Why do the insurance company want to see where the funds for my vehicle came from ?
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Why do the insurance company want to see where the funds for my vehicle came from ?
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Hi there, my sister purchased a brand new 09 plate mercedes benz. She borrowed the funds from her mum and family. I am the name driver on her insurance policy. My sister is 29 and i am 21 years old. The vehicle was parked on the street lastnite when a third party vhecile scraped the bumber leaving marks and scruffs on it. So i rang the insurance company on her behalf as the third party admitted liability. They booked me in to mercedes body shop for repair work to be carried out. Now today they rang requesting that they want to see how we paid for the vehcile, i.e bank statements etc and whos name the car is under. I have sent the documents of to them today. Why do they want to see how we paid for the vehcile and where the funds came from ? The woman said this is because we are young and its an early claim on the policy. you cant help being hit by tp when ur parked. Is this true ?? what other reason could it be they want this information ??
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Robsteriark
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It's an anti-fraud measure. If the funds for purchasing the car came from you in any way and/or if the registration was in your name, then the insurer may have reason to doubt that you're simply a named (i.e. secondary) driver. The fact that you initiated the claim will have added to their suspicions regarding the truth.
The insurance premium has been based on your older sister (a lower risk = lower premium) being the primary driver, if the insurer can show that in reality you are the primary driver then your sister's insurance policy will be invalidated. It makes no difference to them whether the driver of the other vehicle is liable or not as, in the short term at least, your insurer is facing a big bill for repairs.
Insurers are there to make a profit: if they see any legal way to avoid paying then their obligations to maximise shareholder profits mean that they will do so.
BTW: Please ask a question once, asking the same one five times is really irritating!
EDIT: I now see that you've been asking multiple repeated questions about the car which you state you ordered and which you bought, and that you've been trying to get out of the deal since before you got it. You can expect a really thorough grilling by your insurer as they're going to suspect that the insurance was fraudulently obtained and also that the damage has been done deliberately in order to either get a write-off payment or a replacement vehicle. If they prove it, expect to be prosecuted.
Only you know the truth at the moment, so if you have been dishonest your best option is to withdraw your insurance claim immediately and sell the car for the best price you can get. You'll make a significant financial loss, but it's a bargain compared to getting a criminal record. |
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Geoff the skier
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Because the FSA places responsibilities on companies in the financial sector to detect money laundering.
An excellent way that criminals integrate stolen money back into the white economy is to buy something, insure it then claim for it.
This is the reason for the enquiry - it's aggravating I know but it helps make it hard for the thieves while just posing a minor inconvenience for honest people like yourself. |
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