Norwich Union: Car insurance fraud is on the rise
www.moneynews.co.uk > Insurance > Norwich Union: Car insurance fraud is on the rise
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Norwich Union: Car insurance fraud is on the rise
Tue 16th Dec 2008
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In an attempt to shave money off their car insurance premiums, many cash strapped motorists have been declaring false information to insurers.
Norwich Union said not only is any insurance granted on false premises invalid, but the cost of fraudulent underwriting, some £1.6 billion per year, is passed on by insurers to honest motorists.
Simon Warsop, director of motor pricing at Norwich Union, said: "As the nation feels the pinch from the credit crunch, more and more people think that they can get away with dishonesty for what is seen as a victimless crime."
He added "insurance fraud is certainly not a victimless crime", explaining that honest motorists end up paying between £50 and £60 more for their policies because of underwriting fraud.
A recent study by Abbey suggested that domestic crime would also become more prevalent as the recession worsens.
Click here for more insurance news
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