Guide: How To File An Insurance Claim

How To File an Insurance Claim

Guide: How To File An Insurance Claim

Accidents are some of the scariest life experiences. You may feel confused, scared, and overwhelmed by this unfortunate experience. When balancing all of these emotions you may feel lost. The reality of having to deal with damages and potentially waiting for help can be overwhelming. If this is your situation, we’ve put this article together so you can think clearly and confidently in filing your insurance claim. Even the safest and most experienced drives can have accidents, a lot of times it isn’t the driver’s fault, and many times it may be their fault. In this article, we will review the definition of an insurance claim and detail the claim filing process.

What Is An Insurance Claim?

An insurance claim is a formal request by the policyholder to the insurance company for coverage or compensation on a loss. The insurance company provides you coverage on these types of incidents dependent on your types of coverage. There are some instances where your insurance provider will not cover specific types of incidents dependent on the cause of the accident(s). Please speak with your insurance broker for more information on the types of coverage available on your insurance policies.

What Happens When I File An Insurance Claim?

When you file an insurance claim, the insurance company will:

  1. Allocate a representative to process your insurance claim
  2. Schedule for investigation of the insurance claim
  3. Investigate the insurance claim and respond to the insurance claim
  4. If the insurance claim is approved, the insurance company will indemnify you for your losses.
    1. Did you just ask, what is indemnify? Don’t worry, we’ve got your back!
      1. Indemnify means they will compensate you for your losses.
    2. When the insurance company has chosen to indemnify you for your losses, you will receive instructions on how you will be compensated for your losses! Compensation could include repairs or a check for your losses.

Accidents are unexpected events. These unexpected events should be handled with care! When you are in an accident, you should first confirm everyone involved in the accident is safe. If you have your phone near you, call 911 so they can report to the scene of the accident. You should share there has been an accident and whether there are people who are injured. For accidents that are lethal or very bad, it is important to always notify the authorities for help! Stay safe! If you are involved in an accident we recommend you follow the above steps.

Six Steps To Filing An Insurance Claim

Step One:

Always after an accident exchange information with the individuals involved. You should be collecting license information, plate number, and insurance information.

Step Two:

Call the police so they can appear at the scene of the accident and make a report.

Step Three:

Notify your insurance company of your accident, it’s the law!

Pro Tip:

When notifying your insurance carrier about the accident, remember if you are not at fault do not file the claim with your own insurance company. If you are not at fault file, the claim with the insurance carrier of the person who is at fault. There is a big difference between notifying and filing a claim!

Step Four:

Once you have notified your insurance carrier, if you do not have the information of the other party, you will need to get the police report at your local police precinct a week after the accident.

Step Five:

Once you have obtained the police report, you can call the other persons insurance carrier and file a claim against the other person’s insurance company.

Step Six:

After the claim has been made, you will be issued an adjuster. An adjuster is someone who works on the claim and represents you in any discussions. The adjuster will contact your repair shop of choice or assign you to a repair shop to get an estimate of the repairs.

Insurance claims vary between all cases. The most common insurance claims people process are Diminished Value, and Total Loss and Gap Insurance. Your insurance broker/agent is responsible for helping you through the insurance claim process and will help you work through these different claim types.

What Is A Diminished Value Insurance Claim?

A Diminished Value Claim is filed for partial losses after an accident has occurred. Diminished Value Claims refer to situations where the car already been repaired and is considered “as good as new” but the car has a history of the damage or of the accident and can affect the resale value. This claim can help compensate for additional financial loss.

What Is A Total Loss and Gap Insurance Claim?

Total Loss and Gap Insurance coverage are offered as an optional endorsement. Both endorsements can be added to your insurance if requested. In most insurance claims, the insurance company usually pays the Actual Cash Value (ACV) at the time of the accident. Are you in a situation where you owe more money on a car than the car’s actual cash value? If so, you may be left owing money to the lender/bank providing you with the car loan. When you have Total Loss and Gap Insurance, you are covered in the event your car’s value is less than the current balance on your car loan. Insurance companies will pay the difference between your total loss, and the remaining balance on your car loan.

When Can I Repair My Property After A Loss?

Once the adjuster has all of the required information you can begin repairs on your vehicle. It is always important to remember; accidents aren’t desirable experiences. The above six steps are intended to provide you with a simple guide you can follow to work through your claims process. Insurance claims are time-consuming processes. Insurance claims require a lot of information from the involved parties in order to investigate the incident and determine liability. When it comes to filing insurance claims, the more information you can provide, the easier it will be for the adjuster to process the claim and complete the claim. If the adjuster requests additional information, try your best to respond immediately. The faster you respond, the easier it is to ensure the claim doesn’t get delayed.

How Does An Insurance Claim Impact My Premium?

We often get asked if accidents/claims impact the person’s insurance premium. Unfortunately, insurance companies are all different and each insurer classifies incidents differently. Insurance companies typically view claims, accidents, and violations as incidents that impact your driving record. In some instances, filing an insurance claim can increase your premium. This is most common when you file an insurance claim that is above your coverage amount.

Your Team At Dimor

Accidents aren’t fun and we hope you don’t have to ever go through an accident. Accidents can be scary, overwhelming and confusing. We hope you enjoyed our Guide on How to File an Insurance Claim. Your friends at Dimor are here to support you and help you through these confusing life experiences. If you have any questions, feel free to reach out to our team! We’ll gladly help you whenever we can. Remember if you’re not at fault in an accident always file the claim with the other person’s insurance company!

Call us today if you have any questions!

We’d love to help you with any insurance claims and ensure you and your family are protected!

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