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[T1096]Top 10 Insurance Company

by Elizabeth Murphy, Eli

Insurance scams by individuals against insurance companies are becoming common practice just as it is common practice for them getting caught in their illegal endeavors. Since there are many types of insurance in both the United States and Canada, there are many different types of insurance scams that exist from Worker's Comp scams to car insurance scams. In the end, these scams cost the individuals who are playing fair more in insurance than what they should have to pay. Below you will find the top 10 most common insurance scams by individuals.

Car Insurance (scams 1-6)

Car insurance accident scams may just be the most common of them all and there are actually more of them. These scams include:

•The paper accident – The criminal solicits an auto repair or salvage company to participate in an accident that only exists on paper

•Fictitious hit and run – The hit and run never happened

•The Swoop and Swat technique – When the criminal swoops in front of another car and stops while an accomplice pulls to the side of the target car, keeping it from swerving out of the way.

•The almighty sideswipe – This one occurs at turn lanes and intersections. The criminal takes multiple left turns to eventually end up in the targets lane.

•The friendly wave –The criminal waves at the victim to let them in front of them in heavy traffic and then quickly accelerates to have a collision.

Another but more subtle scam that is perpetrated by individuals is the “primary driver” scam. There are times in which an individual in a household may be cheaper on the insurance of a particular car. So instead of the actual primary driver being listed as the primary driver, the one who will be easier on the wallet is listed as the primary driver.

Life Insurance (scams 7 and 8)

This may seem like something from a lifetime movie, but unfortunately it does happen in real life. A spouse takes out a life insurance policy on the other and then they put antifreeze in their coffee to poison them or something so that they can collect on the life insurance money. Fortunately, the perpetrator gets caught most of the time, but it still doesn't keep those who feel that, “I'll never get caught” from trying.

Lying on life insurance applications is a scam in itself. Individuals are required to fill out certain pieces of information on the insurance application that can influence the price of it, which can actually hurt the perpetrator more than help them. Sure, it helps their pocket, but if it is found that the application was falsified in any way, coverage may not be awarded to beneficiaries.

Worker's Compensation (scam 9)

Worker's Compensation is meant to help someone who has been injured on the job. Sometimes someone drawing Worker's Compensation may lie to their doctor or get the doctor in on it with them so that they may draw benefits longer without having to go back to work. Unfortunately, this practice is all too common and costs lots of money.

Health insurance (scam 10)

Health insurance tends to not be as common a target as those previously mentioned, but it is certainly not out of the question. One scam is the offering of phony health insurance. An individual or group of individuals will call unsuspecting people to offer them health coverage to only receive nothing. The next thing they know they are calling the actual insurance company and there is no record of coverage.

So these are some of the most common scams perpetrated against the different branches of insurance. Some get away with the most subtle of offenses, but the more severe the crime the more likely they are to do time for it. That's why it is better to be honest than not even chance trying to illegally obtain money through insurance scams.

1. Research the area you're moving into

If you're moving home it pays to do some research into the area you're moving into. There is a correlation between how safe your area is and the cost of the premiums ? although not a direct correction ? a few miles, or even a few yards if your house is on the border of a two postcodes - can have a startling impact on the cost of your home insurance.

2. What cover do you need?

It's a basic tip but how much cover do you really need? Some insurance companies will heap on extra benefits as part of your policy and try to sell you upgraded services. Look carefully at what you really need and find a policy that matches your needs exactly, rather than paying for anything extraneous.

3. Shop around

It's easier than ever to buy insurance policies ? the Internet has hundreds of information sites like Motley Fool where you can research the different policies that are available, or visit a comparison site where you can search for the product that suits you. Many of the major supermarkets offer home insurance packages, such as ASDA Finance.

4. Buy online

Many insurance providers give a discount (usually around 5%) for buying online.

5. Home security

When you move in change the locks. Most insurers recommend five level mortise locks on external doors and two bolt locks on the windows, while an approved security system could save you over 5%. Other tips include time-switch lights and security lighting ? let your insurance provider know what you are doing and ask them to lower your premiums accordingly.

6. Join Neighbourhood Watch

It's a straightforward tip but in many areas joining an approved Neighbourhood Watch scheme has been shown to reduce premiums by up to 5%.

7. Fire

As with security, taking measures to reduce fire risk including smoke alarms and a fire alarm system can reduce premiums significantly. In addition, making sure open fires are protected and any heat source is given adequate ventilation and is not near anything combustible. Make sure that you tell your insurer about any such measures.

8. Don't smoke

Increasingly insurance providers are asking their customers whether they smoke or not ? smoking obviously presents a greater risk of fire from discarded cigarettes and unattended ashtrays.

9. Increasing your voluntary excess

The bottom line is that the higher the excess you choose on your policy the lower the premium. By choosing to take a higher voluntary excess you could save up to 20% on your insurance premium.

10. Only claim when you really need to

By only claiming when you really need to you will protect your no claims bonus and keep your premiums lower.

Finally, there's one extra tip that most insurance companies won't want you to have ? that is, haggling. There are dozens of insurance providers out there vying for your custom. It is in your interest to compare prices and haggles so that your can get the best deal for you.

Article Source : Insurance Scams

About Author

Both Elizabeth Murphy & Katie Brown are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Elizabeth Murphy has sinced written about articles on various topics from Property Sale, Public Relations and Auto Insurance. Be upfront and legal with all of your business practices, including your . It'll give you peace of mind, and prevent the possibility of you having. Elizabeth Murphy's top article generates over 33100 views. to your Favourites.

Katie Brown has sinced written about articles on various topics from Mortgage Insurance, Auto Insurance and Finances. ASDA Finance is so good, they've won the award for Best Overall Home and Contents Insurance Provider by 'Your Money' magazine.. Katie Brown's top article generates over 27100 views. to your Favourites.