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A 2022 study from The Coalition Against Insurance Fraud found insurance fraud costs Americans more than $308 billion yearly, and auto insurance fraud is a major contributor.
It's been a while since I last bought a car. I caught a shyster trying to sell a car that likely didn't exist and in the process learned a few things about how to protect yourself when buying a ...
The mechanics of a staged car accident. Staged accidents are a form of insurance fraud in which perpetrators intentionally cause collisions in an effort to file insurance claims for damages or ...
The Coalition's main mission is to fight insurance fraud, through activities that include government affairs, public education, events and research. The Coalitions seeks to unite and empower private and public groups against fraud, control insurance costs, protect public safety, and reduce crime. [6]
Fraud rings or groups may fake traffic deaths or stage collisions to make false insurance or exaggerated claims and collect insurance money. [19] The fraud may involve the engineering of a deliberate collision with the innocent driver of another vehicle. [20] Some fraud rings involve insurance claims adjusters who authorize payment on the ...
Guaranteed Asset Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry. GAP insurance protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. [ 1 ]
Different levels of coverage may protect consumers depending on which insurance policy they purchase. Coverage is sometimes seen as 20/40/15 or 100/300/100. The first two numbers seen are for medical coverage. In the 100/300 example, the policy will pay $100,000 per person up to $300,000 total for all people. The last number covers property damage.
Damage beyond coverage limits: When you purchase car insurance, you choose coverage limits. The policy declarations page will outline your limits, which is the maximum amount your auto insurance ...