What happens if I cheat on Vehicle Insurance?

Despite the fact that insurance companies have invested in anti-fraud technologies, the truth is that reducing this type of crime is still a constant struggle, since monetary losses not only affect the companies but also the policyholders themselves with the increase in their cousins, among others.

The advancement of technology has given way to new ways of scamming, which is why it seems very important to us that the traditional insurance industry give way to digitization and the use of technological tools to prevent possible fraud, which can be against any insurance branch.

Consequences of cheating a Vehicle Insurance

As a starting point, the insurer will immediately cancel your insurance policy and then you will be registered in a kind of black list so that you cannot be included again among its insured.

The company will then spread the word to other insurers, so you will be marked for life as a scammer and you may not be able to purchase other insurance as a result.

Once on the black list, you will not be able to obtain Civil Liability Insurance, so you should forget to circulate unless you want to earn one more problem. It goes without saying that when you are detected as a scammer, you will not have any compensation for a claim, even if there are some damages that are real.

There are criminal consequences in case of fraud, which is why depending on the country where you are, you will be punished with the weight of the law with large fines and even imprisonment (between six months and three years), everything will depend on the Penal Code of that nation.

The purpose of this article is to raise awareness and make a warning so that we know that fraud is real, common and also sanctioned by law, in addition to bringing with it a wave of consequences that are not pleasant at all. Likewise, these acts affect not only insurance companies but also policyholders who are honest.

LISA’s commitment is to support insurers with cutting-edge technology so that they can take the big step of digitizing, improve their processes and also avoid fraudulent attacks that we know are quite painful.

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