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 Posted: Thu Aug 14, 2008 6:14 am Post subject: Swithing insurance companies .need some help |
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Hi guys I am planning to change my insurance company.The thing is I made a few claims to my existing insurance company and since then my premiums have gone up.So now I want to shift to a new one.What I am worried is whether my present insurance company will share my claim information with my new insurance company?
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renditioner
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| Posted: Thu Aug 14, 2008 9:36 am Post subject: |
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yep they will, also your application will ask about it, and if you lie you run the risk of them denying any claim that comes up (and they will find out).
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Lori
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| Posted: Thu Aug 14, 2008 11:44 am Post subject: |
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| Quote: | | What I am worried is whether my present insurance company will share my claim information with my new insurance company? |
Certainly they will. It is a normal practice for the insurers to share the claim history of the customers among themselves. During the underwriting phase the insurers like to see if the applicant's behavior regarding claims, premium payment etc. hence, you may not get desired premium rate even with a new insurance company. However, it is definitely worth trying.
The report what the insurers refer is known as the CLUE report or the Comprehensive Loss Underwriting Exchange report.
Regards,
Juanita |
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Juanita
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| Posted: Thu Aug 14, 2008 11:58 am Post subject: |
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If both your existing insurer and the new insurer are subscribed to receive the CLUE report they all share the information regarding the claims. Any loss reported to the insurance company remain on the report for the time period of 5 years.
The CLUE report normally covers the following information
- Name and DOB of the policy holder
- policy details and number
- type of the loss reported
- date of the loss
- description of the loss covered
- amount paid towards the claim
However, it doesn't contain any other information on the policy holder like- credit history, judgements, criminal records and so forth.
BTW some insurers also check the credit history of the applicant before issuing the policy. |
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JeremyHolter
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| Posted: Thu Aug 14, 2008 12:13 pm Post subject: |
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and of course run a check on your drivers license which will show tickets etc.
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Thu Aug 14, 2008 1:48 pm Post subject: |
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(along the lines of Lori's last few replies...) | Quote: | | Hi guys I am planning to change my insurance company |
Good luck with that... insurance companies can be pretty set in their ways. |
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tcope
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| Posted: Fri Aug 15, 2008 5:19 am Post subject: |
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Hi renditioner..jus wanted to share something that we need to know over here. First thing that comes to my mind is the sign-up process!
For you, it w'd just need to go through the papers & sign them following the guidance of your agent.
But on the part of the insurance company, it would be a long drawn process involving a scrutiny of the personal data & arriving at a proposed premium rate for you. Now see, the premium that you'd need to pay to the insurance co. would be very much dependent on the legitimacy of this data.
If you're gonna opt for a car insurance...you're more likely to come across Qns associated with the distance that you'd need to travel with this car. If you're lying & in reality you'd be driving this car regularly to far-off places then definitely you're hiding the risk factor to a considerable degree. Next time they would either choose not to cover you or cover you up with a much higher premium. Thats natural! Fatman |
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fatman
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