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Utah Insurance Department insurance.utah.gov

Insurance Fraud Costs YOU!

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Announcement

Insurance fraud affects everyone. It’s a silent thief that takes a toll on businesses of all sizes, impacts our loved ones, and directly depletes your own finances.

The impact of insurance fraud is staggering, with its costs ultimately passed down to legitimate policyholders and consumers. When dishonest individuals or organized rings submit fake or exaggerated auto, home, or health claims, insurance companies often recover those losses by increasing premiums for everyone. This means that legitimate policyholders foot the bill through higher rates — paying more for essential coverage due to the fraudulent actions of others. Beyond these direct financial costs, insurance fraud erodes trust in institutions and makes transactions more complicated, ultimately harming the overall economy.

  • Higher insurance premiums: When insurers lose billions of dollars to fraud, from staged accidents to falsified claims and organized schemes, they pass those losses to customers in the form of higher premiums. This means your insurance coverage costs more to cover the criminals’ gain.
  • It steals from your essential services: Fraud against government programs like Medicare, Medicaid, or unemployment diverts taxpayer dollars away from critical services like education, infrastructure, and public safety. That’s money that could be building better schools or repairing roads, but instead is lining a criminal’s pockets.
  • Policy & medical identity theft: A fraudster steals your personally identifiable information (PII) to file bogus claims against your existing policy, obtain prescriptions, or get medical services in your name. This leaves you with a fraudulent claims history that can raise your rates and make it harder to get future coverage.

    • This is an extract. The publication continues at the source.

    Read the original at the source: https://insurance.utah.gov/insurance-fraud-costs-you/

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    Utah Insurance Department — imported from official source
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    https://insurance.utah.gov/feed/ RSS
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    October 03, 2026 20:42
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    https://insurance.utah.gov/?p=20070

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