Bicycle Insurance Fraud
But what exactly is insurance fraud?
Insurance fraud can cover many aspects, but put simply, if you make a claim for something that you know in not true, misleading, or exaggerated, with the intention to deceive an insurer, then you are committing insurance fraud.
In the cycling world this can take on many forms:
- Making a claim for existing damage or theft that had already occurred before you purchased a policy
- Lying regarding the circumstances of a claim, e.g. such as saying you used a certain type of bike lock when you didn’t
- Making a claim for circumstances that didn’t happen, such as theft or a bicycle accident
- Omitting certain information that you feel may prejudice your claim
As such, we ask customers to upload pictures and proof of ownership of all their bicycles, accessories and locks just after they purchase through the PMB Dashboard, which helps us to validate certain aspects when it comes to a claim submission. This also helps our customers because it helps expedite any future claim so you can get back out riding quicker!
Our claims team are experts at spotting potential fraudulent claims and picking up on inconsistencies. In the event of a claim, all our customers speak to an experienced claims advisor who helps them to submit the claim. As part of this process they are trained to pick up on circumstances or situations that may be fraudulent, and if they do, then they will flag the claim for further investigation.
Don’t get us wrong… We want to pay genuine claims and we love the fact that we can be there to help our customers when they need us most. So, we work closely with our customers to settle claims quickly as possible. But we also want to protect our customers by helping to identify claims that are fraudulent. So it becomes a win win situation for everyone… except for those commit insurance fraud of course!