How to make a Claim

[triumph5ta]

from the "Motley Fool" web site. Boring but the sort of info that can save a lot of grief later on.
I have highlighted one particular bit of advice that I think everyone with any insurance policy for anything should be aware of!
Not all of it relevant to bike insurance but useful anyway.
Adam.


FOOL.CO.UK - BIG IDEA - LET'S TALK ABOUT MONEY __________________________________________________ ______________

How To Win Insurance Claims
By Cliff D'Arcy - 28 November 07
Best credit cards, cheap mortgages, personal loans, savings accounts, house & car insurance - The Motley Fool UK

In this todays Lets Talk About Money email, Im going to show you how to make sure your insurance provider pays out when you make a claim.
Regular readers will know that I havent always been a consumer crusader. Indeed, before becoming a financial writer five years ago, I spent more than a decade in financial-services marketing (my Darth Vader years). And during my time as an insider, I discovered a great deal about what makes financial firms tick.
In particular, I soaked up the ins and outs of the insurance world -- information which still proves useful today. Here are my top tips on how to make a successful insurance claim and avoid
disappointment:

1. Check your insurance policy
The very first thing to do when disaster strikes is to check that the loss caused by this particular mishap falls within the scope of your policy. So dig out your latest insurance documents and look through them carefully. Alas, youll find that all insurance policies are riddled with loopholes and get-out clauses. Thus, to save frustration later, be sure to establish what isnt covered as well as what is.
2. Follow the instructions
To win at the claim game, you must play by the rules. If your insurer requires you to call its helpline to submit a claim, follow its orders. If youre instructed to submit a claim form by a certain deadline, be sure to do so. If you cant get these basics right, then youre in for a tough old time.
3. Be entirely honest and factual
Theres nothing that an insurance company hates more than fraud, alias attempting to obtain pecuniary advantage by deception. In my time in the insurance world, I gave evidence that sent fraudulent claimants to prison -- including a serving police officer! So, dont be tempted to exaggerate your claim by adding on a few bogus items or bumping up the value of your loss. If even a small part of your claim is shown to be false, then an insurer can reject your entire claim. Why risk losing thousands in order to claim a few extra quid?
4. Provide as much information as you can
Insurers like to gather as much information as they can before making a decision on your claim. One reason for this is that they are looking for grounds on which to reject payment. Hence, be precise, thorough and comprehensive if you want to get paid. Its up to you to prove your claim is valid.
5. Stay on top of your claim
Insurance companies always make you jump through hoops before they pay up, because delaying payments significantly boosts their profits. Thus, given half a chance, an insurance company will let your claim drag on and on. So be sure to chase your insurer for payment at every suitable opportunity!
6. Appoint your own expert
If your claim is sufficiently large (for example, your home has suffered severe flooding), then an insurance company may appoint a loss adjuster. This person is responsible for assessing the validity and size of claims and, in theory, is supposed to be impartial. However, as the saying goes, he who pays the piper calls the tune, so dont expect a loss adjuster to be on your side. Indeed, if its a large claim, it can pay dividends to appoint your own (expensive) loss adjuster.
7. Dont expect to make money
The whole point of insurance is to return you to the same position that you were in before disaster struck. So, in a perfect world, youd neither gain nor lose a single penny after a claim has been settled. However, thanks to policy excesses (agreed deductions from your claim), you normally end up worse off after the event. On the other hand, many home insurance policies offer new for old cover -- where older items are replaced with new substitutes -- which is a bonus.
http://www.fool.co.uk/m.asp?i=2391365&u=259521969
8. If its a pain, then complain!
In my days in insurance, I learnt the saying the squeakiest hinge gets the grease. In other words, the most persistent complainants usually get decent settlements. However, there is an art to protesting, as I explained in How To Complain And Win. For instance, a twelve-page letter with large sections in bold, underlined or brightly coloured type is sure to relegate your claim to the bottom of the pile!
http://www.fool.co.uk/m.asp?i=2391366&u=259521969
Seriously, if youre unhappy with the service provided by your insurance company, then ask for a copy of its complaints procedure and then follow this to the letter. If youre still dissatisfied, then ask for a deadlock letter and warn the firm that you intend to escalate your complaint to the Financial Ombudsman Service (FOS). A complaint to the FOS costs firms several hundred pounds but costs you nothing, so this may speed up resolution of your claim -- as will a knowing mention of TCF (the Treating Customers Fairly rule enforced by the Financial Services Authority).
Finally, dont stay with an insurer that has treated you badly. To compare a wide variety of competitive quotes from different insurance providers, visit The Motley Fool Insurance Service.
http://www.fool.co.uk/m.asp?i=2391367&u=259521969
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Insurance Top Tips
* Insurance companies are driven by information, so give them all the facts in good time.
* Even the simplest claim takes time to assess, so be patient, persistent and polite.
* Dont be tempted to overstate your claim, as you could lose everything.
* If youre in the right, dont give up without a fight. When it comes to insurance claims, winners dont quit and quitters dont win!
Visit The Motley Fool Insurance Service
http://www.fool.co.uk/m.asp?i=2391368&u=259521969
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