One of the main reasons for having insurance is to offset risk, especially major risks and losses….. events that will affect your financial wherewithal. We pay insurance premiums throughout our lives for a multitude of different risks. When a possible claim occurs, an initial thought might be “I am finally cashing in on some of those premiums!”
You might want to think twice before filing that claim… Not only do you want to consider strategizing before filing your possible claim, you might want to hold off on even calling your insurance company (ALTHOUGH WE ALWAYS ENCOURAGE YOU TO CALL US – WE ARE YOUR ADVOCATE). If you are a constant “claimer” your premiums will reflect this. So, it all comes down to whether it’s worth it to file a claim in the long run. Take time to consider your options.
DO YOU HAVE A CLUE?
Many insurance companies consider “calls of inquiries” as a claim without your knowledge. Comprehensive Loss Underwriting Exchange (CLUE) is a database that keeps records of all claims. This is not a database you want to land on accidentally by making an inquisitive phone call.
The easiest defense against this problem is to know your coverage and deductible amounts. With the knowledge of what your insurance covers, and the amount (i.e. ring, roof or fender) you can be better armed with the power to make your own decisions and not put yourself in a possible accidental or unworthy claim.
Speaking of deductibles, I believe that carrying a high deductible will likely save you money over the long term. Most insurance can be looked at as a defense for a major event. Not reaching to your insurance to cover minor or lower cost repairs or replacements can be a good defense against higher long term premiums. If you are a claimer with lower deductibles, you are likely to have higher than necessary premiums.
WHEN SHOULD YOU FILE A CLAIM
When there is bodily injury, or a question of bodily injury, the insurance company must be notified right away not only to get your statement, but to mitigate any damages. And, if there is substantial damage to an asset, a claim must be filed. After all, that is what you are purchasing the insurance for! Then, insurance is used for its true intended purpose to protect your assets and protect you against substantial financial loss.
We are here to be your advocate, listen to you, and advise you of your options. We are here for YOU!
– Toni Matous CPCU, CIC (Cell: 206.228.5898, Office: 206.284.4886)
3424 West McGraw Street, Seattle, WA 98199, USA