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Tips for Avoiding Auto Insurance Scams

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Securing a quality auto insurance policy is one of the obligations associated with car ownership. Though there are many reputable auto insurance companies, there are also some fraudulent ones. In the age of online advertising, fake car insurance ads are quite common.

Young owners of new cars are a common target. According to a survey from the Insurance Fraud Bureau (IFB), one out of three individuals in the 18-24-year-old age bracket claim they’ve seen a suspicious-looking social media ad for car insurance. Two-thirds of these participants also admitted that they wouldn’t verify if the seller had a website before signing up for the advertised policy.

Here are some common types of scams as well as some tips for recognizing fake car insurance scams so you can steer clear of them.

Fake agents

If you’re browsing online, you might see an ad for super cheap car insurance rates. Clicking on the ad takes you right to the insurance agent’s website, where you’ll receive prompts for applying for the coverage and paying for the insurance.

Robocalls

According to the Pawson Insurance team, U.S. consumers receive approximately 2.4 billion robocalls per month. These calls usually involve a caller who claims that you’ll receive cheap car insurance due to your stellar driving record. The caller will usually ply you for personal information to initiate the new monthly premiums.

Dishonest insurance agents

If a car insurance ad displays rates that are surprisingly low, it’s likely that the ad is a fraudulent one. In other words, if it seems to good to be true, it probably is.

See Full Story at thenewswheel.com

BUSTED: Fraud police uncovers the most blatant insurance scams

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BUSTED The most blatant insurance scams uncovered by fraud police-credence insurance agency

Image via Flickr user 401(K) 2012

THE lengths insurance cheats go to in an effort to con money out of firms and raise the cost of premiums for the rest of us have been revealed by the City of London’s special fraud department.

From non-existent injuries to fake thefts, fraudsters use a variety of far-fetched stories to get underserved payouts, but firms have warned that they are cracking down on false claims.

Insurers uncovered an average 350 frauds worth £3.6million every day in 2014, according to the Association of British Insurers (ABI).

The trade body said that motor fraud was the most common scam, with detected cases up 12 per cent on 2013 and valued at £835 million.

However, the number of liability insurance frauds detected jumped by a huge 75 per cent with a value of £330 million.

James Dalton, ABI’s director of general insurance policy, said: “The vast majority of customers are honest, and should not have to pay for the fraudulent minority.

“Insurance cheats are now more likely to get caught than ever before, whether they are making a dishonest claim or lying when applying for cover to get a cheaper premium, and face long-lasting and serious consequences.

“As well as the possibility of serving a custodial sentence, they will find it difficult to obtain vital financial services such as mortgages and loans, future job prospects are likely to be adversely impacted and family relationships suffer.

Here are the most blatant scams that have been uncovered…

by Lana Clements

See Full Story on express.co.uk

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