Wealth Blog

Finance Blogs » Wealth » $1M car ditched for insurance?

$1M car ditched for insurance?

By Judy Martel · Bankrate.com
Wednesday, October 3, 2012
Posted: 6 am ET

Welcome to the digital age, where everyone's business is everyone else's through videos posted on the Internet. And if you think those YouTube videos are just for fun, think again. They can land you in court for insurance fraud.

The 2012 Bugatti Veyron 16.4 Grand Sport

Such is the fate of Andy House of Texas, who is accused of intentionally driving his $1 million Bugatti car into a lagoon in order to collect the $2.2 million insurance policy, according to ABC News. A trial is scheduled for later this month and the insurance company says the proof is in the YouTube video.

The crash happened three years ago in Galveston. House claimed that he dropped his phone and when he looked up, he was distracted by a pelicanĀ and swerved, ending up in the lagoon. Bystanders, awed by the rare car, were filming it and happened to catch the accident as it happened, later posting it on YouTube. Guess what? The insurance company, Philadelphia Indemnity Insurance Co., viewed the video and determined there's no pelican. It filed a lawsuit. House is counter-suing to claim the $2.2 million.

House's 2006 Bugatti Veyron, one of only a couple hundred made, is a marvel of technology and design. According to the company website, the Veyron is engineered to a top speed above 400 kilometers per hour -- or nearly 250 miles per hour -- with 1,000 horsepower. It describes the Veyron as uniting "the dichotomy of elegant form and high-tech function, of grace and power, aesthetics and safety in perfect harmony." Car enthusiasts must be shedding tears at its destruction, whether intentional or not.

Keep up with your wealth and mortgages and follow me on Twitter.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.