How agents scam customers, rate evasion and insurance fraud

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[Aeoreka]

There are Canadian insurers doing this now in some provinces, and getting away with it specifically due to brand monopolization. It makes it next to impossible for victims to gain insurance elsewhere because the fraud is prevalently excused under a usually vast umbrella of companies.

[xericoinsurance]

Your such a great mentor, learning a lot from you. BIG Thanks!!!

[JasonJones-bror]

As a customer, I really like your videos! Yes, knowing the motives of folks with whom you do business is half the battle.

We are in the process of finding a suitable homeowner's policy; we've received several quotes and spoken with four agents/agent 'assistants'. A phenomenon I've encountered with nearly all of them is: they don't seem to fully understand the product they're selling. For example, I've asked them, "Does this policy cover damage from wind-induced rain?" This is important because we live in a coastal area. Now, I'm fairly certain the answer is 'No', but, for kicks and giggles...

I get that glassy-eyed look, "Um, yeah, that damage should be covered by your Hurricane peril provision... yeah." I guess no one remembers that being a big claims-issue with Katrina, but this type of damage can be equally as destructive as any other 'peril'. And I'm pretty sure it's scarcely ever insured.

I'm not expecting wonders, some insurance companies won't even this area at all (e.g. Amica). But for heaven-sake, just explain to me what this Swiss-cheese of a policy actually covers!

Secondly, no matter how much you THINK you understand what you're buying, you can't ascertain for certain until you've actually bought the policy; it's like buying car without test-driving it, or buying a house without touring it. It's silly, and quite frankly, very unsettling. This is why the role of a good agent is so important, but I've yet to witness it.

I think misinformation, however benign or subtle, costs claimants and insurers more money than flat out skullduggery.

Again, thanks for the videos!

[trevethan]

I had to report a fraud case on a insurance! Agent and a company that pulled a bait and switch against mehad to yell my bank to put a old om any further charges to that company