With insurance fraud rising throughout the nation, we would like to equip you with the information that you want so that you may identify possible scams and make wise decisions, particularly when it comes to purchasing insurance. You might have heard about insurance vendor scams (often run by individuals known in the information as ‘ghost agents’) and the way these are getting increasingly more prevalent. These scams may result at no end of difficulty due to their victims, from wasted cash and refused claims to authorities charges and automobile suspensions. Discover ways to avoid insurance vendor scams and be sure that you’re purchasing a valid policy. <–more!–>
An insurance policy seller scam generally involves an unauthorized individual acting as an insurance agent or broker and selling fake insurance coverages. It is a scam since the purchaser is unaware that the insurance coverage they are paying is fake and does not really offer any policy. The men and women who run these scams are usually known as ‘ghost agents.’
WHAT HAPPENS IF YOU PURCHASE A FAKE INSURANCE PLAN?
Apart from wasting your hard-earned cash and accidentally supporting criminal action, these are only a few of the problems you could face in the event that you unknowingly turn into a victim of an insurance vendor scam:
- You might be charged by police for driving with no insurance when you’ve got a fake pink slide or imitation auto insurance policy coverage, which might lead to your vehicle being impounded, a permit suspension, along a hefty fine.
- you’ll have a lapse in coverage to the duration of time once you believed you’d insurance, which might result in higher premiums once you wind up getting a true policy.
HOW TO SPOT A POTENTIAL INSURANCE SELLER SCAM
These are a couple of telltale signs of possible insurance vendor scams:
- You are offered a superior that seems too good to be true (this may be a little tricky because rates fluctuate slightly by an insurance company, but if you are wondering why a speed Looks especially reduced, it is worth doing a little research regarding the firm)
- The title of the Insurance Provider in your coverage or pink slip Differs from the title on the insurer’s official site
- The agent charges a fee to supply you with an estimate
- The agent Is Only Going to accept payment in money
- The agent requests that payment be routed via a digital or wire transfer, or into an unidentified post-office box
HOW TO FIND A LEGITIMATE INSURANCE SELLER
It is crucial that you purchase insurance from a valid source, whether that is a licensed agent, a broker from a particular business, or an insurance carrier that sells directly to clients.
- Request for recommendations from trusted friends or family
- Contact your provincial insurance agents’ association and inquire about agents in your region
- Utilize the Insurance Brokers Association of Canada (IBAC)’s to find us listed as a part of this IBAC
- Visit the web site of a particular insurance company and utilize their online agent directory to locate a legitimate agent who sells their coverages
- as soon as you’ve obtained a quotation, do some research about the organization that you’re considering going with — be certain that the name recorded in the quotation matches the title on their site and check their agent or broker directory to be certain that you’re managing a licensed seller
SHOPPING FOR INSURANCE NOW?
We’re a licensed agent that may store about for you and get the very best policy for your situation — yes, that generally means getting you estimates from numerous insurance companies so that you may take your choice. Learn more from McConville Omni insurance brokers, they offer property insurance, car insurance, and business insurance. Check them out here for more information.