You are here: Home - Insurance - News -

Insurance cheats caught out

0
Written by:
03/07/2008

Figures from the Association of British Insurers (ABI) have revealed insurers uncovered 24,000 fraudulent claims last year, worth £260m.

The number of dishonest motor claims detected has risen by 70% over the last three years and amounted to an average of £5m per week last year, according to the ABI.

Insurance cheats who have been caught out include the owner of a Rolls Royce who claimed £10,000 for the alleged theft of the front grill, hubcaps, steering wheel, seats and bonnet mascot. However, the items were later found in his home by the police after he removed them himself. Another car owner said his vehicle had been stolen when he actually pushed it off a cliff. He planned to use the insurance payout to meet his Hire Purchase payments.

Nick Starling, the ABI’s director of general insurance and health, said: “Insurance fraud is not a victimless crime. Honest motorists pay through higher insurance premiums – an extra £40 a year on average. This is why insurers are ramping up their crackdown to weed out the cheats. Anyone committing insurance fraud is more likely to get caught, risks a criminal record, and will find future insurance and credit harder to obtain and more expensive.”

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Retirement costs hit by increasing longevity

The average cost of retirement in the UK has hit £413,000, according to Life Trust Insurance.

Close