Most people are aware that there are some clear benefits of being insured, unfortunately, many people do not realize that counting on the benefits of being insured may not be enough. In some cases the benefits of being insured do not come easy, luckily if you have the dynamic duo in your corner, it will all work out.
In most cases, insurance will do exactly what it is meant to. It will cover your claim straight away without any obstacles. Other times, the insurance company will try to renege on the deal and nickel and dime you or in a worst-case scenario deny your claim.
What Are The Benefits of Being Insured?
There are quite a few benefits to being insured but none more important than the financial coverage you can get if you are in an auto accident or have a property insurance claim. The idea behind any insurance is that you pay an agreed-upon amount in the form of a premium, and in the event, a “covered” incident occurs the insurance company will pay damages, medical expenses, and other costs.
Having the peace of mind knowing that if you have a car accident or something happens to your property, you will be covered is also a tremendous benefit. Having coverage helps to protect your personal finances which is a must.
Why Type of Insurance Can I Get?
Some of the most popular types of insurance include:
- Auto insurance. Auto coverage is required in every state in the United States. There are specific minimum limits of liability that most states require. Auto insurance is one of the most purchased types of plans.
- Property insurance or homeowners insurance. If you have a mortgage then this type of insurance is also mandatory.
- Personal types of insurance. This category includes life insurance and health insurance. If you do not have either, you should.
Some people feel like being required to have property insurance or auto insurance is not fair. Some people pay insurance for years and years, and never file a claim, but statistically speaking you are far more likely to have to file a claim for something than you are to never have to file a claim.
What happens to all the money you pay to the insurance company if you never have to file a claim? They keep it. Insurance companies are a business. By providing you with the coverage they are hedging their bets that they will never have to pay a claim out for you, but in most cases, they do wind up paying out at least some of the money you paid in.
Let’s look at auto insurance and what benefits it has to offer. Let’s say you are in a car accident with your brand new car. It can cost thousands easily for auto repairs to get it back to like-new condition, if you had to pay out of pocket it could wipe out your savings. If you are insured, the insurance company should cover it, if they do not, you will need a car accident attorney to step in. As, a matter of fact, it is a good idea to contact an attorney anytime you have been in a car accident just to ensure things go smoothly.
Health insurance is another must-have. Medical bills are astronomical without insurance. Good health insurance agents can help you find a great affordable health plan and one that will provide excellent coverage so you do not have to reach into your pocket every time you need health care. Of course, other benefits of being insured when it comes to health insurance is that you can have preventive care coverage. Preventive care like immunizations and other treatments can help to keep you healthy. When you do not have to pay out of pocket, you are far more likely to get care.
Benefits of Being Insured and Other Types of Insurance
Not all insurance is something that you purchase. For example, every working man and woman pays into social security, in case they become disabled and need to tap into social security disability insurance. This type of insurance is not something you purchase but is something you pay for nonetheless.
The way the system is supposed to work is everyone pays into it to ensure there is a safety net available should you lose your income because of a disability. Does it always work that way? Unfortunately, many times an initial social security disability claim is denied and you have to have an attorney step in.
Frankly, getting the benefits of being insured regardless of what type of insurance you have, often requires the help of an attorney. Let’s say the benefits of being insured are enhanced when you have a family attorney on your side that knows how to navigate the various insurance claim systems.
Insurance is Great When it Works as it Should
As a consumer there are a few things that you should understand about insurance and how to ensure that you get all the benefits of being insured. First and most importantly, insurance companies are businesses. That means they are in it to make a profit. As a business focused on making a profit, the insurance companies often try to low ball their insured to save money on a claim.
It is up to you as the consumer to ensure that you:
- Understand your coverage. Far too many consumers do not read their policy plans and are very surprised when they find out that they do not have the coverage or protection they thought they did. Read your policy and get familiar with your coverage.
- Be honest with your insurance company. It is one thing to make an honest error and a completely different thing to falsify information. If you do not want to get familiar with a criminal law attorney, never misrepresent anything to the insurance company. A false claim or a beefed-up claim can come back to haunt you. The insurance carrier will prosecute you to the fullest extent of the law.
