financialtreat – will I explain about Can I Fix My Own Car With Insurance Money? which you will get in the following article. let’s look at this article carefully!
Of course, when buying insurance products, we want to protect ourselves and our loved ones as well, such as our family. even if we become the backbone of the family. The reason is that no one knows when they will die or experience an incident that causes us to no longer be able to work to earn a living, for example, because of a serious illness or stigma due to an accident. Well, therefore, Can I Fix My Own Car With Insurance Money?
Giving to the closest people or heirs when we are no longer able to earn a living can be in the form of insurance money, which will be given with predetermined conditions and conditions. So Can I Fix My Own Car With Insurance Money?
Types of Insurance that Provide Additional Insurance Money
Not all insurance products provide additional insurance money as a separate form of benefit obtained by the insured. Here are some insurance products that give you extra protection in the form of cash.
Life Insurance
Life insurance provides insurance benefits if the insured dies for any reason. In some cases, suicide can be included as a covered risk. However, there are terms and conditions that apply and not all insurance companies offer it.
2. Accident Insurance
Accident insurance provides additional insurance money if the insured experiences death or permanent stigma caused by an accident. Insurance money from accident insurance can only be disbursed due to the effects of an accident, not other risks.
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3. Critical Illness Protection
Insurance claims can be paid out in the form of insurance money, and the insured won’t have to pay insurance coverage premiums until they reach the age stated in their policy, as long as they have been diagnosed with a critical illness at an exclusive stage covered by insurance.
Determine Insurance Funding
We, as customers or the insured, can adjust the amount of insurance money that will be given to the family or heirs. This will affect the amount of insurance coverage premiums that must be paid. Well, before determining the amount of insurance money that suits your needs, prospective insurance customers should think about the following things.
1. Value Preservation
A savings value is the value at which our income for a year is averaged every month. For an employee, the value of saving is the amount of net salary received or take-home pay. Regarding insurance money, it is highly recommended to look at the existing savings values, so it’s not just a matter of salary adequacy.
2. The presence of people other than the insured
Prospective policyholders should consider people who depend on that frugal value. The people in question are husbands, wives, children, brothers, sisters, or parents who have retired.
3. Funds of Interest to Other Parties Involved in Business Activities
For example, individual loans outside of bank loans or other financing that are not covered by life insurance.
The Insurance Money Calculation Method
In order to get the maximum possible insurance benefits in the future, there are three methods of calculating insurance money that are ideal and profitable for us.
1. Values of Human Life
Simply put, in this method, insurance money is absolutely calculated based on monthly income multiplied by the duration of the funds available to support the necessities of life without looking at the interest factor or the development of funds if the insurance money is stored in a banking product.
2. Value Based on Income
This method figures out the amount of insurance money by asking for the amount of interest or return if the insurance money is put into a banking product.
3. Value Based on Financial Needs
The amount of insurance money is taken from a range value that is at least equal to the current nominal exclusive requirement, which is called the present value. This amount is multiplied by 150.
Meanwhile, the maximum insurance amount is the amount of money in the future, also called the future value. This figure is multiplied by 80%.Financial needs-based value is combined with investment products that are applied monthly or yearly in order to achieve future financial needs from the financial needs they have. This situation is also known as “future value.”
The financial needs-based value method can also be used for residents who have a higher monthly income. The other two methods are impossible to use for those with higher incomes because they will add to the amount of insurance money, which is considered too large. In practice, the value of insurance coverage that is too large will minimize the chances of being approved by the insurance company.
How to Choose a Car Insurance Claim
As with other insurance products, for car insurance, the process of submitting a claim must be carried out and in accordance with the mechanism established by the insurer. If you do not fulfill it, there is a risk of the claim being rejected. Avoid denial of insurance claims in the proper way. Here are four important steps so that a car insurance claim goes smoothly:
1. Make direct contact with the automobile insurance company.
When something bad happens to your car, for example an accident, loss, damage due to flooding or other risks that must be handled immediately, contact your car insurance company. The maximum reporting requirements are 3 x 24 hours after the incident. Unless you can report as soon as possible to avoid being late.The report will make it easier for you to submit claims and will use the survey process as one of the claim mechanisms.
So explain to the insurance company the chronology of events that you experienced so they know. If your car, for example, has an accident, immediately call the insurance company and file a claim. You will get a tow truck service, repair at a local workshop, or something else.
The insurance company will provide you with an additional claim form. Fill out and complete this form so that it can be used to repair the car at the related workshop. Don’t forget to convey that the claim submission documents are being prepared.
2. Gather and present proof of car insurance
Submitting a car insurance claim should be accompanied by tangible evidence. This can show that you are not making up a moment to get compensation from the insurance company.
Evidence of an accident can be, for example, a photo of the dented car body. The car was lost in the parking lot, as shown by CCTV evidence or other evidence. This evidence can also be used to tell the authorities (the police) what’s going on.
3. Explain in detail the chronology of events.
When submitting a car insurance claim, you will be asked to explain the chronology of an event in detail. Not only that, you also need to answer various questions that an insurance claim employee might ask.
Make sure you answer the question properly. So keep that in mind: the chronology of events, the location, the time of the incident, the position of the driver of the car at the time of the incident, and so on.
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4. Completing and Submitting the Necessary Documents
The condition of submitting a car insurance claim is that you must submit several important documents. This document corresponds to the needs of your claim and is incidental.
Well, those are some important reviews that talk about can I fix my own car with insurance money. Of course, you can just submit it and the problem will be sorted out.
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