According to the FBI, did you know that insurance fraud costs insurance companies (and ultimately consumers) more than $50 billion each year? This equates to approximately $500 in increased annual premiums for each one of us.
Plus, when you start adding lost productivity for businesses, ruined family finances, and the cost to investigate and prosecute, the total figure is probably much higher.
For the most part, these fraudsters aren’t criminal masterminds. Here are five of the craziest insurance fraud scams we have ever encountered, from phony slip-and-falls to fake deaths to desperate business owners.
Unfortunately for them, police were able to salvage the footage from the damaged security tapes. They showed the men entering their own safe and removing all the jewelry two hours before the supposed burglary.
Unfortunately for him, the whole charade was caught on tape. According to Assistant District Attorney Linda Montag, the accident was a tiny tap by a taxicab. There wasn’t even a scratch on the bus.
An investigation by detectives from the Philadelphia District Attorney’s Insurance Fraud Unit revealed Parker used as many as 47 aliases and 11 different addresses to file her claims, which totaled more than $500,000.