved accident.
2. On-time survey of vehicle
An insurance adjuster plays an important role in the insurance claim. They will inspect the vehicle damage to determine how much the insurance company should pay for the loss. What they do:
- Interview the claimant and witnesses
- Inspect the vehicle
- Do additional research such as police reports
To your knowledge, your insurance company is only able to give a green light to the panel workshop upon receiving the estimation report from the adjuster.
Therefore, claiming the insurance on time will allow the adjuster to be assigned on time and complete the report on time as well.
Claim on time to avoid the consequential risk
To your knowledge, there is no law specifying a deadline for filing car insurance claims. Some insurers may not specify the time within which you are supposed to file a claim, some insurers may put it down clearly.
If your insurer spells out a timeline and you don’t inform the insurer about the claim within that, your claim is considered delayed. It is best to refer to your insurer and ask. They might have set the actual deadline in the policy you signed.
Your insurer can reject a claim, if you delay, on technical grounds. The deadline could be from 14 to 60 days or more, however, it depends on the company.
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