Insurance Experts Explain What Is A CLUE Report

LOS ANGELES, Nov. 30, 2018 /PRNewswire-iReach/ -- Cheapquotesautoinsurance.com (http://cheapquotesautoinsurance.com/) is a top auto insurance brokerage website, providing car insurance quotes online from trustworthy agencies all over the United States. This website offers car insurance info about different coverage types and money saving tips

One of the best tools used by insurance companies to prevent fraud and correctly determine rates is the CLUE (Comprehensive Loss Underwriting Exchange) report.  This is a claim-information report generated by the consumer-report agency LexisNexis. The report generally contains up to seven years of personal-auto and personal-property claims history.

Insurance companies check the CLUE report to asses a person's risk. The history of claims will determine the company to consider a person high-risk or not. Persons with a history of high-value claims will pay more for auto insurance.

CLUE reports also include property claims. This part, however, is less relevant for a company if the buyer wants to purchase just car insurance.

A CLUE report contains information from the insurance company about any claims made on a client's vehicle or on his insurance policy. Typical information on a CLUE report will include:

• Client's name
• Date of birth
• Policy number
• Date of loss
• Type of loss
• Amount of compensation the company paid
• Description of the covered property

Insurance companies disclose the info to LexisNexis, which later compiles it into the report. Companies report claims for which they've paid money, setup a file for a potential claim, or declined claims.

Insurance companies use the CLUE report to prevent frauds. When applying for coverage or requesting a car insurance quote, the company will check if the info provided about the claim history is true. Lying the insurer will have negative consequences, and it may even refuse to work with that client.

"CLUE reports are carefully analyzed by insurance companies. Make sure to provide correct data when requesting online quotes", said Russell Rabichev, Marketing Director of Internet Marketing Company.

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Media Contact: Russell Rabichev, Internet Marketing Company, 8183593898, [email protected]

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