Quote:
Originally Posted by MoneyGuy
I wonder what insurance fraud costs us.
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I know one company for sure who went from an SIU dept of 3 across the country to 25 this year, apparently in Ontario especially they are the new Russia for fraudulent injury claims i'm talking about pack up the family and fill the car and have someone hit them on purpose, Alberta is big for theft fraud and injuries.
Injuries are weird in Alberta at least in that you can get assessed by the person treating you like chiro/physio, so why would they turn away 10-21 Insurance paid treatments plus accessories up to $160. Then after that on the other side the settlement for injuries. In some cases lawyers work very closely with clinics and you can imagine how that works out.
So yeah its funny how the common sentiment is that Insurance is evil and are against the people when in reality yeah they make money they are a business but its people screwing themselves adding to this. It would be interesting to see someone job shadow or even hear some of the claims.
People complain about rates and I'm sure some are pretty high but lets factor what you get for that. Lets say you pay $2500/year as an example one accident for a single person could cost on average 50k-100k after vehicle damages or payout, adjusters time, appraisers time, rentals, non fault medical treatments for all parties, injury settlements for all not at fault parties including wage loss, future costs, lawyer fees.
The days of paying for each others damages are over, consider insurance for what it should be "Peace of Mind"