March is Fraud Awareness Month

March is fraud awareness month and at, we will be bringing you the information you need to stay on top of this issue. Did you know that insurance fraud costs Canadian insurance policy holders over $1 billion a year? It’s true, and it’s not just organized insurance fraud like staged auto accidents that costs us all, it’s also fraud committed by individuals.

Insurance policies are based on the premise of "utmost good faith". This means that the insurance company trusts you to make your payments and tell the truth, and you trust your insurance company to pay for any claims you may make which are covered by your policy. The insurance company promises to put you back into the same financial position you were in prior to the loss. So, it’s fraudulent to profit by making a claim.

We are all affected by fraud so we want you to have the knowledge you need. Here are some of the articles you can look for this month:

  • Fraud is costing you: how fraud affects car insurance rates
  • Is claiming more than you own on your home insurance such a bad thing?
  • Top ten ways home insurance adjusters spot fraudulent claims
  • Causing accidents on purpose: what to do if you are the victim of an insurance scam

Please keep your questions and comments coming. As always, if there is something that we haven’t written about and you want know, tell us. We’ll see what we can find out for you.