Staying wise to insurance crime

It?s no wonder insurance companies and organizations take insurance crime seriously ? besides having to invest time and money to scrutinize every claim and actively police for wrongdoing, they also lose huge amounts of money each year in baseless payouts. But as you may have guessed, much of those losses are passed on to unsuspecting consumers in the form of higher premiums, among other avenues. You can protect yourself from insurance crime by being savvy and practising avoidance.

A tough economy is a breeding ground for all sorts of crime: when jobs are scarce and savings erode, easy money becomes much more attractive. In the summer of 2011 the government of Ontario introduced the Auto Insurance Anti-Fraud Task Force, which, by cutting down on crime, should help keep premiums from inflating.

Roads and parking lots commonly become crime scenes and not just because of careless driving. Sometimes a collision is pre-meditated, or staged: a driver will slam on the brakes suddenly to cause the following car to hit it. Because this kind of accident happens regularly, usually caused by a distracted driver who can?t stop in time, it makes for a convincing case. The driver in the first car may then exaggerate injuries or make claims for existing damage, resulting in payouts for medical bills and income replacement, among many other things.

The Insurance Bureau of Canada, an industry oversight organization, suggests some easy-to-follow steps, including always leaving enough stopping time between vehicles and taking the right steps after a collision. This includes documenting all the details of the crash and the other party and calling police to the scene for even minor damage. You may also want to seek out witnesses to the collision, who can provide another account.

Slips and falls are also a popular form of insurance fraud because it?s easy to exaggerate injuries or simply stage the whole thing. As a property owner or occupant you should be aware of your responsibilities in keeping the property clear of slip-inducing features like ice.

A Moller Insurance broker will help you understand your policy and stay protected against insurance fraud. Call 905-642-2745 or visit www.mollerinsurance.com to get in touch with a broker.

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Source: http://www.yorkshoptalk.com/2012/featured/staying-wise-to-insurance-crime/

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