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You are here: Home / General Insurance / Things to know before reporting a loss to your insurance company

Things to know before reporting a loss to your insurance company

March 16, 2021 by Get Insurance Today

Reporting an insurance loss can seem complicated just thinking about it. You recently had a car accident or some other kind of loss to one of your vehicles, your loved one, or your business. And you’re wondering…

  • Should I submit a claim to my insurance company or not?
  • Will there be any negative consequences?
  • Will my price go up and by how much?
  • Can my policy be cancelled… and what happens then?

This article sheds light on important misconceptions to note before reporting a loss to an insurance company in Nigeria, else your claims report may just end up on the receptionist desk. 

Insurance companies would pay your claims based on how emotional your story may sound

All insurance companies are not charity organisations. Insurance is about predetermined premiums and calculable settlements for claims. When you buy into a specific insurance policy, you get an insurance cover to protect you against unforeseen circumstances. Each insurance policy has a premium payable monthly or as may be required. In the unfortunate event of accident, loss, death or injury, the policyholder is entitled to make a calculable claim for compensation, which the insurer is obliged to pay. Be sure you have a valid insurance policy before rushing down to an insurance company to report your loss.

You do not need Insurance

Everyone needs Insurance. Insurance is not a waste of your money. Your cars, your homes, your kids’ education,  they can be all insured. You might be a religious person, however, it is also wise to take up insurance plans that would cover us from the eventualities of life. Better safe than sorry, right?

Insurance is too expensive

Insurance is not as expensive as it is widely believed to be. Weighed against the background of the peace of mind and cover from loss an insurance policy provides, insurance is not expensive. Then, insurance is not only for ‘big men’ as many believe. In fact, different insurance companies now provide affordable options that cater to the needs of different income levels. 

Conclusion

Reporting a loss to an insurance company requires painstaking analysis. Certain myths should be debunked before you make the resolution to file a complaint or report a loss. When you report also, there are certain guidelines and protocols to follow so your claim does not sound hoax.

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Filed Under: General Insurance

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Related Posts:

  • 10 Things to consider before buying life insurance
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