At no stage of the insurance process does the decision of using an insurance broker justify itself than when you have to file a claim. While many of the businesses and residents of Kitchener appreciate why it is important to insure our different assets, we don’t exactly look forward to the day we have to file a claim.
However, accidents are a fact of life and it is during those unfortunate times that we are glad we were wise to buy insurance. That said, because we wish we will never have to make a claim, we don’t take time to learn the ins and outs of the claims process, which is really the stage where the rubber meets the road.
An Insurance Broker Will Help You Navigate The Complexities Of the Claims Process
As complex as the claims process is, without an insurance broker, you will find yourself having to deal with both the stress of the accident and the anxiety of whether or not insurance will fully cover you for the loss, liability and medical costs, depending on what calamity you are dealing with.
Let’s consider the process of filing a claim itself. It is complicated and confusing, and if you don’t take the time to read the fine print on your insurance policy, you may omit some important steps, with costly consequences.
In Ontario, you must notify your insurance company within seven days of an auto accident if it involves injury or property damage. If you can’t, then within a reasonable amount of time. Failure of which your insurer may refuse to honor your claim.
If you work with an insurance broker, you will only have to inform them and they will guide you through the process. Importantly, the broker will know what specific information the insurance company will want to be included on the claim.
The broker will also use their experience to properly interpret the extent of your policy’s coverages and properly advise on what you claim successfully. The claims process goes a lot smoother if you understand your policy’s coverage limits and the specific steps you have to complete and timelines you must adhere to.
Filling Out And Organizing The Claims Paperwork
Part of the reason why the claims process is so complex is the insurance company takes elaborate steps to ensure they fully understand how the loss event occurred and where liability must fall. With a lot of money at stake in liability claims and property replacement costs, you can bet they will want you to prove why your claim must be honored.
Your broker will know as soon as you notify them what evidence to collect. If it’s an auto accident, you will need to take as many photos as possible. The broker will help you document the accident in a manner that paints as clear a picture as possible to remove any potential of your claim getting rejected.
You need to understand that the adjuster who the insurance company will assign to investigate the accident primarily looks out for the insurer’s interests, not yours. Once they have investigated, they will study your policy document to check for what can and shouldn’t be covered and then, finally, inform you of the claim payout.
Buy Insurance Through A Broker And Improve Your Chances Of Better, Faster Claim Payouts
For better chances of faster claim settlement, it is best to have an insurance broker handle the process. They have more experience dealing with insurance adjusters and know how to negotiate with them to get the maximum payout possible.
On your own, the multiple, complex forms and long processes will wear you out to the point you end up taking whatever the insurer decides to payout. So, an insurance broker will not only help you choose the best insurance products for your needs, but they will ensure the policy pays out in the unfortunate event you have to make a claim.