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Things to consider before notifying your insurance company of a loss

Just thinking about how to report an insurance loss can be confusing. Perhaps you were involved in a car accident, suffered a loss to your vehicle, your family member, or your business. And you’re wondering…

  • Do I need to file a claim with my insurance company?
  • Are there any negative consequences?
  • What price will my price rise and how much?
  • What happens if my policy is cancelled?

This article will help you to understand the important things to remember before you report a loss to insurance companies in Nigeria. Otherwise, your claim report could end up at the receptionist desk.

Your story might be emotional, but insurance companies will pay you claims.

Insurance companies are not charities. Insurance is not about predetermined premiums or calculable settlements of claims. You get insurance coverage to cover you for unforeseen situations when you purchase a policy. Every insurance policy has a monthly premium. The policyholder has the right to file a claim for compensation in the event of an accident, loss, death, or injury. The insurer must pay this claim. Before you rush to call an insurance company to report your loss, make sure that you have a valid policy.

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You do not need Insurance

Everybody needs insurance. Insurance isn’t a waste of money. Insurance can cover your cars, homes, and education. Even if you are a religious person it is wise to get insurance that covers all eventualities in life. It is better to be safe than sorry.

Insurance is too costly

Insurance isn’t as costly as people think. Insurance is affordable when compared to the benefits of insurance policies, which provide peace of mind and protection against loss. Insurance isn’t just for big men, as many people believe. Different insurance companies offer affordable options that can be tailored to different income levels.

Conclusion

It is important to carefully analyze the circumstances before you report a loss to your insurance company. Before you file a complaint or report loss, it is important to dispel some myths. There are guidelines and protocols you should follow when reporting a loss. This will ensure that your claim is not bogus.

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