Roadway Insurance, Inc. provides MAIF auto in Maryland. This stands for the Maryland Auto Insurance Fund. Recently, the Maryland Auto Insurance Fund has announced a new initiative to try and curb auto insurance fraud. Below, we explain this new initiative and why it should matter to you.
How the Initiative Will Work
While MAIF has a fraud investigative team that’s first-rate, there’s always more that can be done to combat auto insurance fraud. It’s crucial to make sure to keep issues with fraud as low as possible. First, the Special Investigations Unit will try to establish the most common indicators that fraud is taking place. Knowing what is tried the most often can help to stop it.
Education both internally and externally is another important part. Claims adjusters and processors have to know what they should look out for when they’re going through claims to flag ones that may be considered fraudulent. When it comes to consumers, they may not even know that certain things can be considered fraud. If they know what constitutes insurance fraud, they can avoid making fraudulent claims, even if they were accidental.
One thing that the investigative unit has already discovered is that people that don’t reside in Maryland — and who may not know where it even is — are purchasing MAIF coverage. This shouldn’t be happening and can impact the coverage and access to coverage for those Maryland residents who actually need it.
How Insurance Fraud Impacts You
As long as you’re not committing fraud, you may not think that it’s something you need to worry about. However, insurance fraud can impact you more than you may think. First, there are incidents that you didn’t even know would be considered insurance fraud. Even though it’s an accident, you still may be investigated, caught, and punished because of the fraud.
If you’re 100% sure you haven’t committed fraud, you can still be impacted. Insurance premiums and their prices are determined based off of the claims they process. If the insurance company is spending a lot of money for claims that are actually fraudulent, it means your premiums will go up to help pay for the cost of these claims.
Get Quality Maryland MAIF Auto Coverage
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