Infographic About Auto Insurance Fraud

Auto insurance fraud శ్కరం adds $200-$3 indivi- COST TO CONSUMERS year dual Ineee premlum.a hoosts Around 25% of bodily injury claims resulting from vehicle crashes. 25% their insurance rates, businesses have to charge you more for goods and services. When This adds about 30% annuslly to the premiums of those who do pay up. Fraud is the second most costly white- collar crime in America after tax evasion. 10% Source: National Insurance Crime Bureau (HICB). 10% of property/casualty insurance claims are fraudulent, acording to îndustry studies. Auto insurance fraud is generally classifled as "hard" or "soft." INSURANCE FRAUDS HARD FRAUD involves staging or inventing an event that would be covered by insurance. FORMS OF FRAUD Staged accidents example: "owner give-up": a policy holder secretly abandons their Car, possibly by dum- ping it in a lake or even paying an arsonist to torch it, and then reports it stolen. If the Insurer pays out, the policy holder can pay off their car loan without dama- ging their credit rating. This is common among people who are upside down on their car loans. Phony injury olaims, where oriminals lie about trauma sustained in an acoldent. "Jump-Ins" - inventing injuries to people who were not in the vehicle at the time of the sccident. Claiming a one-car accident was a hitand-run. So it's not just the policy holders who participate in auto insurance fraud. Organized fraud rings have become a major national problem. PROFILE OF AVERAGE UNINSURED DRIVER Young drivers, especially males between 17-24 years of age, are most likely to drive without insuranoe. This is not unexpected as this sge group also carries the highest premiums for auto insurance. Conversely, drivers over the age of 65 are most likely to have insurance comprising only 1% of uninsured drivers. sOurce: www.articiesbase.com UNITED STATES ANTI-FRAUD LEGISLATION 82% 41 states have fraud bureaus. 28% m Thia surer frand plans. 19 states require companies to form Insurance Fraud is specifically classified as a crime in 48 out of 50 states (all except Oregon and Virginia). programs to combat fraud. requires (Source: Wikipedia) source: www.edmunda.com SOFT FRAU otherwise Involves policy holders who pad an Add previous damage to a current claim. Conspire adjuste body shop and/or claims pad a stimate. epair with doctors to obtaln unnecessary medical treatment 83 GAL BROWN NO Auto insurance fraud -5500 adds $200-$3 indivi- COST TO CONSUMERS year dual Ineee premlum.a hoosts Around 25% of bodily injury claims resulting from vehicle crashes. 25% rates, businesses have to charge you more for goods and services. When their insurance This adds about 30% annuslly to the premiums of those who do pay up. Fraud is the second most costly white- collar crime in America after tax evasion. 10% Source: National Insurance Crime Bureau (HICB). 10% of property/casualty insurance claims are fraudulent, acording to îndustry studies. Auto insurance fraud is generally classifled as "hard" or "soft." INSURANCE FRAUDS HARD FRAUD involves staging or inventing an event that would be covered by insurance. FORMS OF FRAUD Staged accidents example: "owner give-up": a policy holder secretly abandons their Car, possibly by dum- ping it in a lake or even paying an arsonist to torch it, and then reports it stolen. If the Insurer pays out, the policy holder can pay off their car loan without dama- ging their credit rating. This is common among people who are upside down on their car loans. Phony injury olaims, where oriminals lie about trauma sustained in an acoldent. "Jump-Ins" - inventing injuries to people who were not in the vehicle at the time of the sccident. Claiming a one-car accident was a hitand-run. So it's not just the policy holders who participate in auto insurance fraud. Organized fraud rings have become a major national problem. PROFILE OF AVERAGE UNINSURED DRIVER Young drivers, especially males between 17-24 years of age, are most likely to drive without insuranoe. This is not unexpected as this sge group also carries the highest premiums for auto insurance. Conversely, drivers over the age of 65 are most likely to have insurance comprising only 1% of uninsured drivers. sOurce: www.articiesbase.com UNITED STATES ANTI-FRAUD LEGISLATION 82% 41 states have fraud bureaus. 28% m Thia surer frand plans. 19 states require companies to form Insurance Fraud is specifically classified as a crime in 48 out of 50 states (all except Oregon and Virginia). programs to combat fraud. requires (Source: Wikipedia) source: www.edmunda.com SOFT FRAU otherwise Involves policy holders who pad an Add previous damage to a current claim. Conspire adjuste body shop and/or claims pad a stimate. ера with doctors to obtaln unnecessary medical treatment 83 GAL BROWN NO Auto insurance fraud -5500 adds $200-$3 indivi- COST TO CONSUMERS year dual Ineee premlum.a hoosts Around 25% of bodily injury claims resulting from vehicle crashes. 