WASHINGTON, D.C., Nov. 21, 2014 – A little exaggeration of an accident here, a little white lie on a medical bill there—such activity doesn’t actually make a difference when it comes to insurance rates, right? If only that were true. The reality is that insurance fraud of all kinds has an enormous impact on all drivers and the insurance rates they pay.
This International Fraud Awareness Week, which runs through Nov. 22, GEICO is reminding people to remain vigilant in the fight against fraud, which costs consumers billions of dollars every year. Staged accidents, exaggerated injuries, inflated medical bills and phantom medical treatments are common forms of fraud that increase rates and affect all drivers.
GEICO’s Special Investigations Unit works to save the insurance-buying public millions and millions of dollars each year by preventing and exposing false claims. Members of the public can join GEICO in the fight against fraud by reporting suspicious activity to GEICO’s Fraud Hotline at 1-800-824-5404 ext. 3313. It is available 24 hours a day, seven days a week.
“Every one of GEICO’s valued policyholders is harmed by those individuals who make a conscious decision to commit insurance fraud,” said Steve Rutzebeck, director of GEICO’s Special Investigations Unit. “GEICO works tirelessly to identify and stamp out fraudulent activities such as staging accidents, billing for non-existent medical procedures and inflating vehicle repair costs. Members of the public can help by reporting fraudulent and suspicious activity and putting a stop to insurance fraud.”
Insurance industry studies indicate 10 percent or more of property/casualty insurance claims are fraudulent. And not only does fraud cause higher insurance rates, but it also increases taxes and inflates prices for consumer goods, according to the National Insurance Crime Bureau (NICB).
If you have witnessed fraud or suspect you have been a victim of a staged accident or other fraudulent activities related to phony claims, please call 1-800-824-5404 ext. 3313 or visit GEICO’s fraud website.
GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 13 million private passenger customers and insures more than 22 million vehicles (auto & cycle).
GEICO’s online service center helps policyholders take care of policy sales, policy changes and claims reporting, and print insurance ID cards. Policyholders can also connect to GEICO through the GEICO App, reach a representative over the phone or visit a GEICO local agent.
GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), travel trailers and motorhomes (RVs). Coverage for boats, life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency, Commercial auto insurance and personal umbrella protection are also available.