The perception is that insurers don’t like paying out claims. That’s probably because some insurers don’t actually like to fork over the cash, because, well… It eats into their bottom-line. That’s not the only reason, to be fair. Insurers seem like they loathe paying out claims because paying out tons of claims tends to raise the overall premium rates for everyone else. The overall cost of claim pay-outs is 1 of the factors that contributes to premium increases.
What we’re going to reveal is how to make sure that your claim is settled quickly and simply in 7 steps.
Step 1: Start with honesty
Tell your insurer and the police what happened. Actually, you need to start with the police and get a case number. Then you need to tell your insurer EXACTLY what happened, as soon as possible, to start the claims process. (Do we even need to say that you must be 100% honest with your insurer when initially taking out your policy?)
Step 2: Know who not to talk to
Yes, you need to be honest… But don’t admit guilt or agree to any kind of settlement or make any financial promises to any third parties. They’re serious about this step, so make sure to heed our advice.
Step 3: Don’t spare the details
Right, the police know and you’ve told your insurer about what happened. But this is when you’ll discover a new level of what it means to go into the details. You’ll need to give them a lot of info, which is why it’s a good idea to keep a copy of an accident form (like this 1 that King Price created) on you or in your car.
It just helps you get all of your facts straight, because it’s normal to feel shocked and shaky after a car accident, which means that you probably won’t be super focused. The form will help you get all the info you need to make a claim.
You’ll also need a copy of the following:
- The police report.
- The police case number.
- Your statement to the police.
- Details of the police station and attending officer.
- A detailed list of all items lost, stolen or damaged.
- Any other relevant docs.
- Details of any third party involved in the incident.
Step 4: Other insurers
If your car or any of your insured stuff that you’re claiming for is insured by another company, then you need to tell your insurer about the other insurer, for legal reasons.
Step 5: Pay your excess
The excess is the amount that you pay on any claim. You might even have to pay additional excesses. Without this payment, your claim won’t proceed and could be rejected.
Step 6: Get it done
Your insurer should have a list of instructions that you need to follow so that they can get all of your repairs and replacements done on time. If you follow them and everything goes according to plan, you should have your car fixed or replaced in a timely manner, so just get it done.
Step 7: Plan ahead
If your car is out of action while your claim is being processed and your precious baby is being fixed or replaced, then how will you get around? Part of planning ahead is thinking about things like this. Most insurers offer you the chance to add car hire to your insurance policy for an additional fee. The price you pay depends on the insurer and the class of car you choose. For instance, adding a class A (like a Hyundai Atos) will be way cheaper than a class I (a Toyota Fortuner).
And that’s it. One thing for sure is that some insurers have a better claims pay-out ratio than others. If you’re looking for car insurance for the first time or want to switch, then this is something that you need to consider in your search. You want to things like, how often an insurer pays out legitimate claims. For instance, King Price pays out R1 million in claims every day. They’re also the only insurer to decrease your comprehensive car insurance premiums automatically every month.
If you’d like to see what it’s like to be on the receiving side of super cheap premiums and royal service, just click here for a commitment-free quote.