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[M171]Making An Insurance Claim

by Mathew Sabri, Mat

It is understandable that people panic in emergency or unexpected situations, but a little bit of composure should allow things to be sorted out pretty quickly. It's easy to get caught up in worrying about what might happen. But there's usually nothing to worry about. There are a few simple points you need to remember that will allow you to ensure things work out okay.

The biggest tip is to take several copies of your policy information with you. The numbers to call, your policy number, a brief summary of your schedule are all important bits of information that could help sort things out with a minimum of fuss.

Especially in medical situations, speed is vital and quite clearly, this should take on greater importance where treatment is needed. Should you be unconscious, so long as someone finds your documents then treatment should be given without delay.

Considering the medical implications, theft is not such a big deal but can ruin your holiday nonetheless. In extreme cases immediate action is necessary, such as getting replacement funds and documents. For smaller cases you can wait until you return home to contact the insurer. but make sure you get a police crime report to prove your claims.

Be aware, in developing countries with high numbers of foreign tourists, this is seen by many police as a waste of their time. You might have to give officials a small bribe to make progress. While this may seem alien to us, is some countries it is standard procedure.

Another common claim is for baggage lost by airlines, hotels or transport companies. The thing to watch out for here is accountability. It's important that, if possible, some sort of admission of culpability is obtained to forward to your insurer. It wouldn't be unheard of for an airline to deny losing something even after their staff admitted to the fault at the time.

In the information age getting in touch with your insurer, even if you've lost your wallet with all the contact details in, isn't usually going to be that difficult. Even if you don't have a policy number to hand, the staff at the insurance office should recognise your name and be able to confirm your details through some sort of password system set up when you bought the policy.

The next step up is third party, fire and theft ? essentially the same as third party but with additional cover if your vehicle is set on fire or stolen. If you are concerned about the value that you have invested into your car or any possession in the car, then this policy will not cover you to the degree that you require.

Most people opt for a fully comprehensive cover ? this covers third party, fire and theft as well as damage to your car (whether its caused by you or someone else) and the damage, loss or theft of any possessions carried in your car.

Before pondering whether or not to claim, determine whether or not you are covered and can claim? Not only does the type of policy dictate the nature of your claim but also the specific details of the policy.

For example, does your insurance include replacement locks? Can you claim for personal possessions and if so what items are covered and to what value?

It's worth noting that many people these days have home contents insurance which covers items carried in your car ? check the difference in policy to see which insurance policy is more cost effective to claim with.

You should consider two key factors when deciding whether to claim or not to claim ? these two factors are the impact on your no-claims bonus and the amount of excess charge that you will be liable for.

- Excess

The excess charge is how much you are willing to pay in the event of an accident. In some cases the excess charge is set by the policy provider and in others the policy holder is allowed to set their own voluntary excess level. However the excess is determined, the bottom line is that the higher your excess, the low the premium and vice versa.

The excess charge can be a major deciding factor in whether to make a claim or not.

For example, if you agree to paying an excess of ?200 that means that if you have an accident that costs ?400 to repair your vehicle, you pay ?200 and the insurance company pays ?200. If your claim is less than ?200 then the insurance company will not pay anything.

So, as long as the claim is more than the excess you should make a claim, right?

Not necessarily ? that brings us on to our next major factor:

- No claims bonus

To some people the thought of losing their no-claims bonus is the stuff of nightmares. It's no surprise ? some no claims bonus policies can save you 65% on your premium if you have five years or more of no claims.

The particular details of your no-claims bonus vary from policy to policy ? with some there is no quarter: if you make a claim, you lose your bonus. With others there is a system of "three strikes and you're out" whereby you are allowed to make two claims within a certain time period but a third would result in your losing your bonus.

There are also protected no claims bonus policies where you can pay an extra premium to protect your no claims bonus so even if you have to make a claim you save money.

While not rocket science, considerable thought needs to be applied to the decision of whether or not to claim. To make the right decision you need to weigh up, not just the cost of the claim but the effect that claim will have on your premium.

Article Source : Holiday Insurance For Over

About Author

Both Mathew Sabri & Katie Brown are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Mathew Sabri has sinced written about articles on various topics from Travel Insurance. If you have been saving up to go abroad in your gap year, you do not want to have to pay a fortune for . etravelinsuranc. Mathew Sabri's top article generates over 6600 views. to your Favourites.

Katie Brown has sinced written about articles on various topics from Mortgage Insurance, Auto Insurance and Finances. ASDA Finance provides good value, basic for your car - ideal for older cars. Katie Brown's top article generates over 27100 views. to your Favourites.