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Why Your Auto Claims History is Important to Your Insurer

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Why Your Auto Claims History is Important to Your Insurer

Why auto insurance companies track your claims. 

Believe it or not, your claims history is one of the biggest factors behind your insurance premiums. Insurance companies track your claims history and will review your record when calculating your premium, so it pays to keep this in mind before you file that small claim.

Car insurance companies consider a variety of factors when determining your premium, such as location, vehicle, annual mileage, credit, and more. They will also look at your history of claims to determine if you’re a good or bad driver. Insurance companies care about your claims history for one simple reason: if you have a track record of filing lots of claims, then it means you will cost them more money if they insure you. If you frequently file claims, you can expect to see a higher premium than someone who has not filed, or who rarely files a claim.

Insurers track claims across different providers by using something called a CLUE report. CLUE (Comprehensive Loss Underwriting Exchange) is a database that tracks and retains claim history. All insurance companies are required to submit “loss history” reports to the CLUE database. These reports contain your personal information, claims history, and inquiries. The reports stay in the CLUE database for seven years, after which they are deleted.

If you’re looking to save money, think twice before filing a claim for a minor event. You can always call your agent and consider what coverage you have in place. If minor damage from hail is going to cost $1,200 to repair and your deductible is $1,000, you could save yourself the expense of your insurance premium rising by paying for the damage yourself.

Make sure you have an affordable auto insurance policy in place. When looking for your next policy, remember that the Lone Star locals at Reata Insurance Group can help. From San Antonio to Beaumont, Amarillo to Houston, we serve Texas motorists with the quality car insurance they need and deserve.

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