3 Crucial Things You Never Want To Miss Prior To Filing An Insurance Claim! 28/10/2015

If you have given your life a right type of insurance cover, you will never have to worry for finances even if you meet with a mishap in the future. There is a provision for the monetary benefits which is usually enough to cover your expenses during the care. But, before you head towards filing an insurance claim, let’s go through the basic things that you must consider before filing an insurance claim. 

1. Compile The List of Damages

The foremost thing to consider is to list out the things you have and fully own in your property. The moment you are going ahead to file an insurance claim, you're actually on the way to negotiate with the insurer on the amount of money that is going to be paid for your losses. This is for sure that your insurer is going to be highly experienced in these negotiations; but you might not be. In order to claim the highest amount against your losses, you must submit sufficient proof and evidence. The better you present your current monetary standing, the higher the chances of resolving the amount to your satisfaction level. 

For instance, if your home has accidently burned down by fire and you are having a complete list of the electronic equipments you were having before the fire, is a good proof showing your exact losses. Furthermore, if you have kept the receipts of these electronic items, it will add more strong evidence in your support for the claims. Don’t forget to assign the monetary value of each article damaged in the incident to show to the authorities for the exact amount of the loss you have suffered.

2. Know When is The Right Time For Insurance Claim

But, when is the Right Time to Make a Claim on Your Insurance Policy? In general, you should never ask claims for losses which have little monetary value like when your television or laptop has been stolen in a policy-covered incident. Insurance mostly covers the major losses that have a major impact on your life and livelihood. So, if you suffer damages that only value a few hundred dollars, you shouldn’t proceed with the claim. The one reason is to avoid the misuse of the claims. If a person found asking for fraudulent claims or repeated claims, his premium may go higher or policy could be cancelled anytime.

On the other hand, if the damages have disrupted your life and the amount of loss is substantial, you can proceed with filing the claims against the same.The main aim of insurance is to assist when things go extremely bad. You can get help from the trusted insurance companies in Mississauga whom you might find helpful in clearing the insurance queries and your questions for insurance cover and claims.

3. Smartly Choose Deductibles While Signing for Insurance

Lastly, do consider your deductible prior to applying for an insurance claim, even if the amount seems a big one at first. If you have agreed for a high deductible while registering for the policy, your contribution amount would be more.For example, if your deductible is $1,000, and the loss incurred is $1,200, the claim you will get is only $200. In this case, the financial support you got is too less. Therefore, try opting in for a low deductible such as $300 while signing up for insurance cover. But yes, premium will be a little higher in the lower deductibles. Therefore, make a decision keeping these things in mind. Feel free to ask help from insurance companies in Mississauga.  

We are Ace Financial Group Inc., Mississauga, one of the most sought financial planning, investment and insurance companies in Mississauga. After sweating hard in financial planning and investments, we have risen as a leader in these services who believe in offering affordable solutions to our clients. Ask us for a quick assistance in choosing a right insurance plan for you. We would be honored to serve you.

Tags: insurance, insurance claim, insurance cover, insurance companies in Mississauga

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