How does fraud affect the cost of motor insurance?

Motor insurance fraud is a larger problem than many people think. It is estimated that between 15 and 20 per cent of the money insurers pay out are for claims for damage arising from accidents that never happened and inflation of claims to include damage or loss that did not occur or was not attributable to the accident reported.

Insurers have to spend large sums to root out both criminal fraudsters and otherwise honest policyholders who inflate their losses, resulting in higher insurance premiums for all.

If you know of someone who has committed fraud, or is planning to commit this crime you should advise the Police, or you can call Crime Stoppers at 328-8477 (328-TIPS). This number is answered on behalf of the Bahamian Crime Stoppers Foundation by the Miami/Dade Crime Stoppers in Florida, thus guaranteeing anonymity.

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