- You can never be over-insured. Having more insurance than you think you need, is much better than not having enough coverage.
Ask any estate planning attorney about the benefits of being insured and they will be sure to mention the idea that having the right coverage can protect no only you but your family, and business as well. Of course, the right insurance is insurance that is comprehensive and that will pay out when you need it. To know if your coverage is right for you, connecting with an agent is a very good idea. The same estate planning attorney will also tell you, that you should audit your coverage from time to time to ensure that it grows with you.
Insurance coverage is a big part of financial planning for now and for your future. Some insurance policies are actually investment vehicles that you can cash in down the road. An estate planning attorney can be a great wealth of information when it comes to which plans will be right for your situation.
Navigating Claims
At some point you will have to enact the benefits of being insured via your insurance company’s claim system. In almost every case whether it is for your home, car, or other property, the process is the same.
Today, many carriers do all their claim management electronically. You report the accident or incident online, you take pictures of the damage, and submit it. Typically, an adjuster will call you within 24 hours.
When the adjuster contacts you, they will interview you about what happened. You must stick to the facts when you are discussing your claim. It is also important that you are honest during the call.
The insurance adjuster may seem friendly but the fact is they work for the insurance company and that is who their loyalty is to. They are working toward saving their company money, which may not be in line with what you think you deserve from the claim.
Insurance adjusters use a specific formula to figure out what you deserve to be paid for your property loss. They use a similar formula to determine if the necessary repairs for your vehicle will outweigh the value of your vehicle.
The benefits of being insured certainly outweigh the cost of making repairs at your own expense, however, in some cases it may feel that what you are being offered is not fair. You can try to navigate the process on your own, or you can tap into the benefits of having an experienced legal expert on your side.
Attorneys Are Insurance
When you are dealing with an insurance company, one wrong move on your part can really affect your claim. Hiring an attorney to manage your claim is like having insurance against the insurance company.
Attorneys that are well versed in accident claims, property claims, business claims, and more can ensure that your claim is processed to your benefit. While the insurance adjuster is looking out for the insurance company’s best interest, your lawyer can look at for your best interest.
Many insured do not realize that insurance companies keep full-time attorneys on their payroll to defend the insurance carrier’s decisions. When you are answering the insurance company and explaining why you do not agree with their determination, those answers are being reviewed by legal experts.
Having an attorney on your side that is expert in the insurance process and that knows the laws even the playing field for you. The right attorney can ensure that you get all the benefits of being insured has to offer by using the law in your favor.
Sometimes when it comes to insurance claims no does not necessarily mean no, it can mean, find an attorney that can fight back on your behalf. For the insurance companies, it is business, as usual, they process thousands of claims every day, for you this is personal, having an attorney that can step in can make a huge difference.
Do I Always Need an Attorney To Manage Insurance Claims?
While the benefits of being insured can be enhanced by having a good attorney on your side, it is not always necessary. Usually when there is an accident involved that causes a personal injury it is a good idea to have an attorney, but if it is a claim with your homeowner’s policy that seems to be going well, then no you do not.
In many cases, the insurance claim is pretty clear cut. For example, a tree fell on your house during a storm. There is roof damage and you need to pay to have the tree removed. Your homeowner’s policy should cover all the work minus your deductible.
On the other hand, if a tree falls on your house and the damage is really significant, the insurance company should pay but may low ball you on how much they will pay. In that case, it could not hurt your claim to have an attorney.
In all cases, if you are concerned about the outcome, speaking to an attorney can help. If you are struggling to understand the language in any of your insurance documents and want your policy explained to you so you understand the benefits of being insured, an attorney can help.
Do The Benefits of Being Insured Outweigh Saving Money On My Own?
Hands down the benefits of being insured far outweigh putting money on the side in case of an emergency. You would have to be extremely disciplined to save enough money in case of an accident, injury or property damage, and you would have to be able to save it quick.
If you started an auto policy right now and had a car accident tomorrow that was going to cost you $20,000, the insurance company would have to cover the costs. The benefits of being insured far outweigh trying to manage saving money on your own to cover such expenses.
The savviest of consumers combine the benefits of being insured with a few good attorneys on their side.
