In the car market, insurance fraud is probably the most rampant and a big headache for the big boys in the insurance business. One form of fraud is when people seek payment for injuries sustained in car accidents and considering that big amounts of money are paid off in such cases, this kind of fraud has been on the rise in recent years. A lot of these fraudsters actually jump in the way of moving cars and even with best efforts on the part of the unsuspecting driver to stop do not save the person from minor injuries which unfortunately fall on the books of the vehicle insurer.
Insurance companies have tried to invest in investigations to prevent this kind of fraud over the years with little progress. However there is good news; in this era of dashboard cameras and smartphones, there is no telling what will be captured on video on the roads. This is a very positive step in curbing this errant behavior of people jumping on the roads just to earn a few bucks that they have not worked for. Considering that used car value also is affected by being involved in an accident, many car owners are also keen on seeing a solution in this kind of fraud to save the resale value of their vehicles.
It might not be long before insurance companies seek a legal framework that will requires car owners to install dashboard cameras as a requirement for insurance services. This will resolve a lot of problems and grey areas for the industry as well as for the police in resolving accident situations. Many car owners end with accident car sale when they cannot resolve matters with insurance companies or the investigations take too long. Some end up selling the wreckage to raise funds to purchase a new vehicle.