25% rates, businesses have to charge you more for goods and services. When their insurance This adds about 30% annuslly to the premiums of those who do pay up. Fraud is the second most costly white- collar crime in America after tax evasion. 10% Source: National Insurance Crime Bureau (HICB). 10% of property/casualty insurance claims are fraudulent, acording to îndustry studies. Auto insurance fraud is generally classifled as "hard" or "soft." INSURANCE FRAUDS HARD FRAUD involves staging or inventing an event that would be covered by insurance. FORMS OF FRAUD Staged accidents example: "owner give-up": a policy holder secretly abandons their Car, possibly by dum- ping it in a lake or even paying an arsonist to torch it, and then reports it stolen. If the Insurer pays out, the policy holder can pay off their car loan without dama- ging their credit rating. This is common among people who are upside down on their car loans. Phony injury olaims, where oriminals lie about trauma sustained in an acoldent. "Jump-Ins" - inventing injuries to people who were not in the vehicle at the time of the sccident. Claiming a one-car accident was a hitand-run. So it's not just the policy holders who participate in auto insurance fraud. Organized fraud rings have become a major national problem. PROFILE OF AVERAGE UNINSURED DRIVER Young drivers, especially males between 17-24 years of age, are most likely to drive without insuranoe. This is not unexpected as this sge group also carries the highest premiums for auto insurance. Conversely, drivers over the age of 65 are most likely to have insurance comprising only 1% of uninsured drivers. sOurce: www.articiesbase.com UNITED STATES ANTI-FRAUD LEGISLATION 82% 41 states have fraud bureaus. 28% m Thia surer frand plans. 19 states require companies to form Insurance Fraud is specifically classified as a crime in 48 out of 50 states (all except Oregon and Virginia). programs to combat fraud. requires (Source: Wikipedia) source: www.edmunda.com SOFT FRAU otherwise Involves policy holders who pad an Add previous damage to a current claim. Conspire adjuste body shop and/or claims pad a stimate. ера with doctors to obtaln unnecessary medical treatment 83 GAL BROWN NO Auto insurance fraud -5500 adds $200-$3 indivi- COST TO CONSUMERS year dual Ineee premlum.a hoosts Around 25% of bodily injury claims resulting from vehicle crashes. 25% rates, businesses have to charge you more for goods and services. When their insurance This adds about 30% annuslly to the premiums of those who do pay up. Fraud is the second most costly white- collar crime in America after tax evasion. 10% Source: National Insurance Crime Bureau (HICB). 10% of property/casualty insurance claims are fraudulent, acording to îndustry studies. Auto insurance fraud is generally classifled as "hard" or "soft." INSURANCE FRAUDS HARD FRAUD involves staging or inventing an event that would be covered by insurance. FORMS OF FRAUD Staged accidents example: "owner give-up": a policy holder secretly abandons their Car, possibly by dum- ping it in a lake or even paying an arsonist to torch it, and then reports it stolen. If the Insurer pays out, the policy holder can pay off their car loan without dama- ging their credit rating. This is common among people who are upside down on their car loans. Phony injury olaims, where oriminals lie about trauma sustained in an acoldent. "Jump-Ins" - inventing injuries to people who were not in the vehicle at the time of the sccident. Claiming a one-car accident was a hitand-run. So it's not just the policy holders who participate in auto insurance fraud. Organized fraud rings have become a major national problem. PROFILE OF AVERAGE UNINSURED DRIVER Young drivers, especially males between 17-24 years of age, are most likely to drive without insuranoe. This is not unexpected as this sge group also carries the highest premiums for auto insurance. Conversely, drivers over the age of 65 are most likely to have insurance comprising only 1% of uninsured drivers. sOurce: www.articiesbase.com UNITED STATES ANTI-FRAUD LEGISLATION 82% 41 states have fraud bureaus. 28% m Thia surer frand plans. 19 states require companies to form Insurance Fraud is specifically classified as a crime in 48 out of 50 states (all except Oregon and Virginia). programs to combat fraud. requires (Source: Wikipedia) source: www.edmunda.com SOFT FRAU otherwise Involves policy holders who pad an Add previous damage to a current claim. Conspire adjuste body shop and/or claims pad a stimate. ера with doctors to obtaln unnecessary medical treatment 83 GAL BROWN NO Auto insurance fraud -5500 adds $200-$3 indivi- COST TO CONSUMERS year dual Ineee premlum.a hoosts Around 25% of bodily injury claims resulting from vehicle crashes. 