Florida legislators are facing pressure to make changes to the state’s no-fault auto insurance laws. Several insurers want to see changes that would help reduce the amount of fraudulent claims they are receiving. State law requires that drivers have personal injury protection coverage that would help them pay medical expenses whether or not they were at fault. The law is designed to avoid lawsuits but insurers are saying that it is creating incentive for drivers to stage accidents. The Property Casualty Insurers Association of America, along with the Florida Chamber…
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The business of fraudulent insurance claims
Today, there are some that make a living specializing only in insurance fraud by submitting doctored up insurance claims. The false claims received may include life insurance, third-party policy, personal damage and car theft. In many cases, the claim amounts asked for are considerably higher than the injuries, damage or loss that occurred – this can raise a red flag to potential wrong doing. Life insurance fraud is when someone makes false claims about faking an injury or death. The false documentation used is usually police reports, medical cards, marriage…
Read MoreHow your lifestyle and neighborhood affects your insurance rates
Insurance companies use different software programs and databases to figure out how risky it will be to insure you. If you are considered to be too high of a risk, you may have to pay more. In some cases, your application may even be denied. Insurers use an insurance score that FICO determines from your consumer report history. This score is partially gathered using the data from the major credit reporting companies. Your insurance score is similar to your credit score, but you can’t obtain your insurance score like you…
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