File an Insurance Claim Without Increasing Your Rates
Have you filed a claim lately and are worried about your insurance rates going up as a result? Insurance companies have a typical method to evaluate the risks in providing coverage to you. If you are not a high-risk individual, you will pay a lower premium. However, with just one event or claim the companies can re-adjust your premium to balance the paid amount. This is not always the case if the claim does not change your risk factors substantially. Although there are no guarantees, there are a few steps that may help you avoid higher rates resulting from a claim.
Instructions
1. Contact your insurance company and inform them about the event resulting in your claim. Learn ways to file the claim. Usually, you will find claim forms at the back of your existing policy.
2. Read the form carefully. If you are filing a claim for homeowners insurance make sure you do not alter the condition of the home after the event until the inspector has seen it. Only opt for emergency repairs to avoid further damage.
3. Call your agent and follow up with a fax or email. Keep an up-to-date list of expenses incurred as a follow-up for the event. Take photos whenever possible.
4. Assess whether the damage done is worth filing a claim. Sometimes, not filing small claims would work in your favor. If you have a history of filing claims, your rates will certainly increase.
5. Understand that filing an auto claim can raise your premium if you were at fault in an accident. If the rates go up substantially, you may want to bear the expenses for the injured person on your own. However, this should be done only if it works out cheaper than the additional premium that you may incur.
6. In an auto accident notify the police, if they are not already present at the site. Get contact information of any present witness. This will be very useful in determining fault. If you are not at fault, your rate should not go up.
7. Collect estimates of the repairs and keep your records updated.
8. Consider if the deductible exceeds the claim amount before filing the claim.
9. Be prepared to pay for the settlement costs, if any.
10. Fill in the claim form carefully and mail it to the insurance provider. Keep a copy for your own records.
11. Keep track of your credit-based insurance scores. Insurance companies usually maintain scores that determine your premium (for both auto as well as home insurance).
12. Finally, take advice from a reliable agent or an adjuster to file an insurance claim without having rates go up. They may be able to suggest the best ways to deal with specific situations.
Tags: filing claim, your premium, Claim Without Increasing, File Insurance, form carefully
