What Happens When You Withdraw An Insurance Claim - T-Tees - Your Answers Await, Life's Questions Unraveled

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Let’s face it: insurance can be confusing. In fact, only about 30% of homeowners understand what is included in their home insurance policy or how it works. Other types of insurance policies, like car insurance and health insurance, are no easier to parse out.

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Today, we’re going to talk about what happens when you withdraw an insurance claim. It’s rare enough to file one, and even more rare to withdraw one. How does this process work and what happens next?

Read on to learn what happens when you withdraw an insurance claim, how to do it, when to do it, and more.

Can You Withdraw an Insurance Claim?

Withdrawing an insurance claim is often a possibility. In fact, your insurance agent may feel pretty excited about it because it saves your insurance company money. What’s more, you may not realize that you started a claim when all you meant to do was ask a few questions.

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Let’s break this down. Starting an insurance claim is basically as simple as telling your insurance company about an accident or incident and asking about your coverage. If they know about something that could require coverage and that you’re asking about coverage, they may automatically assume that what you’re doing is filing a claim.

The good thing is, this is typically easy enough to fix. Most of the time, the only insurance claims you can’t withdraw are the ones that you’re tied up in as the at-fault party. In other words, if you cause a car accident, you can’t be the one to withdraw a claim.

Why Might You Withdraw a Claim?

You’re considering withdrawing your insurance claim, but you’re not sure if your reason is good enough. Let’s take a look at some of the biggest reasons that people withdraw insurance claims and whether or not they’re good reasons.

The Deductible-to-Coverage Ratio Isn’t Good

You need $1,000 worth of repairs on your windows after a storm but your deductible is $500. Is it worth paying $500 to get a matching $500? Typically, unless you’re getting at least twice as much as your deductible, you’re better off paying for damages out of pocket.

You Can’t Afford the Deductible or Premium Increase

Maybe you can’t afford to pay that deductible and/or the premium increase that might come with it. One possible choice, here, is to withdraw your claim and repair the damage after you’ve built up your savings. Keep in mind that if you take this approach, you will need to do everything you can to mitigate further damage caused by those unaddressed issues, or your insurance company may not offer coverage in the future.

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You Want to Take a DIY Approach

In the age of DIY TV stars and influencers, we hear a lot of car owners and homeowners expressing a desire to make repairs, themselves. The reality is that unless you’re an expert (or know an expert who is willing to step in), this is not a good call. The DIY approach can result in worsening damage, lost money, and even injuries.

The Repairs Aren’t as Costly as Expected

You called your insurance company right away to start a claim, but when you brought in contractors for estimates, the estimates were way lower than you thought. So low, in fact, that you can easily afford the repairs out of pocket. This is a great reason to withdraw a claim.

The Claims Process Isn’t Worth It

The claims process is underway, but it’s becoming so difficult to make an appointment with the adjuster and get the ball rolling that you’re starting to lose patience. Alternatively, your insurance policy is so convoluted that you can’t even figure out what kind of coverage you’re going to receive. If this is the case, consider not only withdrawing your claim but also looking for a new insurance provider.

What Happens When You Withdraw an Insurance Claim?

So what happens when you withdraw an insurance claim? Does it disappear entirely? Unfortunately, the answer is no.

How Do You Cancel an Insurance Claim?

Here’s the best part: it’s really easy to cancel an insurance claim. So easy, in fact, that all you’re going to need is your phone, the phone number of your insurance company, and your policy number.

Give them a call, get a representative on the phone, and tell them you want to withdraw (appropriate language is also “cancel”) your claim. So long as it’s allowable, they should take care of it right away.

Understand Your Insurance Policies

Insurance policies aren’t always the easiest to make sense of. That’s why we’re here to help you to learn everything from how to file an insurance claim to what happens when you withdraw an insurance claim and everything in between. We’re also here to offer insurance policies that aren’t quite so confusing.

If you’re looking for a Cambridge insurer who makes things simple, look no further. Contact us to find out what kind of coverage we can offer you today.

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