Insurance is one of the vital elements of our life. As everything around us is uncertain, the best way to deal with any loss is financial compensation. That is why we tend to buy insurance plans that can cover most of the expenses in the lights of any unfortunate events. Even though there are a wide variety of insurance plans today, the core idea of claiming an insurance plan in Canada remains the same. That is what we will discuss in this article today – how to claim an insurance plan.
Reviewing the Insurance Policy
First and foremost, Insurance is a billion-dollar business. So, any Insurance company will only cover those losses which are mentioned in the policy. That is why we suggest you read the policy document carefully before committing anything. Meanwhile, here are some of the generic terms & conditions that you must follow:
- You must check out for the coverages they offered. Verify whether or not the loss you incurred comes into the coverage events.
- You must watch for the exceptions in the coverage events and compare them with the loss you incurred.
- Next, you should discuss with the concerned person whether or not you need to follow any particular procedure for claiming your Insurance.
- Finally, find out how soon you need to file your claim from the time of the unfortunate event.
Claiming Insurance may not be a smart option all the time. Sometimes, there may come a situation where your reimbursement amount doesn’t justify the claim altogether. So, we suggest you consider your options very carefully before claiming. Meanwhile, down below are some of the fundamental factors that you should consider before you initiate an Insurance claim:
- Make a rough calculation of whether or not the premium amount gets increased in the future or not. If so, then it would be a long-term loss for you.
- Check whether or not your Insurance company is providing any discount for not claiming the Insurance. Again, calculate which one is beneficial for you in the long-term as well as in the short-term.
- You should consider not claiming an Insurance plan if your claim is marginally more than your deductible amount. Then, we suggest you should pay for the loss from your pocket.
Follow the steps to claim your Insurance:
- You must contact your Insurance company as soon as possible from the date of the event. There are time limits for claiming it, which is typically between 90 days – 12 months.
- Then, you must submit all the documents the Insurance agent asks. Now, these documents vary with the kind of Insurance you wish to claim.
- After that, the Insurance company will investigate the event and process the claim. They might ask for more information or relevant documents which you must provide too. Please note that submitting proper documents is the key to get the claimed amount quickly.
What you must understand is not all claims get accepted as it should be. Sometimes, there are not enough evidence to claim it, other time there are cases of fraudulence. That said, if you have all the documents and if you know what you are claiming is genuine, you will get it most time.