March is Fraud Prevention Month
Auto fraud can take many forms and may seem pervasive. It is estimated that up to 15% of your auto premium is due to various types of fraud.
As an individual you may feel powerless, but here are some tips to help the system function honestly, and make sure your insurance claims are accurate.
- Read your insurance policy and understand the terms and conditions of your coverage.
- Check with your provincial regulator to ensure you are working with a licensed insurance professional.
- Never sign a blank form, even if given to you by someone you trust like a doctor.
- Don’t sign any document at the scene of an accident.
- Ask for a detailed repair bill from the collision repair shop fixing your vehicle.
- Review your claims for accuracy.
If you think you may be a victim of auto insurance fraud or are aware of someone committing the act, contact your insurance provider and report it. You can also report it to Crime Stoppers, the Canadian Anti-Fraud Centre, or use IBC’s anonymous tip line, 1-877-422-TIPS (8477).