Should I file a minor claim?
Hey FCI Agency Family! Hope you all had a wonderful New Year's. As the year unfolds, it's a good opportunity to revisit a crucial component of our relationship with our insurance providers – filing claims. Our team has been fielding a lot of questions recently about whether policyholders should file a claim and how that might impact their coverage. We're here to shed some light on the matter, considering the current landscape of the insurance world.
Understanding the Evolution of Claim Viewpoints:
Insurance companies assess claims based on various factors, and industry trends show shifts in how these evaluations are made. Until recently, filing one or two claims was not necessarily detrimental to your coverage or premiums, but the scenario is changing. Given the global challenges we face, insurance carriers regularly reassess their risk assessment models and have started to view claims differently.
What to Consider Before Filing a Claim:
1. Consult Your Agent:
If you're considering filing a claim, your first point of contact should always be your insurance agent. While insurance is undoubtedly there to cover you during mishaps, timing, and the nature of claims can impact your future coverage and premiums.
2. Estimate Damages:
Before filing a claim, it's prudent to assess the extent of the damage caused and get an estimate for repairs. Depending on the cost of the damage relative to your deductible, it might be worth covering the costs out of pocket.
3. Check Your Claims History:
If you've filed claims recently, it might be wise to hold off on filing another one for a minor incident. Too many claims over a short period might tarnish your claims record, potentially affecting your premium, renewal, or eligibility for coverage in the future.
4. Significant Claims:
If the incident in question results in a substantial loss or damage, it's essential to file the claim. That's why you have insurance – to financially compensate you during substantial unforeseen events.
The decision to file an insurance claim is not always straightforward, especially when you consider the potential long-term impacts on your coverage and rates. It's a balancing act of assessing the present need against future repercussions. Remember, your insurance agent is your ally in navigating these decisions. Talk to us before making a decision. We're more than happy to sit down with you, review your insurance policy, and advise you on the best course of action. Help us help you make informed decisions and navigate insurance claims with confidence.