Claim
/klaym/
A request for payment under your insurance policy.
Definition
A claim is a formal request you make to your insurance company for payment or reimbursement for a covered loss. When you file a claim, the insurer investigates to determine if the loss is covered and how much they will pay. Filing claims may affect your future premiums.
Example
After the car accident, Maria filed a claim with her insurance company to cover the repair costs.
More General Terms Terms
The amount you pay for your insurance policy.
The amount you pay out-of-pocket before insurance kicks in.
The contract between you and your insurance company.
The protection provided by your insurance policy.
The maximum amount an insurer will pay for a covered loss.
Something your insurance policy specifically does not cover.
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