Association of British Insurers: £5 million a week in motor insurance fraud
www.moneynews.co.uk > General finance > Association of British Insurers: £5 million a week in motor insurance fraud
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Association of British Insurers: £5 million a week in motor insurance fraud
Thu 3rd Jul 2008
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This amounts to £5 million worth of fraudulent claims a week.
One motorist said his car was stolen, when in fact he pushed it over a cliff and intended to use the claim for his hire purchase payments.
One Rolls Royce owner claimed £10,000 for theft of objects including the hubcaps and bonnet mascot - but received a criminal conviction after police found the items in his home.
False motor insurance claims have risen by 70 per cent over the last three years.
Nick Starling, ABI director of general insurance and health, said insurance fraud added £40 a year on average to honest people's premiums.
He said insurers are "ramping up their crackdown" on fraudsters.
The London Metropolitan Police and have arrested 24 suspected members of an insurance fraud ring in London in a joint swoop with the Insurance Fraud Bureau (IFB).
According to the IFB, organisers recruit people to help them carry out "cash for crash" scams, staging motor accidents, Post Magazine reports.
Related News : General finance |
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Related News : Insurance |
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