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What is an insurance claim? (Understand the claims process)

When it comes to an insurance policy, the question “What is an insurance claim?” is quite common. An insurance claim is simply a formal request made to the policy provider concerning an insurance policy. Insurance can be claimed when the insured suffers some sort of loss like personal injury or property damage.

Not many are familiar with the process of an insurance claim. So with this article, we will cover all the various claim types and the steps for claiming.

Various Insurance claim types

There multiple types of insurance claims:

  • Burglary and theft
  • Water and freezing damage
  • Wind and hail damage
  • Slip and falls
  • Fire
  • Customer injury and property damage
  • Struck by an object/ Workplace accidents
  • Reputational harm
  • Auto accidents concerning commercial vehicles

Steps for insurance claim process

  1. Contact your broker: He/she is your primary point of contact. They understand your insurance policy and will know how to proceed from here. Provide a detailed rundown of your damage and loss and catalogue these with photos.
  2. Claim investigation: Once the claim has been reported, the insurer will schedule an adjuster for investigation. The adjuster will determine if the amount and value of the loss you have suffered is covered under your insurance policy or not. They will also inquire about any liable party.
  3. Policy review: Once the investigation is complete, the adjuster will go through your policy carefully. They will inform you about any deductible applicable in your case.
  4. Damage evaluation: The adjuster hires appraisers, contractors, or engineers to evaluate the extent of your damage accurately. Once done with the evaluation, your adjuster will provide the list of vendors for repairs.
  5. Payment: Your adjuster will contact you regarding the settlement of your insurance claim. The time to complete the transaction depends on your policyholder and the severity of your loss and damage.

How to claim insurance for a car / How to claim insurance for a bike?

  • In case your vehicle has met an accident and needs repairs, contact your insurance policyholder.
  • Register for an Insurance Claim. You will be given a registration number.
  • The appointed adjuster will investigate and evaluate damage and loss sustained to your vehicle.
  • Take your vehicle to the nearest, preferred, or allotted garage for repair and replacement services.
  • Collect and safely keep all the bills during the process.
  • Claim reimbursement or settlement.

In case of theft and burglary, lodge an FIR at the nearest police station.

Documents needed:

  • Insurance claim form
  • RC Copy of the vehicle
  • Tax receipt of the vehicle
  • Driving license
  • Insurance policy document
  • FIR copy in case of theft
  • Repair bills and receipts.

An insurance claim is a process where you file a claim after suffering some form of loss. Every insurer has a different method and time of the process. Every insurance claim has a different approach and resolution. Your adjuster and broker will help you through the process and serve to your satisfaction.

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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