If you are shopping around for auto or home insurance, it makes sense to want to understand what factors are used to calculate your premiums. For example, a lot of people ask themselves whether insurance companies will look at their claims history as part of the underwriting process. In today’s post, we provide some answers.
Will Insurance Companies Look at My Claims History?
Yes, most insurance companies will look at your claims history to determine what coverages to offer you and what premiums you should pay.
Most insurance companies use the Comprehensive Loss Underwriting Exchange (also known as CLUE), a database produced by the reporting agency LexisNexis, to check your claims history.
The information shown in a CLUE report may include:
- Name
- Date of birth
- Policy number
- Up to seven years of personal property claims history
The good news is that you can get a free copy of your CLUE report each year. All you have to do is to contact LexisNexis at 1-866-312-8076 or visit https://personalreports.lexisnexis.com
Getting a report is a good idea because it will give you both a sense of what the insurance companies are looking at and a chance to dispute any inaccuracies before they can impact your premiums.
How Are Insurance Premiums Calculated?
While your claims history plays an important role in determining your insurance premiums, many other factors come into play when it comes to calculating how much you are supposed to pay for coverage.
The things an insurance company will take into account depends on the type of insurance. For example, in addition to your claims history, auto insurance premiums are calculated considering factors like:
- Your driving record
- How much you drive your car
- The place where you live and work
- Your age
- The car you drive
- Your credit
- Your genre
As for homeowners insurance, your claims history is part of a recipe that also includes things like:
- Location of the property
- Your marital status
- Your credit history
- The property’s replacement cost
- Risks on the property
BZ Bee Insurance: Auto Insurance in Texas
Looking for high-quality auto insurance? At BZ Bee, we understand our clients’ needs and go out of our way to help you find coverage that meets your needs.To get a free quote, just contact us by email (ayalamariaeugenia@yahoo.com) or telephone (832-729-8114), or fill out the contact form on this website.
