All You Need to Know About C.L.U.E as an Insurance Buyer

A C.L.U.E report is the insurance equivalent of credit rating in borrowing.

You know about all that there is to be known about your credit score. You want to access credit affordably and all that.

But, what do you know about the Comprehensive Loss Underwriting Exchange (C.L.U.E)? Probably nothing. Don’t beat yourself up for it though.

The number of insurance buyers who know about this vital insurance component is in the minority. A survey conducted by InsuranceQuotes shows that up to 86% of consumers are unaware of this report. This is telling since the report has a direct bearing on the premiums you as a consumer pay.

Ready to be among the tiny statistic of those in the know? Keep reading.

What is a C.L.U.E report?

The Comprehensive Loss Underwriting Exchange (C.L.U.E) report is a record of your past personal property and auto claims. The claims history is usually of the past seven years.

The report is provided by an agency called LexisNexis. It is updated every time an insurance company divulges some information to the agency.

Insurance companies offer information to LexisNexis when:

  • They deny a claim
  • Payout cash for a claim
  • Look into a possible claim
  • You inquire about making a claim

Contents of a C.L.U.E report

The report contains the following tidbits of your dealings with insurance companies:-

  • Personal information such as your name, date of birth, gender, and social security number
  • The policy number
  • Details about the covered property, either a home or car. This can be an address in case of homeowner claims.
  • Date of loss
  • Type of loss
  • The amount of claim
  • All the companies that have asked for your claims history for the past 2 years

Of course, some details like the social security number are edited out for safety.

Why the report matters

Insurance companies ask for your history when you make contact – either to get a quote or to apply for coverage.

The insurers use this information to decide whether to offer you a cover or not. If they take you on, the history plays a role in determining the amount you will pay in premiums. As a general rule, several past claims can jerk up the rates considerably as this is an indication of the same being repeated in future.

That said, it is possible to end up with faulty information under your name. This can be a claim made in your name by another person, an accident you were involved in that is listed as your fault and so on.

You can clear these out if you get your C.L.U.E report before courting a new policy.

How to get your C.L.U.E report

Getting a C.L.U.E report is a straightforward process.

As mentioned above, LexisNexis is the sole agency in charge of providing the report. You can obtain it by either calling them (toll-free: 866-312-8076) or logging on to their website.

By law, you are entitled to both one free claims report for auto and another for property every year. You can ask for both of them at a go or individually – the choice is all yours.

As indicated above, wrong information in C.L.U.E reports is not unheard of. And this is why having the report is important. But thankfully, you can make it right.

Contesting faulty information

All you have to do is contact LexisNexis on 888-497-0011. They will launch a 30-day investigation into your complain after which they will get back to you not more than 5 days later. You are also allowed to add a note on the disputed entry which will be part of subsequent C.L.U.E reports.

Your state insurance commissioner and the FTC are alternative avenues you can use to address the erroneous information.

Go ahead, grab your report

So that’s all about the Comprehensive Loss Underwriting Exchange (C.L.U.E) report. It sure plays a role in determining the rates you pay; even if the information is wrong.

Taking a peek at it can save you from wrongfully paying higher premiums. Log on to LexisNexis’ website or call them and see if there is anything that shouldn’t be there. It is your right.

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