There is truly nothing new under the sun. In another life, I was a claims adjuster for upstart company that specialized in sub-standard insurance policies. It was a pretty good place to work, and they treated their employees well, and I thought they gave their customers a fair shake. In fact, they were the only insurance company that would consider hiring me as I lacked a college degree. They dominate that market today. Because we had a high risk customer base, it was important that we have a good investigations unit, and as a subrogation specialist, I interacted with them frequently.
So I had to laugh, just a little, when I read reports that owner perpetrated vehicle insurance fraud rates are skyrocketing. The article, though reporting on something somewhat sobering, is often pretty amusing. The police detective in charge of the fraud investigations is quoted as saying that “sometimes they find owners that still smell like gasoline”. One 19 yr old kid suffered 2nd degree burns torching his girlfriend’s car. Heck, I remember a case where two neighbors thought they could just swap cars, each report theirs as stolen, and not have to make any more payments. Some people get even more creative.
Of course its a sign of the times, but just like homeowners with no stake in their house, car buyers that put little or nothing down have no stake in their vehicles. Believe me, if you had even a 20% interest in your car, you would find a way to sell it before setting it ablaze.