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Auto Insurance New York NY

The theft of cars, buses, trucks or trailers is one of the more common crimes in U.S. urban areas and is also a major cause in insurance claims, whether fraudulent or not.

While in the past, car thieves used force to break into a vehicle and steal personal items; today they are using methods more difficult to detect. No longer breaking windows, car thieves are using high tech mechanisms that simply switch off the internal alarms of the car letting them open the doors and not attract attention. In almost all states, car theft or destruction of property is punishable by imprisonment…..But what happens when the car owner is the same thief? Here we describe the most common ways that people try to cheat auto insurance companies.

Some of the most common scams regarding auto insurance are:

• Owner destroyed. It refers to when the car owner pretends a thief has stolen their car to collect the auto insurance money. Cars are usually found in isolated areas, burned or seriously damaged (immersed in water or buried underground).

• False repairs. Owners whose vehicles need repairs, sometimes trying to defraud the insurer with the special 30-day repairs. Usually report that the vehicle was stolen and hidden for a month, enough time for the insurer to settle the claim.

• Fraud in exports. After getting a bank loan for a new high-end vehicle, the owner gets a car insurance policy and reports the car stolen, but in reality it is headed to another country to be sold on the black market.. The owner looking to pocket the insurance money and the sale of the car.

• Ghost cars. The individual creates a false record and purchases auto insurance to ensure the safety of a car that does not exist. They then report the vehicle stolen and submit a fraudulent insurance claim. This scheme usually chooses collector vehicles or luxury cars, because they produce greater value in terms of settlements by the insurer.

Whenever a claim has been made, the auto insurance company sends representatives to investigate. Whether fraudulent or not, these investigations and ultimately the paying of claims cost insurance companies billions of dollars per year. This output of money needs to be reimbursed, so the insurer makes up for the pay outs by increasing our car insurance rates. The best thing we can do is to limit the claims we make for small incidents and use anti-theft devices if parking your vehicle in a garage is not an option. Also report anyone you know who is trying to submit false or fraudulent claims.

Auto Insurance New York NY

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