So, you’re thinking about changing car insurance providers or you’re in the process of making the switch and you want to know whether your old insurer will share your previous claims with the new insurer. While your old insurer might share your past claims with your new insurer directly, many insurers have other avenues of sourcing the relevant information.
Read on to better understand the purpose of your insurance claims history and how it comes into play when switching insurers.
How is your insurance claims history recorded?
One of the easiest ways to access your car insurance claims history is through your current insurer. They should have a copy of your previous claims on record that they can provide to you.
Your claims history is also recorded in what’s known as a ‘My Insurance Claims Report’ by the Insurance Reference Services Limited (IRS). The IRS is a member-based organisation that supports Australian general insurance companies, including Youi, in managing claims regarding motor, home and travel insurance. Member organisations can access the information on file with the IRS to help with the validation of information provided to them during the course of an insurance policy, from quotes to risk assessments through to claims.
This report includes information about your previous insurance claims as well as information you’ve disclosed to insurers in the process of obtaining insurance, making insurance claims or being a party to an insurance claim. This report might also include information concerning:
- Full name;
- Date of birth;
- Driver’s licence;
- Residential address;
- Details of applications made for insurance;
- Details of enquiries made by agents of insurance companies such as loss assessors, insurance investigators and recovery agents;
- Details of claims made under insurance policies held in your name or jointly in your name; and
- Details of claims where you were named as a driver of an insured vehicle.
The data regarding your claims history is kept on record for ten years. Information on any insurance enquiries are held on your report for five years.
How your insurance claims history works
According to IRS, the information captured in My Insurance Claims Reports is gathered in a number of ways, including:
- From an application for general insurance;
- As a result of a third party insurance agency undertaking actions on behalf of an insurer; or
- Due to a claim lodged under a general insurance policy.
If you’re thinking of switching insurers or you’re in the process of getting quotes for a new policy, it can be a good idea to get a copy of your My Insurance Claims Report. The report will give you a good idea of the minimum claims information that you might need to disclose to insurers when taking out a new policy. You can order a copy of your My Insurance Claims Report by completing the webform. One of their customer service representatives will then reach out to you to chat through your order.
Your claims history is one of the factors that insurance companies use to determine the car insurance premium, so providing false or misleading information could mean that your claim is rejected or your policy is cancelled altogether.
How do insurers share past claims?
While insurers can share information regarding past claims with one another, IRS members have access to policyholders driving and claims history via the national database. When it comes to purchasing new insurance, honesty is always the best policy, so make sure you answer all questions accurately with all relevant information or it could come back to bite you later down the track.
If you’re on the market for new car insurance or are looking to upgrade your current policy, Youi has a range of different car insurance products that offer varying levels of protection. Choose from Comprehensive cover, Third Party Fire and Theft or Third Party Property Only. And if you’re a resident of New South Wales or South Australia, we also offer Compulsory Third Party (CTP) Insurance.
The information provided in this article contains general advice only. It has been prepared without taking into account any person’s particular objectives, financial situations or needs.