To Claim or Not To Claim
Whether or not to file a claim is always your decision. Here are some things to consider.
- Was anyone injured?
- Has someone else's property or vehicle been damaged?
- Are the damages above your deductible?
If you answered yes to one or more of these questions, you should consider filing a claim.
A claim for repairs that are outside of a comfortable amount to spend out of pocket may be worth making as long as it is above your deductible amount. Submitting a claim for an amount less than your deductible is not advised, because even if the carrier is not paying out, there are still costs they are experiencing with your claim if an adjuster has to come out to your property.
In addition, every claim you make will get added to your C.L.U.E. report (Comprehensive Loss Underwriting Exchange). C.L.U.E. data gets compiled much like credit reporting agencies collect information from your creditors about your credit usage and history. This report generally contains up to seven years of your personal-auto and personal-property claims history.
You can expect higher premiums and limited coverage if your C.L.U.E. report shows claims. Basically, anything you claim will show on your report and may cause you to be non-renewed or uninsurable for future policies; especially if there are repetitive losses. Repetitive losses can potentially make you uninsurable, raising your rates and/or making your rates extreme in some cases. This is why your insurance should only be used for large losses.
Get a C.L.U.E.
As with credit reports, you have a right to get your C.L.U.E. reports annually. You may want to obtain them every 12 months. What’s in the report affects insurance costs and coverage, so individuals should check their C.L.U.E. report frequently to ensure that loss information is accurate. You can use this link to request a copy of your C.L.U.E report: https://consumer.risk.lexisnexis.com/request
If you are have more questions about claims, please do not hesitate to reach out to one of our agents to walk you through making your decision. Please give us a call 910-762-8551 or email us insurance@wellsins.com.
