Things You Should Know BEFORE You Submit Your Claim
You’re probably reading this because you recently had a car accident or suffered some other kind of loss to one of your vehicles, your home or your business.
And you’re wondering …
◾ Should I submit a claim to my insurance company or not?
◾ Will there be any negative consequences?
◾ Will my price go up? By how much?
◾ Can my policy be canceled … and what happens then?
Those are very important questions. And while every situation is different, I’d like to provide you some inside information to help guide you to your answers. But, admittedly, you can’t get a specific answer to your specific situation in this report.
Why not? Two reasons.
First, there are many factors that determine the true impact of a claim on your policy. For instance …
◾ Each kind of insurance is subject to specific state laws and regulations – especially involving cancellation,
◾ Each insurance company has its own internal rules and practices,
◾ And your personal claims history and circumstances will trigger those rules and practices differently than, say, your neighbor’s.
Second, once you have the facts and know what the impact will be, the decision to submit the claim or not is truly personal. What’s right for your neighbor isn’t necessarily right for you. Given the same facts you each might make a different decision.
Now … here are the more important factors that come into play. But first …
Isn’t This What My Insurance Is For?
Yes … insurance is for paying claims.
You elect the protection options and limits you want. You pay your premium. Your insurance company pays your covered claims.
That’s the deal.
Then why all this talk about the “consequences” of claims? Why can claims increase my price or even get my policy canceled? That’s what insurance is for!
That’s absolutely true. It’s just not the whole story.
I don’t want to turn this report into an insurance manual, and you don’t want that, either! But this is a common question I get from clients, so I want to explain it to you here … very simply.
Insurance, and the price you pay for it, is based on risk – the risk of a loss occurring. High risk of loss means higher prices are necessary to pay for those increased losses. And low risk of loss means lower prices. Make sense?
The bottom line is this …
If you’re concerned about the potential impact of submitting your claim, contact us and discuss your situation! (This is just one of the many benefits of doing business with me and my dedicated team instead of some faceless 800 number somewhere.)
We’re here to advise and counsel you … to explain how your insurance really works. We’ll give you the facts BEFORE you submit your claim and help you make the best decision – for you.
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