Brought to you by Firths. Firths are compensation lawyers that specialise in insurance claims and offer a no win, no pay fee structure so you are not out of pocket when you are least able to afford it.
Frequently asked questions about insurance
All of us will make use of insurance in one form or another in our lifetime but many people don’t have a good understanding of how insurance works. These frequently asked questions about insurance will help clear up some misconceptions and lay out the most important things you need to know.
What types of insurance should I have?
This varies depending on your personal situation but at a minimum most people should have home insurance (building and contents), car insurance (third party property damage at least but ideally comprehensive) and income protections and total permanent disability insurances (often through your super fund). Many people also have private health insurance (you can find out how to get a better deal on private health insurance here). If you run a business or are self employed you may need to look into more specialised insurances such as professional indemnity, product liability, income protection and workers compensation insurances. If you travel overseas it is essential to have travel insurance.
What should I investigate before taking out insurance?
Besides the cost of insurance it is important to thoroughly read the product disclosure statement and consider what is covered. You should also consider any excess or waiting periods and what is involved in making a claim. Looking into the satisfaction rating of existing clients is also a good way to determine how easy to deal with the specific company is.
What should I know about making a claim?
Each insurance company will have its own procedures when it comes to making a claim. Your first point of reference should be the product disclosure statement that is usually available from the companies website. Read it carefully and follow the procedure set out for making a claim. There are often time limits and you will generally need to complete certain forms and provide specific information to support your claim.
Is insurance worth it?
When you are trying to balance your budget and you are healthy it can be difficult to see the value in insurance. It is a whole different story though if you are sick or injured. Insurance can make the difference to being able to rebuild your home or life if an accident happens and being being financially ruined. So yes, insurance is well worth it and in my opinion absolutely essential.
Am I covered for my out of pocket costs if I am injured or have an accident?
If you were injured at work, in a car accident or in a sporting event you may be covered for your medical costs and potentially for any loss of income. It is important to report any injuries immediately and seek advice as soon as possible.
Many people also have income protection and total and permanent disability insurance which covers you if you are unable to work for an extended period of time. Making claims on these types of insurance can be complex and you are likely to need assistance to get the most benefit from them.
What insurance options are available if I can’t work due to my injuries or illness?
You may be able to lodge a claim through a number of avenues if you are unable to work due to an injury or illness. This may include workers compensation, claims through car insurers, public liability or personal income protection insurances. Again, it is important to seek advice so you know what you are entitled to.
Will an insurance company automatically pay my claim?
You may think that because you have taken out insurance that the company will automatically pay your claim. While this is ideal, it isn’t always true and generally the responsibility lies with you to prove your claim. When you are up against lawyers and claim specialists this can sometimes be a challenge so if you are having trouble it is often best to seek professional advice.
What do I do if an insurance company rejects my claim or I don’t know where to go next?
If you have suffered an injury or a loss or have been affected by an accident or incident that has left you out of pocket or unable to work it is important that you seek reliable advice. Don’t simply give up because you don’t know where to go or you can’t get an insurance company to assist. Companies like Firths that specialise in compensation claims can get you the help and financial compensation you are entitled to. Firths has a success rate of over 99% and offer no fee, no win terms with free case appraisals so it is worth talking with them before giving up.
What types on insurance do you have? Have you ever needed to make a claim?