When Do You Report Claims?

I just read an interesting article written for insurance agents on when to report claims to insurance companies.

In 750 words the “insurance expert” said to report all claims. (So much for succinctity!)

My advice to insurance buyers:

-Anytime you may have injured someone or damaged their property, report the incident.

-Anytime someone threatens to sue you, report the incident.

-Anytime you get a letter from an attorney about an event, report the incident.

-If your property is damaged and the amount is minor (less than 2x your deductible) assess your possible loss in its entirety – including the impact the claim has on your other expenses and income and decide if you want this on your loss record. I do not counsel reporting small losses. I also advise my clients to buy high deductibles.

Insurance people will argue with my last point. Oh well.