Bad Economy Leads to Increased Insurance Fraud
Car owners struggling to escape debt sometimes decide to torch their vehicles in hopes of collecting the insurance money. This type of fraud has seen a spike in the current toxic economy.
A spokesman for the National Insurance Crime Bureau told the Washington Post that the numbers represent only a "small percentage of the reality." In 2004, there were 511 cases of "potential owner give-ups," as they are known. By 2007, the number of cases grew to 986, and it’s expected to jump considerably this year.
Most people who torch their cars do it in a remote location. Torching a car leaves little evidence for insurance companies to find and makes prosecution difficult.
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An unnamed acquaintance of mine decided to crash his very Mazda6 into a highway barrier awhile back so he could get a new car (he was upside down and he had GAP insurance.) Luckily, he wasn't hurt by his crazy actions.
Unluckily, he was $2000 dollars short of the insurance company totaling his car. When he sideswipped the barrier the airbags didn't pop. If they would have went off, the car would have been totaled.
I wonder how many other people risk their lives wrecking the cars they are upside down in, just to save a couple thousand dollars?
There is no need to crash it. Just drive into the river. It's safer and it will total your car. HAHAHA!!!
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