How does address fraud impact car insurance rates?

Deliberately misrepresenting your address in order to take advantage of discounted insurance rates might be tempting, but it’s a case of clear-cut fraud and could cause plenty of headaches with your insurance now and down the road.

According to the Financial Services Regulatory Authority , those who misrepresent their address could have their coverage invalidated , their policy cancelled, see an increase to their premium in the future, or even being denied future insurance altogether. If you attempt to make a claim at your old address, it could be denied or considered fraudulent. If your insurance company decides to pursue a legal case against you for the fraud, you could face criminal charges and jail time, if convicted.

Bryant Vernon, chief claims officer for Aviva Canada, has said that insurance fraud costs us all. In an interview with Canadian Underwriter, Vernon said “An estimated $2 billion in annual insurance fraud costs in Canada ultimately get passed along to honest, mostly claims-free drivers in the form of higher premiums.”Article content

There’s a lot that occurs with a move, and it can be easy to forget to update your insurance provider about your new details. Mistakes happen, so be truthful with your broker or insurance provider if you’ve genuinely forgotten to update your information in a timely manner. However, it’s extremely important that you update your information as soon as possible to avoid being accused of fraud. You don’t want to be left uninsured or accused of insurance fraud because of a careless oversight.

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