Insurance fraud peaks at 2300 claims a week
The Association of British Insurers has issued a damning report on the UK insurance arena with confirmation that over 2300 fraudulent insurance claims are being discovered each and every week. It is estimated that these claims account for over £800 million a year which is then passed on to UK consumers who are left yet again to foot the bill. So why are insurance fraud claims rising?
While there's no doubt that insurance fraud has been ongoing for ever and a day in the UK, even though monitoring systems have been approved, it is the onset of the recession which has brought home just how difficult the financial situation is in the UK. As a consequence, more and more people are now willing to take the chance that they could be prosecuted for fraudulent insurance claims in the knowledge that many insurance companies will look to avoid expensive legal fees.
However, that is not to say that insurance companies will sit by and let insurance fraudsters rule the roost because this would encourage more people to step forward with "borderline" insurance claims in the future. Unfortunately, in the short term it will yet again be law-abiding citizens in the UK who are left to foot the bill for an ever-increasing problem.
Your Guide to Life Insurance
Choosing and applying for life insurance can be a confusing process. Unlike most other insurance policies, many people go into the application process unaware of what they are actually looking for, and how to get what they want. At financialAdvice.co.uk, we can help you to find the right policy, and provide you with all the information you need to complete the application process, putting th...Read More
Is it sensible to reduce insurance cover in times of financial hardship?
Insurance cover is a subject which often arises during times of financial hardship such as many people in the UK are experiencing at the moment. More and more people are looking at the possibility or reducing their insurance cover in order to reduce their outgoings but does this really make sense?
The thing about insurance cover is the fact that while you may not use the cover in yo...
Brit drivers over-rely on hearsay, car insurer warns
Britons who rely on received wisdom and hearsay about motor insurance cover rather than studying the small print of their policies are risking a severe financial hit, according to a car insurance provider. In a study conducted by swiftcover.com, 36 per cent of respondents assumed they would be covered in the event of a crash when they were behind the wheel of their partners or friend's car. In fac...Read More
Shop around as car insurance set to rise
New research has revealed that car insurance premiums have risen by five per cent over the past year, leading advisors to recommend drivers shop around for the best deal.Sainsbury's Bank's Car Insurance has shown the average premium stood at £497 in December 2007 up from 2006's figure of £473.The index showed that drivers aged between 40 and 50 saw the highest increase in premium prices - an ave...Read More
UK motor insurance premiums rise by 14%
The average motor insurance premium in the UK has increased by 14% over last year with young drivers apparently bearing the brunt of this new push by the car insurance industry to lock in profits for the future. This comes at a time when more and more people in the UK are struggling to cover their everyday living expenses and a 14% increase in motor insurance premiums is a disaster for many people...Read More