Have you ever been startled when your new insurance provider comes up with your insurance history, which you had conveniently believed to be a well-preserved record? This was when you had it all planned to leave your insurance past behind and start afresh with a new insurance provider! Well, it is the CLUE report that does the job here. Clueless about the CLUE report? Not anymore! Here, we break it down for you.
If you are considering switching to a new insurance provider, then A CLUE report mustn’t be alien to you. Understanding this report and verifying its accuracy could save you money on your auto insurance without compromising coverage if you’re in an accident.
Can you check your insurance claims history? How can I check my car insurance claims history? These are some of the questions that swirl in your head.
A claims history records how much insurance a person has used. When you lose and file a claim, the details of that claim become part of your insurance claims history. This history shows the claim, what caused the damage, how much the insurance company paid, and other details.
What is a CLUE report?
A CLUE report is expanded as a Comprehensive Loss Underwriting Exchange. In short, it is nothing but a record of your past insurance claims for seven years. It works well for both insurers and customers. Insurers utilize this to assess property risk. Sellers or buyers can run the report to learn about unreported damage and decide the fair price for a car or home.
What does a CLUE report include?
LexisNexis, an analytics company updates the CLUE report. They receive regular updates from the insurance companies and update the database for the same. The property mentioned in the report can be that of a car or property. Meanwhile, also known as a loss of history report, the details included in a CLUE report are as follows.
- The name and address of the owner
- Social security number
- Name of the insurance company
- Insurance policy number and claim number
- Date of loss and type of loss
- Amount paid by the insurance company
- Vehicle Identification Number, make and model of the car, license number
However, if your previous insurer has not been a part of the CLUE, then your CLUE report will remain blank. Getting your hands on your insurance claims history report is relatively easy.
How to get a CLUE report
The Fair Credit Reporting Act entitles you to one free copy of the CLUE report annually. You can order either property or auto reports or both. However, if you require extra copies, you need to pay $19.95 each.
The request for the same can be made by mail at LexisNexis, P.O. Box 105295, Atlanta, GA, 30348-5295, by phone (1-866-312-8076), or through the LexisNexis website.
Meanwhile, the insurance companies have access to these reports as they exchange data with the company. Therefore, there is an exchange of reports between companies.
Why should you get it?
You can easily keep track of this freely accessible report. This will help you stay updated with the loss information on the report. In short, it will help you detect any inaccurate information. Once you correct it, you can always claim for better coverages.
How is a CLUE report used?
A CLUE report is used by the providers to run a risk analysis. In case you have not disclosed any past damage, with them, then it is this report which comes to their rescue. The CLUE Auto report details the loss history linked with a particular driver and their vehicle over seven years. Insurers provide coverage for the car after analyzing and evaluating the risk that is presented.
How can I correct the information on my CLUE report?
LexisNexis allows dispute resolution in case of any. You can contact LexisNexis directly to report an issue on your CLUE reports, such as an invalid claim report or an improper loss payment.
LexisNexis will then contact the insurance carrier on your behalf, request clarity, and report back to you within 30 days. If you believe that it demands an explanation, you may submit a personal comment that LexisNexis will include in all future reports.
One of the common errors involves claims that started out but were not paid by the insurance company. Even if you paid for it it might show in your CLUE report. You can dissolve such discrepancies by contacting LexisNexis.
Is it the same as MVR?
While a few details of both these reports might be similar, a Motor Vehicle Report deals with the driver’s driving history and other specifics. MVR is not a free report and includes the driving history of the past 3 years.
In short, a CLUE report does not focus on traffic violations.
Is a blank CLUE report a cause for concern?
No, you need not worry about a blank CLUE report. This can happen under two scenarios. Firstly, if your insurance provider is not a part of the database. Secondly, if you have not filed a claim or have not incurred any loss in the past seven years, then it can result in a blank report.
Therefore, we find that your CLUE report can directly affect your insurance premium rates. Maintaining a clean driving record is one way to avoid insurance premiums from spiking. Shopping around for quotes will always help determine affordable rates, and Way.com makes this task easier for you.