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6 Steps to making an insurance claim

6 Steps to making an insurance claim

Boating is fun, until it isn’t. Such as when you get involved in an accident or the boat is vandalised or stolen. Lucky your boat is covered by insurance. The next step then is to file a claim with your insurer.

In such an unfortunate event of unexpected accident or loss, these basic steps will give you a snapshot of how to get your insurance claim underway.

Step 1: Contact the Police

If you are ever affected by crimes such as theft, vandalism, or a serious accident, contact the police as soon as possible to report the incident.

Step 2: Review your Product Disclosure Statement

It may be a good idea to check your product disclosure statement to see if the particular incident is covered under your insurance policy and is not listed as one of the exclusions. This will also give you an idea of the amount of excess you will have to pay, if any.

Step 3: Contact your Insurer

You should contact your insurance provider as soon as possible to get the claims process under way. Depending on the insurer, you may be able to complete the full claim over the phone; others will require you to fill out written forms.

Step 4: Provide Evidence

You will be required to provide evidence to your insurer to validate the claim. You should take photographs of any damaged property and write up an incident report describing your version of what happened.

You may also be required to provide documentation, such as:

  • Original receipts
  • Original police reports
  • Valuation reports
  • Medical certificates
  • Product make, model and serial numbers

Step 5: Work with your Insurance Provider

Throughout the claims process you may be required to gather repair quotes and other information in order to assess the damage. You should work with your insurer during this assessment in order to get repair work underway, or alternatively agree on a cash settlement.

Step 6: Settlement

Once the damage has been assessed and your insurance provider is satisfied that your claim is covered by their policy, then payment will be made.

Disclaimer: The views expressed here are solely those of the author, and are not meant to replace professional advice. These tips only serve as a guide in conducting your own research before filing your claims.

What is the difference between market value and agreed value?

In the case of a total loss, a market value policy will allow for the value of the boat to be determined at the time of the loss, whereas an agreed value policy (the pricier of the two) will determine the value at the time of the acceptance of the policy subject to written valuation.

By Kyle Turner