San Jose man charged with classic car insurance fraud scheme

A San Jose man is facing felony charges for allegedly defrauding insurance companies out of $300,000 in a classic car scheme. According to authorities, the man bought insurance policies for classic cars, then reported the vehicles stolen and collected large payouts. However, investigators found that the cars were not stolen and were either hidden away or sold for profit. The man was caught after investigators linked him to multiple fraud cases throughout California. Insurance fraud affects everyone, as it leads to higher premiums for all policyholders. It’s important for consumers to be aware of potential insurance scams and to report any suspicious activity to authorities. Remember, if it seems too good to be true, it probably is.