Have you ever gasped in response to learning how much your monthly premium will cost you when you first buy a new policy? If so, you’re not alone. Plenty of consumers are taken aback by the high cost of insurance.
So, it’s probably not all that surprising to learn that some people are willing to risk jail time by trying to scam the system. As many as 18% of people believe it is acceptable to pad an insurance claim to make up for premiums paid in the past according to research by the Coalition Against Insurance Fraud.
Scams are a crime
The misconceptions people have about the acceptability of insurance scams doesn’t stop there. The following is a list of the beliefs held by many Americans. Do you recognize any of your own views below? The Asurea Scam Blog aims to help you recognize these false (and illegal!) beliefs and remind you that insurance scams are a crime.
Scams by the numbers
- 24% think it’s fine to pad an insurance claim (a scam!) to make up for the deductible.
- Younger males are more likely to approve of claim padding.
- 86% of Americans think insurance scams lead to higher rates for everyone, which is true. Whereas, 10% think insurance scams don’t hurt anyone, which is not true.
- More than half of U.S. consumers list poor service from an insurance company as a reason to cheat that insurer.
- More than three-quarters of people say they are more likely commit insurance fraud during an economic downturn than during financially stable times.
- 68% say they believe insurance scams happen because people think they can get away with it.
- Regardless of age, people who believe lying and cheating are necessary for success are more likely to do so. This belief is a reliable predictor of future dishonest behavior.
- People who cheated on their high school exams are more likely to be dishonest later in life.
Scams hurt everyone
When you hold onto false beliefs like these, you’re more likely to make bad choices that can land you behind bars! Keep in mind that insurance scams hurt all American families by causing everyone’s premiums to go up. And that’s just not fair.
The Asurea Scam Report is here to guide you in the right direction and keep you from making choices that are illegal and damaging to everyone. To learn more about insurance scams or how to find the best life insurance policy for your budget, contact one of our friendly Asurea agents today.
For more articles on insurance scams
Need more help? Check out our entire Asurea Scam Report selections of blog posts for extra tips and resources.
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This information is provided for general consumer educational purposes only and is not intended to provide legal, tax or investment advice.