iRisk | What is an insurance claim?

An insurance claim is a formal request made by an insured or policyholder to an insurance company for compensation for a loss covered under an insurance policy. The purpose of filing an insurance claim is to seek indemnification, which means being put back into the same financial position the insured was in before the loss occurred.

What is Motor Insurance?

Motor insurance is an insurance policy that provides financial protection to vehicle owners. Some types of motor insurance policies includes; third-party, third-party fire and theft, and comprehensive policy.

What process do I need to go through in making a motor insurance claim?

Personal safety: Check for injuries. If injured, call for an ambulance or other help.

Environment: If you are unharmed, check on other people involved, including passengers and injured persons nearby resulting from the accident. They may need assistance. Also, check for damage to the property of others.

Your vehicle: Assess damage to your vehicle and the other vehicles involved.

Insurance details: Note insurance information and inspect the roadworthiness of the other vehicle(s) involved. Take photos of the scene.

Police: Contact the police to properly document the incident and pursue any guilty parties.

Insurance claim: Notify your insurance broker or representative to file a claim. This will notify the insurer of a loss as soon as it occurs, note that prompt reporting of the loss is crucial for the preservation of evidence that may be critical in determining if a claim is valid.

Estimates: Obtain repair estimates from authorized sources, as well as any hospitalization costs, and present them to the insurer for further investigation on claim settlement.

Claim form: Carefully describe the incident as it happened on the claim form. Be truthful to facilitate the insurer’s investigation (this speeds claims processing).

When the investigation is complete and you have submitted all documentation, the insurer will issue a discharge voucher (DV) so you can commence repairs.

Payment: Discharge voucher would have to be signed and returned to the insurer in other for payment to be done. Upon the receipt of the signed Discharge voucher, the insurer shall pay the claimant within five(5) working days.

Irrespective of the type of motor insurance policy, all the processes leading to the payment of claims shall not exceed four(4) weeks from the date when all the documents have been submitted. Where an insurer has genuine reason(s) for going beyond this period, the insurer shall clearly document the reason(s) to the claimant or intermediary involved.

Following these steps will help ensure your motor insurance claim is processed smoothly and efficiently after an accident.

Tip: Always contact your insurance broker to add them to the claim facilitation, as they help get the claim settled faster.

Let IRisk Management Limited take the hassle out of your next motor insurance claim. Our expert brokers will guide you through the entire process and advocate for a fair, timely settlement.