I want to avoid financial fraud
And you thought you were insured... Beware of insurance fraud!
Is your car insurance costing you too much?
Imagine that you meet someone who says they're an insurance representative and, after quickly assessing your needs, offers you low-cost car insurance. Before jumping at the opportunity, check whether the person is registered with the AMF to sell you the products being offered.
Fraudsters pocket the premium and issue fake insurance policies so their victims think tey're protected.
Imagine that you realize what happened a few months later when you notice that you haven't received confirmation from the insurer... or even worse, when you have an accident! It could cost you a lot, because civil liability insurance (insurance that covers damage caused to others with a vehicle) is mandatory in Québec. Your driver's licence could be suspended, you could be fined and you could have to pay for the damage caused by your vehicle out of your own pocket.
This type of fraud can also involve other types of insurance such as life insurance.
Here's how you can protect yourself against this type of fraud:
1- Before purchasing insurance, check whether the representative is registered with the AMF and whether he is authorized to sell the insurance products being offered.
2- After you purchase insurance, contact the insurer to confirm that your policy is in effect.
3- Pay your insurance premium to a business registered with the AMF. Don't pay in cash and don't write a cheque payable to the representative.
Have a trouble-free drive!