Applying for car insurance means filling in forms. Forms that only get more complicated if you’ve got any sort of claims history. But what if you could access a database that stored all that information for you? Would that benefit you and yours?
According to our new research, 44% of us who have made a claim against our insurance have had to rely on memory and paperwork when it came to insuring our car again. If you’re one of them, you’ll know that adding claims history onto your insurance quote means a lot more additional questions- the detail of which is often far harder to recall than simply filling in your name and address.
But what if things could be made a little easier? In our latest campaign, led by findings from the Institute of Inertia, we’re calling for things to be made simple. And what could be simpler than giving you access to your own data?
The insurance companies all have access to a database called the Claims and Underwriting Exchange (CUE) which is what they use to check and validate your insurance application. The database gives them easy access to your claims history and allows them to assess your application accordingly. But today we’re calling for that database to be opened up to customers so that we can all access our own data. What’s more, we’re asking that this databased is made customer-friendly, easy to use and free to anybody who would like to view the data held on them.
So why are we championing this? Well, in a recent survey, 20% of you said that you felt insurance companies purposely make it hard for you to access data that’s held about your claims history. And 18% of you claim that you’re completely put off from switching or renewing your insurance because accessing this information seems to take too long or is too difficult. This means that many of you are probably not getting the best deal on your insurance.
But we think, by providing access to CUE, many of you will feel more empowered to act on your insurance and shop around for the best price for you. 64% of you have already said that you would find a system similar to the one in place for checking credit scores useful when accessing insurance claims history, so we’re sure this would be a step in the right direction.
Simon McCulloch, our Director of Insurance, said "Remembering your full claims history is no easy task. People can often be put off addressing their insurance requirements as they worry about being penalised for making an honest mistake. Given that insurance companies can already access full claims histories, it’s time the power was rebalanced and put back with consumers."
And Jo Swinson, the former Consumer Affairs Minister and Vice Chair of the Institute of Inertia, added "Our research shows many people are put off shopping for a new insurance policy because they think it will be a hassle - and many are paying hundreds of pounds over the odds as a result. Consumers should be able to easily access information about their own claims history - for free, and in a few clicks of a mouse."
So, with access to more of the data that’s held on us, it should be easier for us to compare insurance quotes and make sure that we’re getting the best deal for us (regardless of our claims history). On car insurance alone, 50% of you could save over £249.39* a year on your premiums so there is real money to be saved by switching. You can compare car insurance, home insurance, or energy providers now to make sure you’re getting the best deals for you and your family.