The results of a recent survey suggest that many drivers in Ontario struggle to recognize the signs of auto insurance fraud.
The study, conducted by Ipsos for the Financial Services Commission of Ontario (FSCO), surveyed drivers in the province for their knowledge and attitudes toward auto insurance fraud. The survey was conducted as part of FSCO’s Fraud Prevention Month campaign.
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Alarmingly, 27% of the survey’s participants received a failing grade when confronted with accident scenarios and true or false statements. Notably, participants aged 55 and over were most knowledgeable about the matter, while those aged 18-34 were least likely to identify acts of fraud.
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Other telling findings of the study include:
- 11% of the participants said that they are aware of a family member who has made an exaggerated or false claim
- The most popular type of admitted fraud (according to 5% of the participants) was convincing an auto body repair shop to add in unrelated fixes, putting the full cost through insurance
- Only 35% knew how to report auto insurance fraud
- Another 35% did not know that defrauding an insurance company is an offense under the federal Criminal Code
- 25% did not know that auto insurance fraud affects auto insurance premiums
While one in 10 drivers answered that they had submitted an exaggerated or false claim, nearly two in 10 say they know a friend who has done the same.
Men and Millennials (those aged 18-34) were considerably more likely to admit they committed auto insurance fraud than other groups. About 5% of the male participants admitted to claiming false injury from an auto accident, compared to only 1% of female participants who answered as such. Nine per cent (9%) of Millennials admitted to the same thing, compared to the 1% of Baby Boomers (those aged 55 and over).
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