Have you ever wondered why your insurance premiums are so high? Especially when you have a clean driving record! Well as we all know our driving record directly impacts our premium. However most people aren’t aware that your record may not be 100% accurate.
We have had clients that showed claims on their record’s for things such as; glass repair, key replacement and even tow services that our clients had never used. The impact of the errors can also be on a much grander scale. For example we recently had a client who was interested in switching from their current agent to us. Well the first thing we noticed was that her premium was strikingly high for her coverage needs. After further inspection we found the culprit, 4 accidents that didn’t belong on her record. After making these corrections the policy went from $12,836 annually to $5,620 annually. Resulting in a savings of $7,216!
Before we get into what you can do to correct your record it’s important to understand how the system works. Insurance carriers use two different sources to gather your information. The first is called a C.L.U.E. report and the second is an MVR.
C.L.U.E. stands for Comprehensive Loss Underwriting Exchange. This report will show insurance carriers your previous claim history. So if your issue is relating to incorrect claims such as an accident this is the report you will need to correct.
MVR stands for Motor Vehicle Record. This report shows insurance carriers your driving violations such as speeding tickets. So if your issue is relating to a incorrect violation history such as a speeding ticket or DUI that doesn’t belong to you this is the report you will need to correct.
Now that you know what report you need to correct here’s what you can do if you suspect you may have any incorrect entries. For an error on your C.L.U.E. report you have two options. You can call the carrier who entered the claims which may or may not be the carrier you are currently with. Or you can call LexisNexis Risk Solutions the corporation that runs the C.L.U.E. reports. The number they have to dispute claims is the following 866-718-7684. On the other hand if the report you need to correct is your MVR it is a little different. Since this report comes directly from The Department of Motor Vehicles of your state, the manor in which you go about to correct it is dependent on your state. So for MVR corrections contact your state’s DMV office and ask them their process.
Following all this contact your insurance carrier to notify them of the changes, they should be able to provide you with a new quotation. The changes may take some time to go into effect so if your insurance carrier says they do not see any changes no need to panic. Just follow up in 24-48hours of the change being made.
Lastly and most importantly enjoy all the money you just saved!