Most people understand the value of their credit history when it comes to their finances. If you want to get a loan, buy a car or even rent an apartment your credit report and history will likely be checked. Similarly, your auto insurance claims history is checked to determine what your insurance rate will be.
Like your credit history, your auto insurance claims history is important personal information that you should know and understand. So how can you check your auto insurance claims history? Read on to find out more.
What is a Claims History?
Your claims history is part of what is known as a CLUE report. This stands for Comprehensive Loss Underwriting Exchange. The CLUE report is maintained by the reporting service LexisNexis and can sometimes be referred to as a Loss Report.
The report goes back seven years and contains all the information related to your insurance claims. The type of information you will see on a CLUE report includes:
- Date and type of claim
- Insured’s name
- Insurance company’s name
- If the claim was approved of denied
- The amount of the claim payout
This information is invaluable to the insurance company when you apply for coverage. Let’s see how this works.
Who Uses My Claims History?
When you fill out an application for auto insurance, the insurance company you are applying to will pull a copy of your CLUE report. They will use this data to figure out how much of a risk you present and to determine your premium amount.
They may not look at all seven years of history, they may just take three or five, but if in any period looked at you have filed multiple claims, you can bet you will see a higher premium than someone with a cleaner history.
Because each insurance company has their own algorithm for determining rates, you will likely receive different quote amounts if you request numbers from several companies. This is why it is so important to shop around for auto insurance.
How Can I Check My Auto Insurance Claims History?
When you are ready to shop around, arm yourself with your own data by getting a copy of your CLUE report. You can request a copy from your current insurer. Use this to make sure there are no errors on your record that could increase your monthly premiums unnecessarily. Just like your credit report, you should do your best to keep your claims history report clean. This will help you get the lowest rates.
Once you’re ready to shop around for car insurance, you can use the InsuranceWins form to compare quotes from well-known auto insurance companies. Armed with your own information you can feel confident and get ready to save!
