We all know that collision and comprehensive coverages demand high premiums these days. I also know that if your vehicle is financed and you don't provide a lender with adequate insurance or your insurance is expired or whatever, such lenders can insure the collateral themselves, EVEN AFTER a loss has occured - theft, accident, fire, etc.
My question is: Why couldn't I do the same? That is, wait for an accident to happen or your vehicle to be stolen, AND THEN purchase insurance, wait a period of time, and file a claim.
I realize that you'd have a hard time proving an accident occured while your policy was active; police probably need to make an on site report, appraisers can detect the age of the damage and other shortcomings. But what about THEFT? If your vehicle is stolen and you do not file a police report, then buy coverage, wait some time, report the theft as it just happened and then file a claim? What are your chances?
I'd appreciate pragmatic responses, w/o ethical aroma.
2007-06-05
09:12:02
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13 answers
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asked by
Jackie R
1
in
Insurance