Short term insurance coverage is as much part of our lives as breathing, eating and resting! If you think of insurance car insurance is normally the most obvious kind of short term insurance that comes to mind. The simple fact of the matter is that most insurance claims processed result from motor vehicle collisions and thefts.
When you have been in an accident, or if your car has been damaged or stolen, the very first thing you need to do is put in an insurance claim so that your insurance company can pay to repair the damages or replace your car or truck. There are various phrases related to insurance car companies and claims, let’s check out a number of these:
A documented claim is pretty self-explanatory. As soon as you’ve been involved in an incident or crash, you need to notify the insurance firm of the loss or damage that took place.
The insurance car company will then assist you with estimates from different service providers (for example panel beaters) and try to resolve your claim as quickly as possible. Once a claim has been resolved by the insurance provider, and their clients are happy and back on the road again, this is seen as a closed claim. Done and dusted, time to move on!
Your claim frequency is the amount of times that an insured claimed against his/her policy in a certain stretch of time. If you have a claim frequency of 12 each year, you will be viewed as a high risk customer and you will most likely be penalized with increased month-to-month premiums. After a financial year, an insurer will take a look at the number of claims that they processed in that stretch of time. This will then be divided into the total number of policies that they manage to give them an average claim frequency. For example, if an insurance carrier has 100 customers and they process 200 claims, their average claim frequency will be 2.
When an insurance company reports on their claims experience they are making reference to the number of claims that they have taken care of during a specific period. If a company has a high claims experience, you can typically be assured that you’ll be in good hands once you need to put in an insurance claim.
Different insurance firms have different claims processes. Keep in mind that when you have to put in a claim against your insurance, you will not be in the very best of moods. You might have been in an accident or even involved in a hijacking, therefore it is important that you entrust your insurance automotive policy with a company with an above average claim reputation. Make sure that your premiums are always paid up and you have quick access to all your documents and records before getting in touch with your insurance carrier for assistance with a claim. Always document the incident or accident as soon as possible, typically starting at the police station to get a case number and ideally to find the guilty parties in the eventuality of a hijacking or stolen vehicle!
Claiming from your insurance is not a struggle – just ensure that you have all your ducks in a row!
Related posts:
- Road Traffic Accident Claims Tips
- Explaining Insurance Excess
- Getting insurance for motor homes
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Insurance Claims: Understanding The Lingo
Short term insurance coverage is as much part of our lives as breathing, eating and resting! If you think of insurance car insurance is normally the most obvious kind of short term insurance that comes to mind. The simple fact of the matter is that most insurance claims processed result from motor vehicle collisions and thefts.
When you have been in an accident, or if your car has been damaged or stolen, the very first thing you need to do is put in an insurance claim so that your insurance company can pay to repair the damages or replace your car or truck. There are various phrases related to insurance car companies and claims, let’s check out a number of these:
A documented claim is pretty self-explanatory. As soon as you’ve been involved in an incident or crash, you need to notify the insurance firm of the loss or damage that took place.
The insurance car company will then assist you with estimates from different service providers (for example panel beaters) and try to resolve your claim as quickly as possible. Once a claim has been resolved by the insurance provider, and their clients are happy and back on the road again, this is seen as a closed claim. Done and dusted, time to move on!
Your claim frequency is the amount of times that an insured claimed against his/her policy in a certain stretch of time. If you have a claim frequency of 12 each year, you will be viewed as a high risk customer and you will most likely be penalized with increased month-to-month premiums. After a financial year, an insurer will take a look at the number of claims that they processed in that stretch of time. This will then be divided into the total number of policies that they manage to give them an average claim frequency. For example, if an insurance carrier has 100 customers and they process 200 claims, their average claim frequency will be 2.
When an insurance company reports on their claims experience they are making reference to the number of claims that they have taken care of during a specific period. If a company has a high claims experience, you can typically be assured that you’ll be in good hands once you need to put in an insurance claim.
Different insurance firms have different claims processes. Keep in mind that when you have to put in a claim against your insurance, you will not be in the very best of moods. You might have been in an accident or even involved in a hijacking, therefore it is important that you entrust your insurance automotive policy with a company with an above average claim reputation. Make sure that your premiums are always paid up and you have quick access to all your documents and records before getting in touch with your insurance carrier for assistance with a claim. Always document the incident or accident as soon as possible, typically starting at the police station to get a case number and ideally to find the guilty parties in the eventuality of a hijacking or stolen vehicle!
Claiming from your insurance is not a struggle – just ensure that you have all your ducks in a row!
Related posts: