HALIFAX, Nov. 29, 2011 – Insurance Bureau of Canada (IBC) congratulates the Royal Canadian Mounted Police (RCMP) for its investigation that led to charges against four individuals involved in an interprovincial stolen vehicle and insurance fraud scheme.
“Organized insurance fraud is a big business. And when fraudsters cheat the system, honest policyholders end up paying in the form of higher premiums,” said Bill Adams, Atlantic Vice-President, IBC.
He added: “Today’s charges are a great example of what can be done when police, insurers and other stakeholders work together to fight crime.”
In this case, some of the accused allegedly used fraudulent documents to register vehicles they didn’t actually own or possess, and then would declare the vehicles stolen and collect insurance money. Other accused were using fraudulent documents to register and sell stolen vehicles with “cloned” Vehicle Identification Numbers (VINs).
To help avoid purchasing a stolen vehicle, consumers should buy cars from a reputable dealer. Running a car history report also helps to reduce the likelihood that you will be a victim of auto theft.
IBC has been helping Canadians fight auto theft for more than 80 years, and continues to advocate for measures to address the underlying factors that contribute to the problem of insurance fraud.
Fraud costs everyone. If consumers are aware of someone who is cheating the system, TAKE THE TIME, REPORT THE CRIME. Visit www.ibc.ca or call 1-877-IBC-TIPS to submit a confidential tip or to learn more about insurance fraud.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada’s home, car and business insurers. Its member companies represent 90% of the private property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.
To view media releases and information, visit the Media Centre of IBC’s website at www.ibc.ca.
