New York State's No-Fault Auto Insurance Sytem Is an Open Checkbook for Criminals

Topics:
Insurance
Tags:
Business Operations,
Corporate Insurance,
Finance,
Financial Planning,
Insurance,
Insurance Information Institute,
New York,
No-fault Fraud
Source:
Insurance Information Institute

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Overview: This paper focuses on the No-fault auto insurance system. No-fault fraud is costing New York drivers nearly $2 million every day, according to the Insurance Information Institute (I.I.I.). Criminals along with dishonest medical providers and attorneys are taking advantage of loopholes in state law to steal insurance money. This adds an average of $81 to the cost of insuring an automobile in New York. Without serious reform, no-fault fraud could add more than $300 to the cost of insuring a vehicle by 2005.

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