 Question:
I am with auto-insurance company X right now and due to few number of insurance claims that I had made, my insurance is going up. I am wondering if I try to switch to some company Y, will X share my claims information with Y?
Answer:
Yes. Most insurance companies subscribe to a service called “CLUE”. It’s basically a data bank where companies share claim information with each other.
Most companies will order a “CLUE” report before issuing your policy and find out that you have had previous claims. It is always a good practice to go ahead disclose this information up front, if not the rate that you are quoted will not be accurate.
I would suggest getting as many quotes as possible!
Because rates vary hundreds of dollars with companies you might be surprised to find out that by comparison shopping your maybe able to get insurance through another company without seeing a huge increase.
As mentioned already the key is to getting as many quotes as possible. The easiest way to do this is by using free on line insurance rating services. I read a statistic that people who use these services usually save an average of 30%-40%. If that holds true for you then it basically you would most likely be able to keep your rates close to what you are currently paying. |
