Filing Insurance Claims and Debt


People purchase insurance everyday to protect themselves just in case something catastrophic happens to them or their property. Insurance is a great way to provide the funds necessary to replace a damaged or stolen vehicle, pay off a loan, or even paying your monthly bills until you can return to work. Without this protection many people would be facing large debts and damaged credit. But even though you purchased an insurance policy it doesn't mean you are totally protected. An insurance policy is only as good as the coverage it provides and the amount of funds it pays. Based on this, it is critical that policy owners take steps to make sure that they receive the proper amount of money when filing a claim.

Be sure to keep documents and records that can act as proof of ownership if there is ever a dispute when a claim is filed. Be sure to accurately complete the forms that insurance companies require when making a claim or it may be denied. If you are unhappy with a settlement, be sure to get a second opinion. Many insurance companies will attempt to pay you as little as possible on your claims since the less they pay to you, the more they keep for themselves. Get a second estimate and compare it to the amount offered by the company. If they refuse to negotiate, contact an attorney or your state insurance department.

Track all expenses that arise as a result of an accident as they are often reimbursable and be sure to file your claim promptly. If time requirements for the filing are not met, the claim may be rejected. Procrastinating can may times add to your debt or affect your credit, so file in a timely manner. Be sure to examine the specifics of your insurance policies before something goes wrong because insurance is only valuable if you to collect when you need it. Make that sure your insurance will provide the protection you expect by following some basic procedures before filing a claim. They are generally quick and easy to perform and could make the difference between getting the money you need or going into debt.

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