April 17, 2010
Your rates and insurability depend on insurance loss history reports
With the number of economic problems people faced during the Great Recession availability of credit and credit related issues became a regular topic of discussion. One positive thing that came out of the attention to credit reports was an awareness of how many aspects of our lives credit reports touch. For example, insurance rates, interest rates and loan terms, and even employment are affected by what is on our credit report. This makes checking your credit report for accuracy, on a regular basis, very important. However, what about the other consumer reports that are kept on you? For example, do you know what is being reported about you by the Loss History Exchanges?
Who provides the loss history exchange reports?
There are two loss history exchanges you should be aware of. These exchanges are the Automated Property Loss Underwriting Service (A-Plus) and the Comprehensive Loss Underwriting Exchange (CLUE). These exchanges collect information about your insurance claim history and make that information available to insurance companies who are considering what rates to quote you. Obviously, you want the information to be accurate as incorrect information could make you appear to be a higher risk. Along with other factors, such as your credit report, these reports will be part of the formula that determines 1) if you can be insured and 2) what your rate will be.
Where does the data come from for the loss history exchange reports?
These companies get their information from insurance companies that supply them with your insurance and claim history data. Nearly all insurance companies report this data. These exchanges also provide a service to insurance companies by “providing information on current and previous coverages and other policy-level data”.
Comprehensive Loss Underwriting Exchange provides information such as your personal property damage claims, auto loss and claims history. Have you ever called your insurance agent, told them about a loss, and then decided not to submit a claim? Perhaps, you decided not to submit the claim because of the amount you would pay for a deductible. That inquiry is reported to the Comprehensive Loss Underwriting Exchange. Even if you don’t file a claim, but made an inquiry into the coverage of something, that is reported and documented as well.
Like credit reports you are entitled to a free report from each of these exchanges every 12 months. If you find errors on your insurance exchange report be sure to take the same steps you would when correcting errors on your credit report. Notify the exchange in writing and provide documentation backing up your claim.
How do I get a copy of my own loss history exchange report?
You can reach Automated Property Loss Underwriting Service at the A-PLUS Consumer Inquiry Center’s 1-800-709-8842 phone number, option 2. You can reach Comprehensive Loss Underwriting Exchange at 1-866-312-8076. Learn more about credit ratings and insurance at BowmansMoneyCollege.com.
http://www.iso.com/Products/A-PLUS/A-PLUS-the-Automobile-Property-Loss-Underwriting-Service.html
http://www.iso.com/Products/A-PLUS/Consumers-Order-Your-Free-A-PLUS-Loss-History-Report.html
https://www.choicetrust.com/servlet/com.kx.cs.servlets.CsServlet?channel=welcome&subchannel=clue
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