Auto liability insurance rates are generally expressed as a function of applicant's credit score, ZIP code, age, gender, marital status, driving history, besides certain surcharges and discounts. Physical damage car insurance rates are based, generally speaking, on the value of the insured vehicle. While most standard carriers have been using the CLUE reports in their underwriting, a couple of new patents have been filed by
Auto insurers have been using the C.L.U.E. reports and VIN reports for a while. CLUE auto reports offer a seven year history of automobile insurance losses associated with a person. The paid service is offered by LexisNexis. CLUE reports include the following data: date of auto loss, loss type, and amount paid along with general information such as policy number, claim number and name of insurer.
<p> Ed Snenneh of
"The biggest issue we see is the cost vs benefit resulting from using the new models. Insurers will incur additional costs for ordering these reports. Will the increase in revenues from using these additional pricing factors justify the cost of obtaining the data for each vehicle to be insured? This question is yet to be answered by the insurers," Mr. Snenneh added.
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