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Public Attitudes on Auto Insurance Fraud Disturbing
Insurance fraud continues to be a major factor in rising insurance costs. It's been estimated that fraud's property and casualty insurance price tag approached $31 billion in 2002. Including all types of insurance, fraud costs consumers and the industry between $85 billion and $120 billion per year!A Public Information Monitor survey by the Insurance Research Council reveals disturbing information about public attitudes on insurance fraud. In fact, one component of the survey shows that nearly 35% of people say it's acceptable to exaggerate insurance claims under certain circumstances.
It's apparent many consumers aren't aware the high cost of fraud ultimately costs them even more--through increased premium rates--in the long run.
Education can change attitudes, however. In recent years, the insurance industry, along with consumer groups, law enforcement officials, and regulators have forged an uncommon alliance to raise public awareness and fight for tougher anti-fraud laws. Although progress continues to be made in fighting fraud, their work won't be complete until the problem is eliminated and crooks realize insurance fraud is a fast train to jail, not an easy ride to riches.
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