This week, Rosburg & Associates will be covering insurance mistake number 3: Filing a claim just over the amount of your deductible. Find out how to better save money on your insurance below!

Is your claim amount just over your deductible?

Filing a claim a few hundred dollars over your deductible can cost you more money than the benefit of the claim payment.  For example, if you had a shopping cart hit your car in a parking lot and the damage was $200 over your deductible, it would typically be wise to pay for that out of pocket.  Insurance companies look at claims activity in several ways – this includes the number of claims (frequency) as well as claim dollars (severity) – to analyze whether a risk is good (preferred) or poor (standard/high risk).  Also, insurance companies will cancel policies if there is too much activity. Every company is different in that respect.  You should utilize your insurance when you really need it, not for claims where the net benefit/payment is slightly over your deductible.

Another example could be if you had some ice damming occur on your roof and it caused some minimal damage to the sheetrock/paint of your front door entry.  I would recommend getting an estimate before filing a claim if it appears to be close to your deductible.  Some insurance companies count a filed claim with $0 paid out as a claim against you.  This comes into play many times when you have a roofing salesperson knock on your door saying they would like to give you a free roof inspection.  You allow them to inspect your roof, and they say there is hail damage to your roof.  You file a claim and there in fact is not hail damage, but they were “rolling the dice” trying to make a sale.  You should get recommendations for known and trusted roofers to inspect your roof before filing a claim.  Having several claims, including $0 paid out, can make it difficult to change companies.  Every insurance company’s criteria are different; the point I am trying to make is that if you have 3 smaller claims, say, under $1,000 or $0 paid out in the last 3 years, and your company increases your premiums, you may be unable to make a change.

Trustworthy Tulsa Insurance

We convey to our clients that insurance should really be thought of as protection against the losses that are going to impact your financial well-being or disrupt your budget.  Over the long run, if you don’t file small insignificant claims, you will remain in control of your insurance options.

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The Rosburg and Associates Insurance team is trusted throughout the community and is committed to providing you with the attention and high-quality experience you deserve. To speak directly with a team member, simply call or feel free to utilize any of the interactive tools offered throughout the site.