GAP protection CAR FRAUD up 20%

Torching your car is bad business.

 When you owe the bank more on your CAR than what it is worth, and it is stolen (never to be seen again) or totaled, the worst part of these experiences beyond the physical injuries, is knowing you have to come up with thousands of dollars to pay off the bank.  Over the past ten years many states have mandated auto dealerships offer their finance and lease clients the OPTIONAL GAP protection coverage.  This extra policy covers you in the event there is a GAP between what the auto insurance company is willing to pay for the vehicle and what you owe. Hence, the word GAP.    HOWEVER, recently there have been a rash of vehicles, reported STOLEN, that have mysteriously been FOUND smoldering in the desert or drifting in a receding pond.  National police and insurance stats note an increase of 20% in “suspicious” auto theft activity. Among the vehicles involved, luxury sedans: jaguars, BMW, Lexus, Infiniti, Mercedes Benz, and expensive suv’s: Escalades, Navigators, Hummers and tricked-out trucks. The  “tell”, as they say in poker, is the owner’s recent change in financial status, job loss, or the purchase of GAP on  a new or existing auto insurance policy.  “In many cases these are not experienced criminals adept at lying, so a large percentage get caught,” says Office Morgan of Las Vegas Metro Police .  “Auto Insurers are getting wise to the problem, monitoring video cameras in the parking location, contacting police when a stolen car claim is made and waiting for the investigation to close before paying out.” She goes on to say; “The charges are serious. The Attorney General of Nevada prosecutes these crimes as; 1)  Insurance fraud  2) Obtaining money under false pretenses, which are misdemeanors  and 3) Filing a false police report (a felony).”    

While a person with no previous criminal history could plead their way out of jail time by offering to make restitution to the insurance company, hiring someone to torch your car comes with more serious incarceration possibilities for the vehicle owner and the person “doing the job”.

By the way, it is also a misdemeanor to leave your keys in the car, engine running, and hope someone takes it for a ride. 

 Vigorous enforcement by the local police departments and insurance companies has seen more cases prosecuted, resulting in a slight slow-down recently, as the word gets out that torching a car isn’t worth the money or the time for the crime. (Need to sell out of your car? Call Sarah Lee. I’ll help you sell your car and get something cheaper. 702-898-1465) ———————————————————————————————————————————— Sarah Lee is an automotive executive with 20+ years of experience. She writes about Cars, and is a staunch consumer advocate on car related subjects. Her company: MY CARLADY is a car buyer’s service committed to getting you the best deal on your next new or pre-owned vehicle. You can reach her at www.mycarlady.com Top learn more about getting your best car deal click here: CAR DEALS ]]>