25% rates, businesses have to charge you more for goods and services. When their insurance This adds about 30% annuslly to the premiums of those who do pay up. Fraud is the second most costly white- collar crime in America after tax evasion. 10% Source: National Insurance Crime Bureau (HICB). 10% of property/casualty insurance claims are fraudulent, acording to îndustry studies. Auto insurance fraud is generally classifled as "hard" or "soft." INSURANCE FRAUDS HARD FRAUD involves staging or inventing an event that would be covered by insurance. FORMS OF FRAUD Staged accidents example: "owner give-up": a policy holder secretly abandons their Car, possibly by dum- ping it in a lake or even paying an arsonist to torch it, and then reports it stolen. If the Insurer pays out, the policy holder can pay off their car loan without dama- ging their credit rating. This is common among people who are upside down on their car loans. Phony injury olaims, where oriminals lie about trauma sustained in an acoldent. "Jump-Ins" - inventing injuries to people who were not in the vehicle at the time of the sccident. Claiming a one-car accident was a hitand-run. So it's not just the policy holders who participate in auto insurance fraud. Organized fraud rings have become a major national problem. PROFILE OF AVERAGE UNINSURED DRIVER Young drivers, especially males between 17-24 years of age, are most likely to drive without insuranoe. This is not unexpected as this sge group also carries the highest premiums for auto insurance. Conversely, drivers over the age of 65 are most likely to have insurance comprising only 1% of uninsured drivers. sOurce: www.articiesbase.com UNITED STATES ANTI-FRAUD LEGISLATION 82% 41 states have fraud bureaus. 28% m Thia surer frand plans. 19 states require companies to form Insurance Fraud is specifically classified as a crime in 48 out of 50 states (all except Oregon and Virginia). programs to combat fraud. requires (Source: Wikipedia) source: www.edmunda.com SOFT FRAU otherwise Involves policy holders who pad an Add previous damage to a current claim. Conspire adjuste body shop and/or claims pad a stimate. ера with doctors to obtaln unnecessary medical treatment 83 GAL BROWN NO Auto insurance fraud -5500 adds $200-$3 indivi- COST TO CONSUMERS year dual Ineee premlum.a hoosts Around 25% of bodily injury claims resulting from vehicle crashes. 25% rates, businesses have to charge you more for goods and services. When their insurance This adds about 30% annuslly to the premiums of those who do pay up. Fraud is the second most costly white- collar crime in America after tax evasion. 10% Source: National Insurance Crime Bureau (HICB). 10% of property/casualty insurance claims are fraudulent, acording to îndustry studies. Auto insurance fraud is generally classifled as "hard" or "soft." INSURANCE FRAUDS HARD FRAUD involves staging or inventing an event that would be covered by insurance. FORMS OF FRAUD Staged accidents example: "owner give-up": a policy holder secretly abandons their Car, possibly by dum- ping it in a lake or even paying an arsonist to torch it, and then reports it stolen. If the Insurer pays out, the policy holder can pay off their car loan without dama- ging their credit rating. This is common among people who are upside down on their car loans. Phony injury olaims, where oriminals lie about trauma sustained in an acoldent. "Jump-Ins" - inventing injuries to people who were not in the vehicle at the time of the sccident. Claiming a one-car accident was a hitand-run. So it's not just the policy holders who participate in auto insurance fraud. Organized fraud rings have become a major national problem. PROFILE OF AVERAGE UNINSURED DRIVER Young drivers, especially males between 17-24 years of age, are most likely to drive without insuranoe. This is not unexpected as this sge group also carries the highest premiums for auto insurance. Conversely, drivers over the age of 65 are most likely to have insurance comprising only 1% of uninsured drivers. sOurce: www.articiesbase.com UNITED STATES ANTI-FRAUD LEGISLATION 82% 41 states have fraud bureaus. 28% m Thia surer frand plans. 19 states require companies to form Insurance Fraud is specifically classified as a crime in 48 out of 50 states (all except Oregon and Virginia). programs to combat fraud. requires (Source: Wikipedia) source: www.edmunda.com SOFT FRAU otherwise Involves policy holders who pad an Add previous damage to a current claim. Conspire adjuste body shop and/or claims pad a stimate. ера with doctors to obtaln unnecessary medical treatment 83 GAL BROWN NO