Whenever your insurance road-map starts to look a bit complicated in that you don’t really know why you’re paying so much for coverage which doesn’t really make sense to you, it’s definitely time to go back to basics and ask yourself just exactly what you need coverage for. Anything you don’t need coverage for should be done away with, something which can naturally be quite tricky since some insurers aren’t all too flexible on the policies they provide.
So that’s exactly where it starts by way of preparing for what to do if and when the time comes around when you do need to file a claim and you’re waiting on your insurer’s claims process results. Insurance is about hedging against the financial burden you’d otherwise be faced with should something go wrong and you wouldn’t otherwise be able to afford the costs to rectify or replace it out of pocket, so that’s where one needs to look in order to ascertain just what exactly they need coverage for.
You should know at this very moment exactly what you’d do in the midst of a payout-triggering event, starting with being clued up about how long it will take your insurer to get back to you with their decision on whether or not they’re going to pay out your claim. So obviously this would imply that you are fully aware of the fact that just because you have an insurance policy, that doesn’t necessarily mean you’re going to receive a payout. You may even just receive a partial payout which doesn’t really cover the full costs of the financial loss you suffered during the covered triggering event, so these are things you need to plan for, even though it’s really not a nice thought to entertain.
The reality is that you might find that you’ve been paying premiums all these years and yet you walk away with nothing in the aftermath of the triggering event and subsequent claim filed. I really don’t mean to paint a bleak picture or scare you in any way, but the insurance industry thrives on paying out as little as possible in their claims. Basically if they have any grounds not to pay out your claim, they will most definitely pursue them and I wish I could say only as far as is reasonable or within the confines of the law, but I really can’t.
You’re not alone though and that’s why the likes of the ombudsman exist, so too legal professionals such as Rutter Mills who offer free consultation on cases such as personal injury and many others closely associated with the typical insurance payout-triggering event.
Just as choosing your insurance is a highly specialised task which requires your discretion, what you actually do while waiting for the payout or the decision on the payout claim would also be up to your discretion. Naturally though what you do should only serve to help your case, so you need to furnish all information your insurer requires, particularly within the time parameters stipulated in the terms of the insurance policy.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.