Insurance Fraud occurs when someone makes an insurance claim that is completely false or files a claim for more than the value of the goods actually lost, stolen or destroyed. Fraudulent claims affect the cost of everyone’s insurance. The Canadian Coalition Against Insurance Fraud estimates that $1.3 billion worth of insurance claims that are paid in Canada every year are fraudulent. This works out to 10 – 15% of every dollar you pay for insurance.
If someone you know is committing insurance fraud on a home, car or business policy, you can report it to Crime Stoppers. Crime Stoppers is an international non-profit civilian program that assists police in solving crimes through tips reported by ordinary citizens who have knowledge or suspicion that crime has taken place. If your tip helps the policy or an insurance company catch an insurance fraud, you may be eligible for a cash reward. Your call will remain completely anonymous.
This information is compiled and copyrighted by The Insurance Brokers of Ontario