Vocabulary: The Insurance Claim

Let's face it, most people don't like reading all the information and fine print that you get when you sign up with a new insurance policy. Maybe some of you do but I don't expect anyone to remember every last detail of their policy ten years down the road after they've had an unfortunate accident.

It seems as though insurance companies speak their own language, a language you don't want to be too familiar with because being familiar means having multiple claims. And multiple claims means multiple accidents and probably an increase in your premiums. Nobody wants that.

So what do we do? We don't want practice in claims but we want to be in the loop with the lingo used so we can keep informed and be part of the process. We all want to be educated customers.

Here is a list of frequently used insurance terms what they mean:

Adjuster: This is the person within your insurance company that is handling your claim, this may also be called the Internal Claims Adjuster. They are the best person to call with any questions relating to your insurance claim. The word adjuster may also refer to a Field Adjuster, the person your insurance company sends out to inspect and write an estimate on your car.
For more general info on Claims Adjusters, Click HERE

Agent: A licensed person, company or organization authorized to sell and service insurance policies for an insurance company. This is the person who can tell you if they may raise your rates after a claim.
Want to read way too much detailed info on Insurnace Agents, Click HERE (Thanks Wikipedia!)

Claimant: The other party (vehicle), if any, that was involved in the accident.

Claim Number: The reference number assigned to a specific accident.

Date of Loss: The date the accident happened.

Deductible: The amount of the bill that the policyholder is responsible for paying. Similar to a copay at the doctors office.

Facts of Loss: Details on how and where the accident happened.

Policyholder: The person listed on the insurance card, the owner of the insurance policy.

Policy Number: The number on your insurance card, like your insurance account number.
 

Rental Coverage: Some insurance policies have rental coverage. This is the amount of money the insurance company will pay towards your rental vehicle while your car is in the shop. It depends on your specific policy, so make sure to ask your insurance company about your rental coverage when you have them on the phone. (If you are not at fault for the accident and using the other parties insurance to repair, they will always pay for a rental when your car is in the shop. More about that in another post.)

Supplement: Any additional damage found after the estimate, usually during the course of repairs. This can still be billed to the insurance company and we will handle that for you.
 

Anything missing? Is there a word or a phrase that you've heard that you need clarified? Please email me your questions and I'll do my best to answer them.
olsenautobody@gmail.com