When it comes to the overall practices of Canadians we claim we are a rather honest nation
Toronto, ON (Mar. 17, 2014) – The majority of Canadians believe honesty is truly the best policy when it comes to reporting an insurance scam according to InsuranceHotline.com’s latest survey on fraud.
The survey commissioned by InsuranceHotline.com and conducted by Leger, polled more than 1500 Canadians asking their opinions on the varying degrees of insurance fraud.
“It’s encouraging that Canadians are honest when it comes to insurance claims and fraud,” says Anne Marie Thomas, Business Development Manager, InsuranceHotline.com. “Especially since we all know false insurance claims make our rates go up.”
Interestingly, Canadians do not like reporting insurance fraud when it is someone they know. In fact, only one quarter of Canadians would report a neighbour who exaggerated the items lost during a robbery.
For the most part, Canadians say they are truthful when it comes to making claims on car, home or travel insurance. The InsuranceHotline.com survey found:
- Only 12 per cent of Canadians said they would claim unrelated damage from an auto accident,
- Only 11 per cent would exaggerate what was stolen from their vehicle,
- Only 13 per cent would inflate the value of items lost if their luggage was stolen while on vacation
“Insurance fraud is a serious problem across Canada,” says Thomas, costing insurance policyholders more than one billion dollars a year and this number keeps growing. On average, insurance fraud affects the premiums of consumers by 15 per cent. “Depending how much a consumer currently pays, 15 per cent is a lot of money to dedicate solely to fraud.”
Consumers can fight against insurance fraud by reporting any activity they suspect as fraudulent to the Insurance Bureau of Canada or the Financial Services Commission of Ontario.
The survey was conducted from February 28, 2014 to March 3, 2014 with Leger’s online panel, LegerWeb Panel. The sample size was 1502 Canadian drivers 18 years of age and older. A probability sample of the same size would yield a margin of error +/-2.5%, 19 times out of 20.
InsuranceHotline.com is a free online insurance rate comparison service that directs consumers to its large network of more than 30 insurance companies and licensed insurance professionals and provides quotes based on the lowest rates available through its network. In business since 1994, InsuranceHotline.com does not sell insurance, is not a licensed broker, and is not owned in whole or in part by an insurance company, agent or brokerage; ensuring consumers get a truly unbiased quote.