Get A C.L.U.E. – What Is C.L.U.E. And What Can It Do for You?
Posted by: Insurance Place by: June 26, 2014
Have you ever wondered what information insurance companies take into consideration when they underwrite your policy to determine your eligibility and premiums? Get clued into C.L.U.E., the Comprehensive Loss Underwriting Exchange.
What is C.L.U.E.?
The Comprehensive Loss Underwriting Exchange is an information exchange provided to insurance companies by LexisNexis that stores all of the information related to any persons’ auto insurance or home insurance claims within the past 5 years. The information is stored in a nationwide database so that if you move to a new state, your new insurance company has access to the information provided by your previous insurance company.
What is included in my C.L.U.E. report?
Your personal C.L.U.E report can be generated for your auto insurance or home insurance and will include your name, date of birth, social security number as well as information related to your claims. It will disclose the date of your loss, the type of claim and the amount paid out by your insurance company. Even a call of inquiry may be noted in your C.L.U.E. report, even if it did not result in a claim. So if you call your insurance company to inquire about water damage or mold, it may show up in your C.L.U.E. report.
Can I see my C.L.U.E. report?
By law every person is allowed to request one free C.L.U.E. report per year to see what is included. It is important to stay informed of your C.L.U.E. report to verify that all information is accurate. It is possible for errors to be included and you do not want to end up with a higher insurance premium due to a C.L.U.E. error of which you are completely clueless. If your identity is stolen you may also find fraudulent claims by the thief that come up in your C.L.U.E report. If you do find inaccuracies in your report, you should dispute them immediately. LexisNexis is required to investigate every dispute, as it is important that they provide correct and up to date information.
C.L.U.E. for Home Owners
When purchasing a home you should always request a C.L.U.E. report from the seller to make sure you know of any and all claims that have been made on the house within the past 5 years. It is important to know of any underlying issues that may not be become apparent until a few years down the road, or after you have already signed the contract.