You are probably reading this because you recently had a car accident or suffered some other kind of loss to one of your vehicles, your home or your business. If so, we are sorry to hear that and hope that you are okay and that no one has suffered injuries.
If anyone has suffered bodily injury, or even has experienced a bump or jolt, call us to get advice or to report a claim immediately and then you can come back to read this page while you await further instruction or contact.
Your policy deductible is the amount you pay first on the claim (out-of-pocket) towards the amount of your loss. Your insurance company then pays the balance up to the limits specified on your insurance policy. A simple example would be a collision loss to your own vehicle from a single-vehicle accident. If your Collision coverage deductible was $1,000 and the damage was only $1,000, then submitting a claim does not make sense. If the damage was $2,000, even though the other $1,000 will be payable by the Insurer, you may determine that submitting a claim is not in your best interest.
When you selected your deductible at the start of your policy term, you would have thought of how much you were prepared to absorb in the event of an accident or incident (occurrence). In choosing your deductible, you may have also considered the amount of loss you could pay for (i.e. retain) yourself, without submitting an insurance claim. If you think back to your thoughts when you bought or renewed your insurance, this may help you make your decision whether to report a claim. However, the possibility exists that your circumstances have changed and even though the claim is not a worst-case scenario, you need your insurance company to respond.
If the above has not helped you finalize your decision, call your Broker for advice. Remember, here at Founders Insurance Group Inc. we work as a team so that you have someone to talk to (even if your regular Broker is away). Also, take comfort in the fact that if you are currently at the scene of the accident, or if you are experiencing damage to your property – your urgent call is given priority. If you happen to have a claim outside office hours, your policy will have after-hours contact information to reach your Insurer’s Claims Department directly. You can also visit our Insurers page on this website for the same information.
Every insurance company is different in terms of their rules, practices and service. Know one thing – this is their ‘one chance to dance’ or the Insurer’s ‘time to shine’. We all hope you never have to go through the pain of a loss, but if you do, this may be the only time for your insurance company to show you how good they are. That being said, the time may arise when you feel you are not getting the proper attention. There may be a reason, for example, a huge storm has caused damage throughout the city or region and there is a huge queue of claims. Or, there could be another reason and we don’t want you wondering what’s happening or having to call in multiple times. So here are a few general rules:
Other information can be found at your government website. Here is the link to the Superintendent of Insurance office here in Nova Scotia.
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