If someone gets insurance on a company vehicle but lies and says it’s for personal use, is that fraud? I know a company that has 3 vehicles for their business but tells the insurance company that they’re only for personal use to pay less.
Yes, that is fraud. An insurance company needs to know what kind of risk it is being exposed to in order to accurately price the policy. By lying about the type of policy it is, they risk having any potential claims denied. It is never a good idea to lie to an insurance company.