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States building momentum in 2014 in fight against insurance fraudWASHINGTON --(Business Wire)-- Each day people commit brazen acts of insurance fraud that drive up premiums for consumers to the tune of billions of dollars each year. Fortunately, many legislatures and governing bodies around the country are taking additional steps this year to help thwart fraudsters and the crimes that drive up insurance costs, and GEICO applauds their efforts. "GEICO puts a lot of resources into investigating and stopping staged accidents, exaggerated injuries, inflated medical bills and other acts of insurance fraud that inflate costs for consumers," said Nancy Pierce, GEICO regional vice president and vice chair of the National Insurance Crime Bureau's (NICB) Board of Governors. "That said, there's a lot that must happen in the fight against fraud at the legislative level, so it's encouraging to see positive momentum in that direction this year." There are a few states in particular that have proposed notable bills in 2014 that would take significant measures to combat fraud, according to the Coalition Against Insurance Fraud:
"While these proposals wouldn't eliminate fraud entirely in these states, they would be significant steps in the right direction," said Ryan West, vice president of GEICO's claims home office. "We're pleased that state bodies across the country are putting the fight against insurance fraud on the agenda and tryng to implement changes that would result in lower premiums for consumers." GEICO detects, deters and defeats insurance fraud and theft through its Special Investigation Unit. Additional information and resources on theft and fraud awareness are available through the NICB. GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the third-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 12 million private passenger customers and insures more than 20 million vehicles (auto & cycle). GEICO's online service center helps policyholders take care of policy sales, policy changes, claims reporting and to print insurance ID cards. Policyholders can also connect to GEICO through the GEICO App, reach a representative over the phone or visit a GEICO local agent. GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), travel trailers and motorhomes (RVs). Coverage for boats, life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency, Inc. Commercial auto insurance and personal umbrella protection are also available. For more information, go to www.geico.com.
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