Roadway Insurance Agency, Inc. prides itself on being a provider of cheap car insurance in Maryland. But insurance fraud can be something that raises the cost for everyone getting insurance from the Maryland Auto Insurance Fund. Read more on the new initiative that’s taking place to prevent insurance fraud.
The New Initiative
While the Special Investigations Unit is always focusing on ways to limit fraud, there are always new schemes people use to try and get away with it. This initiative aims to determine the most commonly used ways of committing insurance fraud so that it can be stopped as fast as possible.
It’s also important that there’s education both internal and external. Insurance adjusters and processors have to know what to look for when they’re reviewing a claim. Many of the fraud schemes can be stopped in their tracks by them. But it’s also important that the customers themselves know. There’s a chance they could be committing fraud and not even know it because they don’t know specifics.
Currently, there’s a problem with people purchasing Maryland insurance policies when they don’t live in this state — or even this country. While consumers may not realizing it, these people are impacting the rates and policies of anyone with a MAIF policy. It should be focused on the consumers who actually need said policy.
How Does Insurance Fraud Impact Me?
Many people don’t realize that insurance fraud impacts everyone that has a policy with the insurer they do. Just because you aren’t committing insurance fraud yourself doesn’t mean that you won’t experience the negative effects if it was a high year for fraud. You don’t even need to know the people that committed it.
When insurance fraud occurs, it means that payouts are happening for patrons that don’t have a legitimate claim. The insurer needs to cover these costs somehow. If it was a year with a lot of fraud, it means the overall premiums and costs of the insurance can go up for everyone to recoup the costs of those payouts.
It can be frustrating to be a client that does everything right and still has to pay for the deeds of others. This is why reducing insurance fraud is essential. We want to make sure that prices stay fair and that the people that need the coverage can get it affordably.
Getting Cheap Car Insurance in Maryland
At Roadway, we try our best to make sure you save money while getting the policy you need. We offer payment plans and multiple policy options to make sure you’re covered for what’s needed. Call us or request a free quote online.