Are claims permanently recorded somewhere?

by Guest » Sat Jan 07, 2012 03:33 pm
Guest

I had a clean driving record, no DUIs or DWIs or anything major till about 5 years ago. I was in an accident and I was at fault. Since the damage was very minor, we decided not to file a police report and the other guy made a claim for the damages against my insurance company. I am thinking of changing my carrier this year. Will the new carrier know about the incident? Will it affect my rates?

Total Comments: 4

Posted: Sat Jan 07, 2012 09:17 pm Post Subject:

It may. Insurance companies do report claims to ChoicePoint who maintains CLUE (Comprehensive Loss Underwriting Exchange). These reports go back 7 years.

Posted: Tue Jan 10, 2012 03:24 am Post Subject:

Depending on the state you live in, and the insurance company quoting you, an at fault accident within 5 years can affect your rate.

Don't let it stop you from shopping, though. You definitely want to shop again once the accident is over five years.

You can ask the insurance company you have now to see if they have record of the exact date of the accident, if you don't know it.

Posted: Tue Jan 10, 2012 11:54 am Post Subject:

Depending on the state you live in, and the insurance company quoting you, an at fault accident within 5 years can affect your rate.



It also depends on the underwriter and how he interprets the accident. The rates may be higher but in most cases its the same or competitive given that the insured has an otherwise clean driving record. There have been instances where a client's premium was raised to $200 a month which reduced itself over 3 years to $98 a month, all by maintaining a clean chit. Exceptional case but nonetheless.

Posted: Thu Jan 12, 2012 03:03 am Post Subject:

A minor at fault accident 3-5 years ago should not have any serious implication for your current premium. Just don't fail to disclose the accident if they ask you about the time period which includes the date of the accident. That could be counted as a "material misrepresentation" and allow the insurance company to deny your coverage when you need it the most.

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