Insurance Blog of Florida

No one in their right mind would ever think that the cost of insurance fraud is $80 billion annually. However, it actually really is.  The National Insurance Crime Bureau (NICB) has determined that 10% or more of property/casualty insurance claims are deceptive. The NICB has also found that there are two common types of fraud:

1.)   Claims for thefts

2.)   People that get fired and make claims and make changes to a policy after the incident has already occurred

      The NICB is asking that all agents work together to minimize the opportunity of a fraudulent claim to taking place. This means that in the application process if an agent notices something suspicious such as a misrepresentation, it is more likely that a fraudulent claim will be submitted during the claims process.  The most important thing to do as an agent is to look for the red flags. There are three main types of fraud categories:

• Intentional Fraud- premeditated and organized fraud
• Opportunistic Fraud- More along the lines of an exaggerated claim
• Premium Fraud/Rate Evasion- When a vehicle owner lives in a state with high premiums but registers the vehicle in a state with low premiums. (Early sign of fraud on the application)

      These types of fraud can be prevented by looking for red flags during the application process. As insurance agents partnering together with Progressive will deter fraud and keep premiums down for customers.

SIG Insurance is proud to serve those in Winter Haven, Orlando, Tampa, Lakeland, Davenport, Haines City, and all of Florida!

Toyota issued a recall covering 2.3 million late model cars, SUVs and pickup trucks last week, broadening its largest such action ever and acknowledging that potential accelerator pedal problems were deeper than previously acknowledged.
The automaker previously recalled about 4.2 million Toyota and Lexus vehicles to reduce the risk of pedal “entrapment” caused by floor mats, according to a news release issued by Toyota Motor Sales U.S.A., about 1.7 million Toyota vehicles are subject to both recalls.
In “rare instances,” the accelerator pedal may stick in a partially depressed position or return slowly to the idle position.
Toyota previously had maintained there was no evidence of a mechanical fault linked to reported bursts of unintended acceleration that prompted the original recall last year.
The National Highway Traffic Safety Administration had received reports of 100 incidents at the time of Toyota’s first recall. Those reports included 17 crashes and five fatalities possibly linked to floor mats and accelerator pedals in Toyota cars and trucks.
One of those crashes involved a Lexus that accelerated to more than 120 mph before crashing in San Diego, killing four people.
The safety stumbles have dinged Toyota’s reputation in the U.S. as a builder of dependable, high-quality cars. Last year’s recall was the sixth-largest ever in the United States.
Is your vehicle on the recall list?
• 2009-2010 RAV4
• 2009-2010 Corolla
• 2009-2010 Matrix
• 2005-2010 Avalon
• 2007-2010 Camry
• 2010 Highlander
• 2007-2010 Tundra
• 2008-2010 Sequoia
Here’s the latest update on the recall:
1. We’re starting to send letters this weekend to owners involved in the recall to schedule an appointment at their dealer.
2. Dealerships have extended their hours – some of them working 24/7 – to fix your vehicle as quickly as possible.
3. Trained technicians have begun making repairs.

Are you driving a Toyota in Florida? Call the agents at SIG to make sure you have enough insurance coverage at an affordable price!